Goldman Sachs is partnering with Wal-Mart to grow its consumer banking business

Until a few years ago, Goldman Sachs (NYSE: GS) was almost exclusively an investor bank. However, over the last few years, it has begun to make a big push towards business consumer banking. First, it introduced the Marks brand, which offers personal loans and high-yield savings accounts.

Goldman Sachs is partnering with Wal-Mart to grow its consumer banking business

Since then, Goldman has partnered with Apple (NASDAQ: AAPL) to launch the first credit card business to launch Apple's credit card product.

Most recently, Goldman introduced an everyday investment platform for Americans, and they partnered with Amazon (NASDAQ: AMZN) to provide small business credit lines to merchants. And as if pairing up with Amazon wouldn't give Goldman much access to the e-commerce world, another big partnership was just’ announced.

Goldman and Walmart have formed a team

The latest expansion of the Marks brand reach comes in the form of a small business loan partnership with Walmart (NYSE: WMT).

Goldman's customer banking unit is launching small business credit lines for merchants selling in the Walmart market. Initial credit lines will range from $ 10,000 to 75 75,000, but eventually the bank wants to offer lines up to a maximum of $1 million to eligible merchants. And it can be very lucrative for Goldman, as the credit lines will come with a fixed interest rate between 99 6.99 and. 20.99.

Its demise is a major boost to Goldman's consumer lending business. Wal-Mart's online sales volume nearly doubled in the second quarter of the year, and through a new partnership with Shopify (NYSE: Shop) for inventory sellers on its platform, it The retail giant in commerce may just be the beginning. .

John Mackey, CEO of Whole Foods Market, a subsidiary of Amazon, is a member of the board of directors of The Motley Fool. Matthew Frankel, CFP owns shares in Apple and Goldman Sachs and has the following options: Short October 2020 Apple calls 140 from Apple. Motley Fool owns and recommends shares of Amazon, Apple and Shopify and recommends the following options: Short January 2022 $ 1940 Call to Amazon and 2022 $ 1920 Call to Amazon. Motley Fool has a disclosure policy.

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