Walmart has nabbed two Goldman Sachs bankers as the retail giant looks for other ways to drive revenue, from advertising and health care to financial services.
Walmart has nabbed two veteran bankers from Goldman Sachs to help lead its new fintech start-up, as the company looks beyond retail to drive revenue.
Bloomberg reported that Omer Ismail, who leads Goldman’s consumer bank, and David Stark, another Goldman banker, are the individuals involved and a Goldman Sachs spokesperson confirmed their departures.
Walmart announced in January that it has joined forces with Ribbit Capital, a venture capital firm, to create a company to develop affordable financial products for customers and employees and will own a majority stake in the startup.
Walmart executives, including CFO Brett Biggs and Walmart U.S. CEO John Furner, will be on the start-up’s board.
Walmart has yet to share the name of the company or when services will be available.