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Goldman Sachs loses head of products for online bank Marcus

Published 04/01/2019, 06:29 PM
Updated 04/01/2019, 06:30 PM
© Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the NYSE in New York

By Elizabeth Dilts

NEW YORK (Reuters) - The chief product officer at Goldman Sachs Group (NYSE:GS) Inc's fast-growing online bank, Marcus, has left the firm, according to a source familiar with the matter.

Michael Cerda joined Goldman Sachs as a managing director in January 2017, according to his profile on Linkedin.com.

Cerda, who previously ran media products at Facebook Inc (NASDAQ:FB), lived in California with his family and commuted to Goldman Sachs' headquarters in New York. The extensive travel played a big role in Cerda's decision to leave the firm, the source said.

During Cerda's tenure, Marcus, which launched in 2016, accumulated $45 billion in customer deposits in its U.S.- and UK-based savings accounts. It has $5 billion in personal loan balances.

The story was first reported earlier on Monday by the website.

Goldman Sachs has not yet named a replacement, according to the Financial Times.

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