By Elizabeth Dilts
NEW YORK (Reuters) – The chief product officer at Goldman Sachs Group (NYSE:) Inc’s fast-growing online bank, Marcus, has left the firm, according to a source familiar with the matter.
Michael Cerda joined Goldman Sachs as a managing director in January 2017, according to his profile on Linkedin.com.
Cerda, who previously ran media products at Facebook Inc (NASDAQ:), lived in California with his family and commuted to Goldman Sachs’ headquarters in New York. The extensive travel played a big role in Cerda’s decision to leave the firm, the source said.
During Cerda’s tenure, Marcus, which launched in 2016, accumulated $45 billion in customer deposits in its U.S.- and UK-based savings accounts. It has $5 billion in personal loan balances.
The story was first reported earlier on Monday by the website.
Goldman Sachs has not yet named a replacement, according to the Financial Times.
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