One week after Goldman Sachs announced that it's partnering with Apple to launch a new digital credit card, the chief product officer at Marcus, its digital retail bank, is understood to be leaving.
Michael Cerda had been the chief product officer for Marcus and a managing director at Goldman Sachs since 2017. Goldman Sachs declined to comment on his exit and Cerda didn't respond to a request to comment.
It's understood that Cerda quit voluntarily because he was based in California and fed up with the long commute to Goldman's office in New York City.
Prior to joining Goldman, Cerda spent nearly two years as head of media products at Facebook and nearly three years as a senior vice president for product and technology at Vevo.
One Goldman insider, speaking on condition of anonymity, said there is skepticism internally about Marcus, which hit $35bn in deposits last year, but represents a departure from Goldman's traditional focus on wholesale clients. The Apple card (apparently known internally as 'Project Cookie') has allegedly been a complex project to implement.
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