Two years later David Solomon took the helm at the investment bank and Marcus took a backseat for a moment. Ultimately, what has happened to Marcus was potentially down to two issues. Over-eagerness on the part of the bank, or a lack of strategic planning.

Marcus by Goldman Sachs consistently rates highly according to Bankrate's analysis of savings and CD accounts because of its competitive savings and CD rates, but it doesn't offer checking or money market accounts.

The bottom line: Marcus and Ally both offer strong CDs and high-yield savings accounts. If you want to open a checking or money market account, Ally will likely be the more appealing option. Marcus by Goldman Sachs and Ally are two of the best online banks.

Our mission is to help you make the most of your financial potential at every moment. Marcus combines Goldman Sachs' 150+ years of expertise and excellence with intuitive digital experiences to keep pace with our customers' ambitions – now and in the future.

Goldman's consumer banking project, dubbed Marcus, was originally created to attract Main Street interest and take on competitors like JPMorgan Chase (JPM) but failed as the bank was plagued by higher interest rates, a shaky macro environment, and what previous reports have categorized as a negative culture with ...

Goldman Sachs reported a sharp drop in profit on Wednesday as dealmaking and trading, a core part of the mega bank's business, dry up. The Wall Street titan also felt the pain of a nearly $1 billion reduction in the value of its consumer and real estate businesses.

Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus Online Savings Accounts and CD accounts are insured up to the maximum allowed by law, which is currently $250,000 for all your individually-owned accounts combined, $250,000 per owner for jointly owned accounts and $250,000 per ...

The irony is that while Marcus won't become a digital superbank, its component parts are performing well. The consumer operations have generated around $5 billion of losses, but that comes in the context of Goldman's nearly $60 billion of cumulative earnings over the last five years.

Goldman Sachs is an industry leader in investment banking. It has a smaller balance sheet compared to universal banks like JP Morgan, yet it remains a go-to firm for big name clients, especially in M&A. This means that, as an employee at Goldman, you'd be working on a constant flow of industry-shaping deals.

Cons Explained The lack of checking accounts also means you will need to connect your Marcus account to another institution for many banking options, such as deposits and withdrawals. No ATM network: You will not be able to easily access the money in your Marcus accounts, as there is no ATM network whatsoever.

Pros Explained. No monthly fees on savings accounts: Marcus does not charge a monthly maintenance fee for its savings accounts. Fixed-rate personal loans with no fees: Customers can qualify for unsecured personal loans for amounts ranging from $3,500 to $40,000 and terms ranging from 36 to 72 months.

How Marcus by Goldman Sachs makes money. There are no fees to use the Marcus High Yield Savings Account. As a bank, Goldman Sachs makes money through the interest they make on loans and other banking fees.