Goldman Sachs has announced its decision to transfer its robo-invested accounts to financial app company Betterment, marking a further move away from consumer finance operations.

The move comes as Goldman Sachs, which launched its Marcus consumer finance platform in 2016, has significantly scaled back its consumer finance endeavors after facing substantial losses. According to Barron's, the bank has been actively divesting from consumer finance ventures, including the General Motors credit card program and specialty lender GreenSky.

The deal's financial terms were not disclosed, but Betterment stated that the digital investing accounts would be transitioned to its platform around June 29, 2024. Customers will have the option to opt out of the transfer should they choose.

Betterment will acquire Marcus Invest accounts and assets under management as part of the agreement. However, it will not acquire additional accounts, technology, employees, or operations. Meanwhile, Goldman Sachs intends to focus on expanding its Marcus Deposits platform, which currently serves over 3 million customers and holds more than $100 billion in consumer deposits.

Marcos Rosenberg, global head of Goldman Sachs Marcus, stated, "As we increase our focus on our growing Marcus Deposits platform, we made the decision to transition away from our digital investment advisor offering and wanted to find a great home for those customers."

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