Finance

Goldman Sachs just poached an Uber engineering exec to head its consumer business. Read the full memo announcing the hire.

  • Goldman Sachs hired Peeyush Nahar, an executive at Uber, to head the bank’s consumer business.
  • Nahar replaces Omer Ismail, who left Goldman in March to join Walmart’s startup fintech.
  • Marcus has navigated a rocky few months of talent departures, but is planning to hire between 200 and 300 engineers this year.
  • See more stories on Insider’s business page.

Goldman Sachs’ consumer business has a new leader.

Peeyush Nahar, a top engineering executive at Uber, is set to join Goldman Sachs on June 1 as a partner and head of the bank’s consumer business, which includes its digital bank Marcus, according to an internal memo viewed by Insider.

Nahar will replace Omer Ismail, who left the bank in March, along with fellow Goldman partner David Stark, to join Walmart’s nascent fintech startup.

As vice president of technology at Uber, Nahar oversaw engineering across a range of areas including payments, financial services, risk, and infrastructure.

The Wall Street Journal first reported Nahar’s appointment on Monday.

Nahar joined Uber in 2019 and before that, spent 14 years at Amazon where he worked on the machine-learning system for Alexa and also led software, product, and sales and marketing for the online giant’s business-to-business marketplace and Amazon Lending.

Goldman’s consumer business has faced a turbulent few months. In addition to Ismail and Stark’s exits, Sonali Divilek, Marcus’ head of product, and Sherry Ann Mohan, chief financial officer for Goldman’s consumer business, are also both leaving the bank for JPMorgan.

In April, Insider reported about the broader departures from Marcus, which employees described as having a culture that prioritized moving fast and burning out.

However, the bank has also pushed to replenish its ranks.

The consumer business has plans to hire between 200 and 300 engineers this year, Insider reported in April. And the bank is already working to hire 200 employees for Marcus in the bank’s Richardson, Texas office, The Dallas Morning News reported in May.

It’s also clawed some of its top talent back. In April, Brian King rejoined Goldman to serve as its chief risk officer and head of business operations, Reuters reported.

Read the full memo from Stephanie Cohen and Tucker York, global co-heads of consumer and wealth management, and Harit Talwar, chairman of the consumer business, announcing the hiring of Peeyush Nahar

May 17, 2021

Peeyush Nahar Joins Goldman Sachs as a Partner and Global Head of the Consumer Business

We are pleased to announce that Peeyush Nahar will join Goldman Sachs as a partner and global head of the Consumer business on June 1. In this role, Peeyush will drive forward our ambitious plans to build the leading digital consumer banking platform and empower tens of millions of customers to meet their financial goals.

When we started the Consumer business in 2016, we recognized there was an opportunity to disrupt financial services and make a meaningful difference in consumers’ lives. We are proud of the incredible progress the team has made to establish this business as a growth engine for the firm as well as a transformative force in the industry. Peeyush will lead the business in its next phase of growth, helping drive forward our commitment to our customers and make us the place they go to manage their finances.

With more than 20 years of experience in technology, financial services and retail, Peeyush has been at the forefront of building some of the most innovative businesses across industries. He shares our passion for customer-centricity and has a track record of starting with the customer and working backwards to address real customer needs. Throughout his career, he has brought together cross-functional teams and leveraged technology to transform industries, create successful franchises and deliver cutting-edge products and experiences. We are excited to bring his diverse experiences into the firm as we scale the Consumer business.

Most recently, Peeyush was vice president of Technology at Uber, where he led a global engineering team across fintech, safety, insurance, risk, payments and infrastructure services. Prior to Uber, Peeyush spent 14 years at Amazon, where he was a leader in using technology to build scalable businesses including Amazon’s business-to-business marketplace, Amazon Lending and the machine learning platform for Alexa.

To get to know Peeyush better, listen to this week’s Office Hours podcast episode. Please join us in welcoming Peeyush to the firm and wishing him success in his new role.

Tucker York

Stephanie Cohen

Harit Talwar

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