Walmart has hired two former Goldman Sachs bankers to help run its new and unnamed fintech venture.
Walmart hired Omer Ismail, Goldman Sachs Group's Consumer Banking Chief, along with one of his top lieutenants, David Stark, to lead its new fintech start-up, Bloomberg reported, citing company sources.
In order to forge a path in the financial world, in January the retail giant announced a partnership with investment firm Ribbit Capital to offer financial services. The start-up will be primarily owned by Walmart.
"Our customers have been clear about wanting more from us, in terms of financial services. This new approach will help us deliver for them in a differentiated way more quickly," said Doug McMillon, Walmart Chief Executive, as quoted by The Wall Street Journal.
For Walmart, the move marks an advance against Wall Street. For Goldman Sachs, the departure of Ismail and David is a setback. In recent months, it also witnessed a high-level management shuffle within its consumer business.
Ismail worked for Goldman Sachs for the last 20 years and headed the Marcus Consumer Unit. Under his leadership, Marcus grew into a billion-dollar business in five years.
At the end of 2020, Marcus recorded annual revenues of $1.2 billion.
(File photo. Credit Bobby Hidy | Wikimedia Commons)