Marcus by Goldman Sachs

New York, USA

Marcus by Goldman Sachs is a digital banking division of Goldman Sachs offering consumer banking products such as savings accounts and certificates of deposit (CDs). It was created to provide a transparent, user-friendly online banking experience.

CCI Score

-32.33

0.02% April 18

Latest Event

Goldman Sachs Statement on Political Engagement and Lobbying

Goldman Sachs released a comprehensive statement detailing its internal policies on political participation, including strict adherence to federal restrictions on corporate political contributions and active engagement in lobbying and advocacy. From a left-leaning perspective, while the firm emphasizes transparency and regulatory compliance, its structured involvement in political lobbying can be viewed as a means to influence policy in favor of elite financial interests, potentially undermining broader democratic accountability.

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TOADIE

Marcus by Goldman Sachs is currently rated as a Toadie.

-30 to -44 CCI Score

Companies scoring in this range actively seek to please authoritarian regimes. They offer proactive support and assistance in exchange for preferential treatment, compromising ethical standards for business gains and political favor.

Latest Events

JAN

01

2024

Goldman Sachs Statement on Political Engagement and Lobbying
-17.57

Goldman Sachs released a comprehensive statement detailing its internal policies on political participation, including strict adherence to federal restrictions on corporate political contributions and active engagement in lobbying and advocacy. From a left-leaning perspective, while the firm emphasizes transparency and regulatory compliance, its structured involvement in political lobbying can be viewed as a means to influence policy in favor of elite financial interests, potentially undermining broader democratic accountability.
-20

Political Contributions and Lobbying Efforts

March 24

The statement outlines Goldman Sachs' controlled approach to political contributions and lobbying through its PAC and adherence to legal restrictions. However, despite the transparency and compliance measures, the active engagement in advocacy and lobbying serves corporate interests and reinforces elite influence over public policy, a practice viewed as complicit in sustaining power structures that favor authoritarian and neoliberal financial norms.

Goldman Sachs Statement on Policy Engagement and Political Participation
MAY

18

2023

Goldman Sachs Settles $215M Gender Discrimination Lawsuit
-41.26

Marcus by Goldman Sachs, as part of the broader Goldman Sachs organization, is implicated in a landmark gender discrimination lawsuit that led to a $215 million settlement. The case exposed longstanding issues in labor practices, including biased performance evaluation and pay disparities affecting women employees, raising serious concerns about the company's commitment to ethical labor relations and human rights.
-50

Labor Relations and Human Rights Practices

March 24

The settlement reveals systemic gender discrimination and a chronic failure to uphold fair labor practices within the organization. By allowing biased performance review systems and unequal compensation, the company demonstrates a problematic approach to worker rights and human dignity, which is especially concerning given the broader context of corporate complicity in oppressive systems.

Goldman Sachs’s $215 million settlement shows the importance of tackling workplace bias
MAY

09

2023

Goldman Sachs Discrimination Settlement Highlights Labor Rights Failures
-65.85

Goldman Sachs has agreed to pay $215 million to settle longstanding discrimination claims that allege systematic bias against female employees in pay, promotions, and performance evaluations. This settlement exposes deep issues in labor relations and human rights practices, impacting even its digital banking division, Marcus by Goldman Sachs.
-80

Labor Relations and Human Rights Practices

March 24

The $215 million settlement follows a class-action lawsuit that highlighted systemic discrimination within Goldman Sachs, including lower pay and obstructed career advancement for female employees. This case points to serious deficiencies in labor relations and human rights practices at the firm, which by extension affects its subsidiary Marcus by Goldman Sachs. Such practices contribute to broader issues of corporate negligence and ethical failures that can indirectly support authoritarian systems by undermining social equity.

Goldman Sachs to pay $215 million to settle discrimination claims from female employees
MAY

09

2023

Goldman Sachs Settles $215m Sex Discrimination Case
-65.85

Goldman Sachs agreed to pay $215m to settle claims of sex discrimination, highlighting a problematic work culture that resulted in lower pay and fewer advancement opportunities for female employees. This case exposes systemic issues in labor relations that undermine principles of fairness and equality, essential for resisting authoritarian practices.
-80

Labor Relations and Human Rights Practices

March 24

The $215m settlement for sex discrimination claims reveals deep-rooted inequalities at Goldman Sachs, reflecting an entrenched 'boys club' culture that undermines fair labor practices and worker rights. Discrimination in pay and promotion opportunities not only harms employees directly but also contributes to broader systemic injustices that can support authoritarian power structures.

Goldman Sachs to pay $215m in sex discrimination case
JAN

24

2023

Federal Reserve Probes Marcus by Goldman Sachs Oversight
-31.99

The Federal Reserve has launched an investigation into Goldman Sachs' digital banking division Marcus over its oversight, management, and governance of consumer lending operations. The probe raises concerns about the division's adherence to ethical standards and consumer protection, highlighting potential risks linked to mismanagement in a crucial financial service.
-40

Business Practices and Ethical Responsibility

March 24

The investigation into Marcus by Goldman Sachs exposes potential deficiencies in governance and oversight, which could undermine consumer trust and ethical responsibility in its operations. Poor management in a critical consumer financial service can contribute to systemic issues that, indirectly, support authoritarian agendas through reduced accountability and transparency.

Fed's Goldman Probe Signal Heightened Scrutiny - PYMNTS.com
SEP

07

2016

Goldman Sachs Restricts Employee Political Contributions
28.52

Goldman Sachs implemented a new policy barring its top partners from contributing to certain political campaigns, including those linked to Donald Trump and other Republican candidates, in order to mitigate pay-to-play risks and curb any appearance of corporate complicity in partisan politics.
+70

Public and Political Behavior

March 24

The policy is a strong move under the Public and Political Behavior category. By restricting political contributions from its high-profile partners, the firm aims to eliminate any perception of a pay-to-play scheme and reduce the risk of supporting campaigns linked to authoritarian figures. This proactive measure helps mitigate undue influence in politics.

Goldman Sachs restricts employee political contributions
+65

Political Contributions and Lobbying Efforts

March 24

Focusing on Political Contributions and Lobbying Efforts, this policy restricts donations that might otherwise funnel corporate funds towards authoritarian or far-right political figures. By explicitly barring donations to campaigns like Trump’s, the firm attempts to undercut politically motivated financial influence that has historically been associated with pay-to-play scandals.

Goldman Sachs restricts employee political contributions