April 1, 2019 / 10:30 PM / 2 months ago

Goldman Sachs loses head of products for online bank Marcus

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid

NEW YORK (Reuters) - The chief product officer at Goldman Sachs Group Inc’s fast-growing online bank, Marcus, has left the firm, according to a source familiar with the matter.

Michael Cerda joined Goldman Sachs as a managing director in January 2017, according to his profile on Linkedin.com.

Cerda, who previously ran media products at Facebook Inc, lived in California with his family and commuted to Goldman Sachs’ headquarters in New York. The extensive travel played a big role in Cerda’s decision to leave the firm, the source said.

During Cerda’s tenure, Marcus, which launched in 2016, accumulated $45 billion in customer deposits in its U.S.- and UK-based savings accounts. It has $5 billion in personal loan balances.

The story was first reported earlier on Monday by the website.

Goldman Sachs has not yet named a replacement, according to the Financial Times.

Reporting by Elizabeth Dilts; Editing by Sonya Hepinstall

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