A few months back, Goldman Sachs unveiled (to the selected few) its new online lending platform. The Elect named that misbegotten foray into the unseemly world of retail Marcus, after Marcus Goldman, presumably the founder doing the most RPM in his grave at the thought of allowing the masses to bank with his august firm.
Well, Goldman’s transformation from the most elite of the elite banks (a decreasingly profitable existence) into some kind of populist Silicon Valley shop continues apace. Now, Goldman will offer customer the ability to buy structured notes from other banks, if for some reason they’d want them, as part of a suite of products with cutesy names.
Just as iPhone users can choose Google Maps or Spotify’s music-streaming service instead of Apple’s own applications, retail brokers across the country can choose a Wells Fargo & Co. debt instrument for their clients’ portfolio, using the Goldman web tool….
Simon belongs to a planned family of web-based applications collectively called Marquee, a play on “Marty,” after Goldman’s chief technologist, R. Martin Chavez. An early app called Blocks launched in 2012 helps the firm’s traders move large chunks of exchange-traded funds. A newer tool, Studio, experiments with designs for specialized indexes.