Goldman Sachs’ Marcus unit is struggling with burnout, blown deadlines, and a tech-talent exodus

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What we're going over today:

marcus goldman sachs burnout 2x1

Here's what's trending this morning:


Goldman Sachs exodus

From Dakin Campbell:

Goldman Sachs launched its consumer-banking arm five years ago with a marketing blitz and much fanfare, sending a strong signal to Wall Street that it wanted to disrupt retail banking - and reshape its own future.

Since then the bank has built it into a $1 billion business by standing up new technologies at breakneck speed.

But now Marcus staffers are quitting in droves at the precise moment the bank needs them most, just as it announced a slew of ambitious products and reshuffled its corporate structure to focus on growth.

Former employees, as well as banking consultants and an analyst briefed by Insider, said the exodus raises questions about Goldman's ability to drive its people hard and still compete with Main Street banks.

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Amazon employee reviews

Jeff Bezos
Jeff Bezos

From Ashley Stewart and Eugene Kim:

Internal Amazon documents show the company has a five-tiered ranking system for employee performance reviews and expects managers to rank 20% of employees at the top level, 75% in the middle tiers, and 5% in the bottom tier.

More than half a dozen employees who spoke with Insider said the tier system was evidence of stack ranking, a controversial performance-review system in which employees are evaluated on a curve and a certain percentage must rank at the bottom - which could hurt both an employee's compensation and their future at the company.

Employees who have been part of the performance-review process told Insider the ratings had to be distributed across teams.

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DEI burnout

DEI consultant burnout 2x1

From Marguerite Ward:

Doris Quintanilla is drained.

For over four years, she's worked on corporate diversity, equity, and inclusion as the CEO and cofounder of The Melanin Collective - but never in a climate like today's.

In the wake of the killing of George Floyd, her inbox has been flooded with requests from corporate and nonprofit leaders. They want change, and they want it fast. But at the same time, she felt many were not respecting her.

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Adobe's ad bet

Adobe CEO Shantanu Narayen
Adobe's CEO Shantanu Narayen.

From Lauren Johnson:

Five years ago, Adobe had big advertising ambitions.

Adobe acquired $540 million for TubeMogul, a video adtech company that buys ads for brands programmatically and competed with Google, Amazon, The Trade Desk, and MediaMath.

At the time, Brad Rencher, then-EVP and general manager of Adobe's digital experience business unit and a key player in the TubeMogul integration, promised the deal would create a "'one-stop shop' for video advertising, providing even more strategic value for our Adobe Marketing Cloud customers."

But last summer, Adobe shut down a big part of its TubeMogul acquisition, closing its advanced TV business that sold linear TV ads and political advertising to advertisers.

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ICYMI: Fidelity's first cryptoasset analyst on opportunities

Bitcoin Bull nft art cryptoart
"Bitcoin Bull" by Trevor Jones.

Vicky Ge Huang talked to Nic Carter, an investor at venture-capital firm Castle Island Ventures and founder of Coinmetrics. You can read the full story here:

Also read:


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