Goldman Sachs is gathering investors and analysts for its first Investor Day January 29, coming on the heels of a successful earnings report. The bank's stated goal is improving transparency - and explaining a little more about its plans to be a digital disruptor.
And, as it continues to spend on its digital transformation in the consumer space, there will likely be questions about its spending, expectations and plans for Marcus, the consumer platform Goldman launched in 2016, and developed an app for earlier this year.
Goldman's consumer banking presence isn't simply limited to its app development - however, it has substantially ramped up hiring for its app leading up to the new year. Goldman is out to compete with legacy consumer banks like Bank of America and Citigroup, and JPMorgan Chase. Year-over-year, from 2019 to 2020, Goldman "Appbank" hiring soared 485%, outpacing a healthy growth in terms of job postings. And, that's not all.
Goldman Sachs' job postings for consumer and investment management rose from February 2019, until recently, grew more than 150% - although, it's very likely not all of these jobs will relate to its new app.
It's likely Goldman won't be increasing job postings everywhere, in the long run. Among the bank's other stated goals for its presentation, are reducing costs - including cutting $700 million out of Goldman's Securities Division. We'll have a close eye on Goldman's various job postings - and, next, app ratings - as the bank looks to curry favor with analysts and investors as it makes a digital transformation.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.