The head of consumer Goldman is leaving to run Walmart Fintech

Mr. Ismail, who joined Goldman almost 20 years ago, was among a group of executives who proposed a strategy to expand into digital banking in 2014. At the end of last year, this business generated $ 1.2 billion in annual revenue, had accumulated $ 97 billion in deposits and maintained $ 8 billion in consumer loan balances.

Walmart said in January that it was creating a majority-owned subsidiary of fintech in a partnership with venture capital firm Ribbit Capital,

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a sponsor of Credit Karma Inc., Affirm Holdings Inc.

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and other fast-growing startups.

“Our customers have made it clear that they want more from us in terms of financial services,” said Walmart chief executive Doug McMillon at an investor event earlier this month. “This new approach will help us deliver to them in a different way more quickly.”

David Stark will join Ismail at Walmart, some people said. A former Citigroup Inc.

executive who joined Goldman in 2015, Mr. Stark helped to obtain and build credit card offers with Apple Inc.

and General Motors Co.

Bloomberg News previously reported that Mr. Ismail and Mr. Stark were leaving Goldman to join Walmart’s fintech startup.

Goldman has reshaped its consumer business lines in recent months. Former head of strategy Stephanie Cohen was promoted to global co-head of Goldman’s consumer and goods management division last September. Goldman also recently hired Swati Bhatia from payments startup Stripe Inc. to a senior role at Marcus.

“Our business has great momentum and a deep and growing talent pool,” said a Goldman spokesman by email. A Walmart representative did not immediately respond to a request for comment.

After Ismail leaves, Harit Talwar will return to a more active management role at Marcus. Mr. Talwar previously served as global head of Goldman’s consumer business until the beginning of 2021, when he moved to the position of chairman of the board.

Write to Peter Rudegeair at [email protected]