Some key executives who helped get the consumer business off the ground are no longer at the company. They include former Chief Financial Officer Stephen Scherr, Harit Talwar, a consumer-banking veteran who was brought on for his retail know-how, and Omer Ismail, who left to run a new banking venture backed by Walmart Inc.
Other authorities have also shown interest in Marcus. Goldman last month disclosed a probe by the Consumer Financial Protection Bureau into the company’s credit-card practices, including how the lender resolves incorrect bills and processes refunds. Such investigations have typically resulted in modest fines and operational tweaks that don’t imperil the business.
But for Goldman, it’s an unwelcome intrusion into a marquee partnership with Apple Inc., a major client that trumpeted its partnership with the lender when the two firms expanded into credit cards in 2019.
This article was provided by Bloomberg News.