Insights

Goldman Sachs Pulls Uber Exec to Run Consumer Banking

Sarah HallamNews
Goldman Sachs

Editorial credit: Volodymyr Plysiuk / Shutterstock.com

Goldman Sachs announced that Uber’s VP of Technology, Peeyush Nahar, will join the bank as a partner and Global Head of the Consumer Business, effective June 1.

Nahar replaces Omer Ismail, who left Goldman Sachs in February to run Walmart’s new fintech startup. Ismail took his top lieutenant David Stark with him as part of his departure. Soon after, the Chief Financial Officer and head of product for the consumer bank were also poached, this time by JPMorgan.

The executive exodus at Goldman came at a time when the bank historically reserved for the wealthy started to expand into consumer banking. It launched its consumer investing brand, Marcus, in 2016 and has seen billions of dollars in deposits since, but the sudden vacancies in leadership over the past few months have raised concerns.

At Uber, Nahar led the global engineering division across payments, infrastructure, fintech, and insurance, according to a Goldman memo obtained by Dow Jones. Before joining Uber, Nahar spent 14 years at Amazon, working his way up from General Manager to VP of Alexa ML Platform Service.

“When we started the Consumer business in 2016, we recognized there was an opportunity to disrupt financial services and make a meaningful difference in consumers’ lives,” the internal memo said. “Peeyush will lead the business in its next phase of growth, helping drive forward our commitment to our customers and make us the place they go to manage their finances.”

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