Goldman Sachs to offer consumers checking accounts next year through Marcus

Finance

David Solomon, Goldman Sachs

Adam Galica | CNBC

Coming soon to your smartphone: a Goldman Sachs digital checking account.

The bank is working to release a digital wealth management tool this year and a checking account in 2021, Goldman executive Eric Lane said Wednesday at the New York-based bank’s first investor day.

“We aspire to be the leading digital consumer bank,” Lane told investors. “We’re starting with loans, we added savings and cards, and we’re working to build out the balance of the digital products suite, including wealth and checking.”

The new digital checking account will probably be delivered through the firm’s new Marcus app, according to a bank spokesman.

“We’re trying to deliver a retail bank branch through your phone,” Lane said, adding that the Marcus app will soon get budgeting tools and other personal finance features. He said that Goldman wants to double the consumer deposits it holds to $125 billion over the next five years and to generate $700 to $900 million in pretax income excluding reserves.

Shares of Goldman were down about 1% on Wednesday.

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