JPMorgan Chase announced plans to shut down their digital only bank less than two years after launching and now other banks will be asked if their digital ventures will suffer a similar fate; Marcus says they will not face the same question since they are starting this business from scratch and they do not have the same consumer business conflicts; “There are no channel conflicts, no self-cannibalization. We were ready to create something from scratch that our customers are looking for,” explains Omer Ismail, Head of U.S. Consumer Business, to Business Insider; Marcus has had great early traction and built a team that is a third Goldman employees, a third consumer finance employees and a third tech employees. Source.
