February 3, 2020 / 3:23 PM / 2 months ago

Goldman in talks with Amazon to offer small business loans: FT

FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid/File Photo

(Reuters) - Goldman Sachs Group Inc (GS.N) is in advanced talks with Amazon.com Inc (AMZN.O) to offer small- and medium-sized businesses loans in the United States on the e-commerce giant’s lending platform, the Financial Times reported on Monday.

The project could go live as soon as March, the FT reported, citing two people familiar with the matter. on.ft.com/3b8PHDJ

Goldman and Apple Inc (AAPL.O) in March rolled out a virtual credit card to help build out the Wall Street bank’s consumer business, which also consists of its online bank Marcus.

The Marcus consumer banking brand was launched in 2015 to even out volatile results from businesses such as trading and investment banking.

During Goldman’s investor day last week, Chief Executive Officer David Solomon said Marcus was looking to capture business from smaller lenders who may have less resources to invest in offering better digital services.

Goldman and Amazon did not immediately respond to Reuters’ requests for comment on the FT report.

Reporting by Ambhini Aishwarya and C Nivedita in Bengaluru; Editing by Anil D'Silva and Maju Samuel

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