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Goldman Sachs hires Uber Tech Executive to run Consumer Bank after a string of defects

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A Goldman Sachs logo appears on a smartphone screen.

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Goldman Sachs has a new Head of Retail Banking.

The company lured Peeyush Nahar, an Uber tech executive and 14-year-old Amazon veteran, to take on the role Omer Ismail left in February, Goldman told employees in an internal memo on Monday.

The move should heighten concerns about the leadership of Goldman’s fledgling consumer division. Marcus founded the bank in 2016 on their first foray into the consumer banking business. But just as the division was gaining traction, raising billions in deposits and introducing new services like personal financial instruments and an automated investment vehicle, it was ravaged by defects.

After Ismail and a senior executive joined Walmart’s new fintech startup, a number of other executive departures followed, including the CFO and product manager of the consumer bank, which owns the Marcus brand, and a growing number of partnerships, including Apple Card.

At Uber, Nahar ran a global fintech, insurance, payments and infrastructure engineering division, according to the Goldman memo previously reported by Dow Jones. He’ll start at Goldman next month.

“Peeyush will lead the business in its next phase of growth, helping fuel our commitment to our clients and making us the place they manage their finances,” the bank said.

Here is the memo:

May 17, 2021
Peeyush Nahar joins Goldman Sachs as a partner and global head of consumer business

We are excited to announce that Peeyush Nahar will join Goldman Sachs on June 1st as a partner and global head of the consumer business. In this role, Peeyush will advance our ambitious plans to build the leading digital consumer banking platform and empower tens of millions of customers to meet their financial goals.

When we started the consumer business in 2016, we realized there was an opportunity to disrupt financial services and make a huge difference in consumer lives. We pride ourselves on the incredible strides the team has made in establishing this business as a growth engine for the company and a transformative force in the industry. Peeyush will lead the business in its next phase of growth, helping fuel our commitment to our customers and making us the place they manage their finances.

With more than 20 years of experience in technology, financial services, and retail, Peeyush has led the way in building some of the most innovative companies in all industries. He shares our passion for customer focus and has a track record of starting with the customer and working backwards to address real customer needs. During his career, he has brought cross-functional teams together and used technology to transform industries, create successful franchises, and deliver innovative products and experiences. We look forward to bringing his diverse experiences to the company as we scale the consumer business.

Most recently, Peeyush was Vice President of Technology at Uber, where he led a global engineering team for fintech, security, insurance, risk, payments and infrastructure services. Prior to Uber, Peeyush spent 14 years at Amazon, where he led the way in using technology to build scalable businesses, including Amazon’s business-to-business marketplace, Amazon Lending, and Alexa’s machine learning platform.

To get to know Peeyush better, check out this week’s Office Hours podcast episode. Please join us in welcoming Peeyush to the company and wish him every success in his new role.

Tucker York
Stephanie Cohen
Harit Talwar

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Katherine Clark