Goldman Sachs Ramps Up Online Lending Unit, Makes Key Hires

Goldman Sachs is ramping up its online lending business and has hired a former Consumer Financial Protection Bureau attorney.

Mitch Hochberg who was a senior counsel of the agency from 2011 to 2013 has been roped in to head compliance for the investment bank’s new online consumer lending business, Buzzfeed reported following Hochberg’s LinkedIn profile.  

Goldman Sachs has hired a bunch of executives for this endeavor. Over the past year, it has hired executives from Discover, Lending Club and American Express. It’s not surprising that big banks like Goldman Sachs and JP Morgan Chase want a slice of the online lending market valued at trillion dollars.  JP Morgan Chase partnered with online lender OnDeck last year to build a new lending product for small business merchants to be launched this year.