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Goldman Sachs to bring up to 150 jobs to Wilmington

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Goldman Sachs announced that it was bringing up to 150 jobs to Wilmington to serve its growing consumer business division, including its Apple Card product seen here. | PHOTO COURTESY OF FLICKR

WILMINGTON – The Wall Street titan bank Goldman Sachs is bringing part of its consumer credit and lending division to Wilmington starting this year.

The 151-year-old Goldman Sachs is perhaps better-known for its investment management practice for the uber-rich and its dealings in securities, particularly of the U.S. Treasury, but it entered the consumer banking market in 2016 when it acquired the online deposits of GE Capital Bank customers.

It later entered the lending market through the launch of its fixed-rate lending service Marcus, which offers loans up to $30,000, and the credit market through the Apple Card, on which it partnered with Apple Inc. and uses both a physical titanium card and the Apple Wallet app.

The new Delaware jobs will be serving those Marcus and Apple Card products as well as any future consumer products, said Chantal Garcia, chief operating officer of Goldman Sachs’ consumer business, which employs about 2,000 people worldwide.

Goldman Sachs anticipates bringing 25 to 50 people into a temporary office space along the Riverfront by the end of this year. Garcia declined to say where the office was because the lease was not finalized, but they expect to be signing a 12-month term and moving in this month.

The roles to be hired won’t be lower-paying customer service call center roles, such as those brought to the Riverfront by Barclays Bank this past summer, but rather higher-paying professional jobs dealing with credit, lending, risk, and finance. Among the roles that Goldman Sachs is actively hiring for right now are a head of customer relationship management and a head of credit risk, as well as other roles in marketing, data development, risk management, and credit card production analysis, among others.

The number of employers will increase to as many as 150 by the end of 2021 and a larger space will be identified as the division’s long-term home, Garcia said, confirming that Goldman Sachs wanted to stay in Wilmington’s Riverfront area into the future. Although the firm has a trust office in the Bellevue Park Corporate Center northeast of the city, Garcia said that her division intended to stay in the city.

Goldman Sachs also considered Texas, Utah and Illinois for the expansion, but ultimately settled on Wilmington, which was also closest to the consumer business’s headquarters in New York City.

“We believe that the opportunity is ripe to move into the Wilmington market, which has a deep talent pool in financial services,” she added. “We also have several employees who have lived in Wilmington for some time and have been commuting to New York, so they have welcomed the chance to stay close to home.”

Goldman Sachs has approached the state about potential incentives tied to the job creation and investment into the Wilmington operation, but the expansion is not contingent on the securing of such funds, Garcia added.

In June, Barclays Bank received nearly $2.5 million from the state’s investment board to expand operations and create 323 call center positions at its office along the Riverfront.

By Jacob Owens

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