Goldman Sachs is launching a digital investment platform, and you can open an account with a minimum of $1,000

• Goldman Sachs Group is launching a digital wealth-management platform.
• Marcus Invest will allocate and rebalance customers’ wealth across portfolios of stocks and bonds.
• Customers can open an account with a minimum of $1,000, the banking giant said.
• Visit the Business section of Insider for more stories.

Goldman Sachs Group is launching a digital wealth-management platform that allocates and rebalances customers’ wealth across portfolios of stocks and bonds.

The low-cost platform, Marcus Invest, will allocate wealth based on models developed by the bank’s investment-strategy group.

The latest digital banking push is in line with CEO David Solomon’s plan to reduce Goldman’s reliance on volatile trading and investment banking revenue, while shifting focus towards Marcus, its consumer banking unit.

The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. On Friday it announced it had reopened applications for its Marcus savings account to UK customers after halting sign-ups in June 2020 due to the UK ringfencing threshold.

Goldman also has an existing Marcus consumer-banking app.

Read more: Ramp just raised $150 million in debt financing from Goldman Sachs as the fintech looks to underwrite corporate cards for a wider range of businesses

Solomon was one of the people who beta-tested the new investment app, according to a Wall Street Journal report on Tuesday.

Marcus Invest offers both individual and joint investment accounts, as well as three types of individual retirement accounts, the bank said.

Customers can open an account with a minimum of $1,000 and Marcus Invest charges an annual advisory fees of 0.35%.

Get the latest Goldman Sachs stock price here.

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