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Goldman Consumer Head Is Leaving to Run Walmart Fintech

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Omer Ismail helped in Goldman’s expansion into digital banking services.



Photo:

amy lombard for the wall street Journal

A

Goldman Sachs Group Inc.

GS -2.53%

executive who helped build its consumer-banking business from scratch is leaving to take on a similar task at

Walmart Inc.

WMT -1.54%

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,

LEAP -1.14%

a backer of Credit Karma Inc.,

Affirm Holdings Inc.

AFRM -1.20%

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.”

Joining Mr. Ismail at Walmart will be

David Stark,

some of the people said. A former

Citigroup Inc.

executive who joined Goldman in 2015, Mr. Stark helped it land and build credit-card offerings with

Apple Inc.

and

General Motors Co.

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

Goldman has reshuffled the ranks of its consumer business in recent months. Former strategy chief

Stephanie Cohen

was promoted to global co-head of Goldman’s consumer and wealth management division last September. Goldman also recently hired

Swati Bhatia

from payments startup Stripe Inc. in a senior role at Marcus.

Write to Peter Rudegeair at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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