Goldman Sachs’ consumer business, Marcus by Goldman Sachs, opened its Texas office in Irving with its first employee in April 2016, and has since grown to over 700 employees in the North Dallas metro area.
Since 2016, Marcus has evolved from a single product offering to a suite of products including a high-yield online savings account, certificates of deposit, no-fee personal loans, Marcus Insights, MarcusPay, and Marcus Invest—allowing the firm to meet consumers’ saving, borrowing, spending, and investing needs, according to Goldman Sachs officials.
To Jeremy Hanson, managing director on the consumer business’ engineering team at Goldman Sachs—and Dallas Innovates Future 50 award winner—the consumer business’ success is largely due to its ability to build trust with consumers. Many consumers have long viewed traditional banks as physical buildings where people put their money, but are now looking for digital-first solutions.
‘The consumer banking platform of the future’
“We’re building the consumer banking platform of the future and work tirelessly to be on the side of our customers,” said Hanson, one of the three original team leads who opened the Richardson office, which is dedicated to the Goldman Sachs consumer team. Hanson has since been elevated to a key leadership position in the region.
To do this, Hanson said, the consumer business team has benefited from engineering expertise across multiple industries, attracting project engineers from the health care, fintech, airline, and even auto industry sectors—in addition to fintech. Regardless of their background, they all share one common goal: to provide consumers with digital-first solutions that are simple, transparent, and easy to use, all while providing true value.
“It was like an untapped market” for talent, said Hanson. “We were able to hire a whole bunch of engineers who had experience in the consumer industry, not (all) necessarily in the consumer finance industry, but … we are able to find the right technical talent with functional domain experience.”
‘A unique position in the market’
Hanson added that Goldman Sachs benefits from a unique position in the market, leveraging the strength and heritage of a 150+-year-old financial institution paired with a digital banking platform built from scratch, with the consumer’s best interest in mind every step of the way.
“When you think about the engineering that occurs behind the scenes, it’s pretty significant,” Hanson said. “After starting with a small team that launched our first product at the end of 2016, it’s pretty amazing to see how much we’ve grown across the board, and particularly in the North Dallas metro area.”
The Marcus team maintains a customer contact center in Richardson, so engineers and other team members across the business have a direct line to customer feedback, he said.
“We maintain regular side-by-side interactions with our frontline agents to constantly improve the customer experience,” Hanson said. “Being a digital-first business, we recognize the value and importance of providing our customers with accessible support whenever they need help.”
While the consumer business has grown tremendously in the region to date, the Goldman Sachs team is also just getting started, he said. The North Dallas region has grown from a small satellite region to the largest U.S. hub for the consumer business at Goldman Sachs, which has over 2,000 employees globally, according to the company.
Hanson encouraged those interested in working for GS to visit the company’s careers page.
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