Goldman Sachs is undergoing a retail banking revolution, so much so that CEO Lloyd Blankfein is getting in touch with consumer banking customers personally. Like any retail bank, technology is key to Goldman's success in this area, but the bank has just lost the man in charge of tech for its U.S. retail bank.
Howard Sloan, a managing director and chief information officer of Goldman Sachs Bank USA since 2016, when the firm acquired GE Capital Bank, has gone to Bank of America Merrill Lynch. He led the integration of acquired and acquirer and the launch of Goldman's online retail deposit platform, GS Bank, and was responsible for the technology infrastructure for deposits, lending and other asset-related lines of business, including Marcus, which offers fixed-rate personal loans.
Sloan is now an MD of wealth management back-office technology, a leader in the group that provides brokerage technology platforms and services for the Merrill Lynch Wealth Management, U.S. Trust and global markets businesses.
After co-founding a risk management fintech startup, Sloan joined Goldman in 1999 and worked his way up to MD and the global head of prime brokerage and hedge fund administration services technology, a group that provided trade processing, risk analytics, performance measurement and custodial reporting.
In 2012, Sloan moved from New York to Hong Kong to become the Goldman’s head of investment management and banking technology for Asia, a position he held for two years before moving back to Wall Street as the global head of private wealth management client and sales technology. He spearheaded the design of the bank’s www.goldman.com private wealth management site.
Goldman has been forced to adapt as banking has changed, shedding its glamorous Wall Street image as it becomes more like rival J.P. Morgan Chase, accepting the fact that U.S. retail banking has become not only more reliable profitable than investment banking. Sloan’s career trajectory at Goldman is emblematic of that evolution.
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