When Goldman Sachs is up to something, it tends to keep its head down. Recall the news last year that the vampire squid had added a new tentacle called Marcus, which would do what was previously unthinkable for Goldman – namely, deal directly with the unwashed masses. Not only did the announcement of the service come as something of a surprise (at least in its particulars – the retail aspect was already well-publicized), the product arrived more or less fully formed.
But Lloyd and co's latest gambit has stumbled out of the gate without the firm's characteristic reserve and discretion. This week Goldman posted a listing on its careers page advertising a job for a software development position in a service that will “cover mass affluent market by building an Automated Digital Advice Platform (Robo Advisor).” Oops! Reuters, which caught the ad, provides the context:
The job posting for employees to help build the platform comes as Goldman is looking at ways to broaden its customer base outside the super wealthy, including making deeper inroads into new consumer-focused businesses.
This is only a natural step for Goldman, which in addition to being the world's most elite investment bank is now both a tech firm and a consumer bank as well. But American techies shouldn't get too excited for a shot to join the illustrious ranks at 200 West: The bank is evidently hiring in Bangalore for the role as well. Which might explain the somewhat awkward current branding for the robo platform, Digital Advise Solutions.
We assume Goldman will come up with something a little catchier when it re-unveils the product to the hoi polloi. Perhaps “Sam”?