Goldman Sachs is to restructure its digital consumer banking unit, Marcus, and its robo-advisory product, Marcus Invest, due to increasing losses according to a report from Bloomberg. In 2020, the bank predicted Marcus to break even in 2022, however, it now projects losses of USD 1.2 billion this year with cumulative losses north of USD 4 billion.

The bank aims to redistribute consumer banking and robo-advisory products into its wealth and asset management divisions and will now be targeted at affluent individuals and employees at business partners.

Goldman Sachs launched its Marcus Invest in 2021 as part of Marcus (launched in 2016). The Marcus Invest platform can automatically assess clients’ risk tolerance, recommend appropriate investment portfolios (conservative, moderate, and growth investment portfolios), and rebalance portfolios using models created by Goldman Sachs’ Investment Strategy Group.