Goldman Sachs hired Chad Wallace, an expert in 'client experience', to work on its retail bank Marcus.
Wallace, who was heading digital client experience for the commercial bank at Capital One, joined the Marcus' Texas office earlier this month. At Capital One, he was responsible for client onboarding, authentication, cybersecurity, payments and data experiences for the digital client channels such as web, mobile and APIs (application programming interface). It's not clear what Wallace will be doing at Marcus, but it will presumably be something similar.
A biology graduate, Wallace started his investment banking career as a business analyst at financial services firm E*trade. Nine years later, he moved to TD Ameritrade as a software development consultant where he worked for three and a half years before leaving for Capital One in 2013. He joined the US-based financial services as the senior product manager for global payments and rose to become Capital One's digital client experience head over the next five years.
Wallace's arrival at Marcus comes after at least 10 executives have left the retail business since late 2018. Since it was launched in 2016 Marcus has garnered three million customers, $45bn in deposits and $5bn in loans.
The recent Marcus' exits include Michael Cerda, the chief product officer, Toby Alfred, head of customer acquisition, Sanjay Gosalia, head of prospect engagement and lending conversion, Darin Cline, director of consumer operations, Ajit Marathe, in charge of finance planning analytics (including Apple Card) as well as loans, deposits and a finance planning app, Colin Kennedy, chief operating officer of Clarity Money, and Scott Roberts, a Salt Lake City-based managing director among others.
Although the reason for the exodus remains unclear, insiders say the business has been cutting costs following Marcus' last April's acquisition of personal finance business Clarity Money and that there is a sense of disgruntlement in one of Goldman's fastest-growing divisions.
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