Goldman Sachs has hired Swati Bhatia, who was most recently chief of risk operations at payments giant Stripe, to head up the bank’s consumer banking business.

Why should we care?
Goldman is on the cusp of expanding the reach of its direct-to-consumer offerings, with the rollouts of checking accounts and retail investment products expected this year. In prior roles, Bhatia has led product experience groups for large financial companies. Prior to working at Stripe, she held senior roles at PayPal, including vice president of seller risk and experience, and also worked on online product strategy and customer experience at Capital One. Goldman also appointed partner David Stark to lead large partnerships within the consumer business. The two appointments signal increased attention on two key planks within the bank’s consumer strategy: to scale the consumer offerings under the Marcus by Goldman Sachs brand, and amp up partnerships. Marcus currently has $97B in deposits, with the goal to grow that number to more than $125B by 2024.