Banking

Goldman Sachs’ Marcus is rolling out its biggest ad campaign as it launches more products to take on other consumer banks

  • Goldman Sachs’ Marcus is rolling out its biggest ad campaign since launching in 2016.
  • The ads tout products including Marcus Loans and Savings will include upcoming ones like Marcus Checking.
  • The campaign comes on the heels of a leadership shakeup and high turnover at Marcus.

Goldman Sachs was known primarily as a white-shoe investment bank serving institutional clients until it launched its consumer banking arm Marcus in 2016.

Now, the financial firm is rolling out its biggest advertising campaign for Marcus that pitches it as a one-stop consumer banking platform suited to people’s spending, borrowing, saving, and investing needs. 

The campaign, which launched this week, is the latest iteration of the bank’s “You Can Money” campaign and goes heavy on the humor. Ads feature Hollywood actress Rosamund Pike taking digs at other banks’ perks like free pens and coffee, and tout an annual percentage yield that is four times the national average. 

The campaign’s first two ads promote Marcus’ Loans and Savings products; Goldman said future ads would highlight its “robo-advising” service Marcus Invest and Marcus Checking, set to roll out later this year. The campaign is also more heavily using digital channels like connected TV versus traditional channels for the first time, the company said.

The bank wouldn’t share specifics but said it expected to spend double what it has for previous campaigns. Goldman Sachs spent upwards of $28 million on advertising (excluding social channels) for Marcus in 2020, according to Kantar.

“We want to take the stress out of financial services and be a smart friend rather than an overbearing parent as we do so,” said Swati Bhatia, Goldman Sachs’ head of consumer proprietary business. 

The campaign comes on the heels of a leadership shakeup and high turnover at Marcus. Employees there have said they’re suffering from burnout and a top-down management culture as Goldman CEO David Solomon steers the bank from trading and investment banking to consumer banking.

Bhatia said the campaign’s timing was tied to Marcus’ growth as people gravitated to digital services in the pandemic and not a response to churn at the company. Marcus reported deposits of $103 billion and $363 million in revenue in the second quarter to generate net revenue of $1.75 billion in its consumer and wealth management division.

“We’re just building on the momentum that we have,” she said. “Our business has seen massive tailwinds with the usage of our digital products significantly increasing.” 

 

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