"Samuel" Got NO LOVE In Goldman's Quest To Pick Name For Online Lender That Would Sound Hip And With It

Co-founder Samuel Sachs is rolling over in his grave to tell the bank to f*ck off.

via Wikimedia Commons

As you may have heard, Goldman Sachs is deigning to do some retail banking. Worse, really: online lending. And Lloyd Blankfein & Co. just aren’t sure that the young people who borrow money that way will think “Goldman Sachs” is hip enough or whatever. Also, if this whole misbegotten mishegas should blow up in everyone’s face, calling it “Marcus” protects the brand better than the current GS Bank.

After much internal discussion, the Wall Street firm has decided to call the retail banking operation Marcus — the first name of the company’s founder, Marcus Goldman.

Samuel, the first name of Mr. Goldman’s business partner, Samuel Sachs, lost out….

Marcus is in line with recent start-ups taking on simple first names — think Earnest and Oscar — and is intended to convey a tech-era trendiness from a company that is not known for its youthful bona fides.

Meet Marcus, Goldman Sachs’s Online Lender for the Masses [DealBook]