WSJ
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Goldman Consumer Head Is Leaving to Run Walmart Fintech
Omer Ismail, who helped build Goldman’s consumer-banking business from scratch, will take on a similar task at Walmart
Omer Ismail helped in Goldman’s expansion into digital banking services.PHOTO: AMY LOMBARD FOR THE WALL STREET JOURNAL
By
Peter Rudegeair
Updated Feb. 28, 2021 12:00 pm ET
A Goldman Sachs Group Inc. executive who helped build its consumer-banking business from scratch is leaving to take on a similar task at Walmart Inc.
Omer Ismail, a Goldman partner and the head of its Marcus consumer unit, is leaving the bank to run a recently announced Walmart financial-technology startup, according to people familiar with the matter.
Mr. Ismail, who first joined Goldman nearly 20 years ago, was among a group of executives who came up with a strategy to expand into digital banking services in 2014. By the end of last year, that business generated $1.2 billion in annual revenue, had amassed $97 billion in deposits and held $8 billion in consumer-loan balances.
Walmart said in January that it was creating a majority-owned fintech subsidiary in a partnership with venture-capital firm Ribbit Capital , a backer of Credit Karma Inc., Affirm Holdings Inc. and other fast-growing startups.
“Our customers have been clear that they want more from us in terms of financial services,” Walmart Chief Executive Doug McMillon said at an investor event earlier this month. “This new approach will help us deliver for them in a differentiated way more quickly.” |
