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GS Bank Being Rebranded To Marcus by Goldman Sachs

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GS Bank will soon be renamed to Marcus by Goldman Sachs. Goldman Sachs has recently been announcing this change to the media and to customers. The bank will remain the same, still an FDIC member known as Goldman Sachs Bank USA, but the brand name will be Marcus by Goldman Sachs instead of GS Bank.

The name Marcus by Goldman Sachs may not be familiar to savers. GS Bank launched Marcus by Goldman in October 2016 as an online platform offering personal loans. Since that time, Goldman Sachs has been pleased with how this Marcus brand has helped the firm’s reputation according to reports in the American Banker.

Where did the name “Marcus” come from? Marcus Goldman founded Goldman Sachs in 1869.

This latest name change continues Goldman Sachs’s recent efforts in building a successful retail bank. In April 2016, GS Bank acquired the online deposit platform of GE Capital Bank and assumed $16 billion of deposits. Last April, GS Bank issued a press release marking its one-year anniversary of its retail bank and announced it had grown online deposits by $4 billion. This name change along with GS Bank’s recent rate hikes are signs that GS Bank may want to see online deposits grow much more. The $4 billion is only a small percentage of GS Bank’s total deposits which total $106 billion as of June 30, 2017.

In addition to the name change, GS Bank informed customers of upcoming website enhancements. According to Business Insider, emails to customers mentioned improvements to mobile features, the addition of a chat service for better customer service and the roll out of tools to improve customers’ “financial wellness."

My Take

It’ll be interesting to see how successful Goldman Sachs’s online retail bank will be. This name change shows that they are being upfront about the bank’s connection to Goldman Sachs which still faces headwinds from all the bad publicity that it received in relation to the financial crisis of 2007-2008. In my opinion, most savers are more concerned with competitive deposit rates, good customer service and solid online banking features than with the controversial history of Goldman Sachs. Have you decided against opening an account at GS Bank due to Goldman Sachs’s history?
Related Pages: nationwide deals, Internet banks
Previous Comments
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Welby
  |     |   Comment #1
Will they still have the same disdain for their customers?
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4
charlie
  |     |   Comment #2
After GE Bank became GS Bank, I withdrew all my money except for a few dollars. I left a few dollars just so that they would waste money on postage sending me a statement every month.
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5
alan1
  |     |   Comment #4
Please provide support for your claim that "GE Bank became GS Bank". What are you talking about? Over the years, there have been a number of financial institutions with names beginning with GE or General Electric, e.g., GE Retail Capital Bank, now Synchrony Bank. Which GE Bank do you believe became GS Bank? Why do you believe this?
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1
Mak
  |     |   Comment #5
https://www.reuters.com/article/us-goldman-sachs-generalelectric/fed-approves-goldman-acquisition-of-ge-capitals-u-s-online-deposits-idUSKCN0WN1M5
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3
Rickny
  |     |   Comment #7
www.goldmansachs.com/media-relations/press-releases/current/announcement-gs-bank.html
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2
Rickny
  |     |   Comment #8
Sorry didn't come up as a link. G S Bank took over GE Capital Bank. Synchrony was GE Retail Bank.
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2
Common Cents
  |     |   Comment #10
Read the article here, a bit closer.

Third paragraph, sentence two: "In April 2016, GS Bank acquired the online deposit platform of GE Capital Bank and assumed $16 billion of deposits."
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5
GE*BANK*CUSTOMER
  |     |   Comment #11
GE Capital Retail Bank became Synchrony Bank
GE Capital Bank became GS Bank
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2
Jack
  |     |   Comment #22
GS Bank bought GE Bank. They switched my account. It's common knowledge.
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1
MRB
  |     |   Comment #14
GE Retail Bank--
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1
DCGuy
  |     |   Comment #17
GE Capital Industrial (commercial banking) bank was bought by Goldman Sachs. GE Capital Retail bank bought MetLife Bank which then later had a name change to Synchrony Bank. GE Capital Retail Bank was previously known as GE Money Bank.
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outerspaceguy
  |     |   Comment #3
I personally still think of the Goldman Sach's name as toxic. No, I do not have an account with them.
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7
Anon
  |     |   Comment #15
Yeah, don't be a muppet (https://www.theguardian.com/business/2012/oct/22/goldman-sachs-muppets-greg-smith-clients).
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1
name me
  |     |   Comment #6
why marcus?
ok the guy who found goldman sachs was marcus goldman-i get that
but who cares if its gs bank, macus goldman bank or shmendrick bank
if its fdic, has good rates and good sevice
a rose by any other name is still a rose (even marcus rose)
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11
racecaracecar
  |     |   Comment #9
Seems to be the way things are going when a company/people are not liked. Just today Trump Inc was forced to give up their SoHo NYC Hotel -- and it will immediately be renamed in an attempt to prevent it from going under, as business has gone down the drain since Trump became president.

I don't know though. Sometimes this works, sometimes it doesn't. Trying to rebrand "prunes" as "dried plums" certainly hit with a thud.

But one never knows. Perhaps up next we'll "Comcast" renamed as "HappiCast"... and "Experian" renamed as "ReliaTrust."

As PT Barnum once said... (you all know the quote)
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8
Ann
  |     |   Comment #12
Comcast already has an alternate brand, Xfinity, that they've been putting on more and more of their stuff over the last few years.
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3
Edward
  |     |   Comment #13
Equifax was the one with the data breach, not Experian.
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3
Jillian
  |     |   Comment #16
I had accounts with GE Capital that when it was acquired by Goldman Sachs. I was leery of GS because of their history and generally bad reputation, but even though I am a (very) small depositor, they have treated me extremely well. When I have had a question, I have been able to get information quickly and accurately. Their personnel have been courteous and nothing but helpful. Your mileage may vary but I personally have no complaints so far. I do, however, find the name change rather stupid and pointless.
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5
Greg
  |     |   Comment #18
I'd be hiding all my money under my bed if I held every banks past indiscretions as a criteria for deposit. The rate is great for the current interest climate and have no complaints with their service. I'm hoping they develop a useful app because mobile features are non existent. That is all.
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4
All Business
  |     |   Comment #19
GS Bank has consistently been helpful, efficient and pays a very good rate. As for all that anti-business baloney, you could always open an account in Moscow and see what happens.
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2
RAG
  |     |   Comment #20
I bank with GS Bank and they beat the heck out of Wells Fargo with their savings rates. I earn hundreds of dollars in interest for simple savings vs pennies with Wells Fargo. They are both FDIC insured.
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2
Jack
  |     |   Comment #21
Making the change has caused website to be down for months. No access to account. Went to Barclays
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1

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