Goldman Sachs is transforming under CEO David Solomon

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

Goldman Sachs is transforming under CEO David Solomon.

The Wall Street bank has taken steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is executing on targets including multi-year cost-cutting plans. And it’s making big pushes into wealth management and consumer banking.

On Tuesday, the firm’s second-quarter 2021 earnings results topped expectations, with the bank reporting its second-highest net revenues on record. Its investment bank raked in more than $3.6 billion in revenue.

But the bank’s top ranks have also seen turnover this year, shedding execs within its management committee and partnership.

At the junior level, some young bankers are frustrated about not yet receiving base salary raises even as some bank competitors have raised pay.

Here’s a rundown of the must-know news at Goldman, including the latest hires and exits, as well as deep dives on its Marcus consumer bank and wealth-management push.


Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:


Junior bankers in focus

wall street trader sad
Junior bankers have vented their frustrations to Goldman Sachs executives in recent months.

Goldman Sachs juniors vented this spring about 100-hour work-weeks.

So far, they’ve yet to benefit from it in the way of raises or bonuses, though Solomon hinted on the firm’s second-quarter earnings call that an update to their compensation policy might come in August.

The bank has been looking to hire reinforcements and fast-track tech initiatives to streamline work.

Read more:

The lastest news on Goldman’s Marcus

Marcus Goldman Sachs
Marcus offers savings and credit products online and through its app.

Goldman Sachs has built its consumer-banking arm into a $1 billion business over the past five years.

But it’s seen a wave of departures including the exits of top Marcus bosses Omer Ismail and David Stark. And JPMorgan has poached the head of product at Marcus to join the bank’s digital and product leadership team for consumer and community banking. Goldman has also brought in new hires, including Peeyush Nahar, an executive at Uber, to head the bank’s consumer business.

Insiders explained how Goldman Sachs’ hard-charging culture had contributed to exhaustion and high turnover within Marcus, and a Goldman spokesperson told us that the firm is eyeing beefing up the ranks by hiring some 200 to 300 new engineers.

Read more:


Goldman’s wealth-management push

Meena Flynn and John Mallory of Goldman Sachs
Meena Flynn and John Mallory co-head the private wealth business at Goldman Sachs.

Goldman, a firm synonymous with enormous wealth, has in recent years tried to reshape itself as a bank that can count someone with just $1,000 to invest as a client just as it has long done business with large companies and the very wealthy.

It launched Marcus Invest, a robo-advisor with a $1,000 minimum, earlier this year. And it has reorganized how its wealth businesses are situated entirely, creating a new internal consumer and wealth management division that went into effect at the start of this year. Goldman has some 800 advisors within private wealth globally.


Goldman’s dealmakers

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

Goldman has also been riding the SPAC boom, which went into overdrive in the first quarter. It ranked No. 2 among banks in terms of SPAC IPOs year-to-date by mid-March.

Read more:

Read the original article on Business Insider

The best debt consolidation loans right now

Best loans for debt consolidation 2x1

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

The best debt consolidation loans of 2021

Lender APR Amount available Learn more

wells fargo logo

5.74% to 24.24% $3,000 to $100,000 for unsecured loans, $3,000 to $250,000 for secured loans Personal Loan

Lighstream Logo

5.93% to 19.99% $5,000 to $100,000 (for excellent credit) Lightstream Debt Consolidation Loan

SoFi Logo

5.99% to 16.19% APR (with AutoPay) $5,000 to $100,000 SoFi personal loan
Payoff by Happy Money Logo
5.99% to 24.99%

$5,000 to $40,000

Payoff loan

Avant Logo

From 9.95% – 35.99% APR

$2,000 to $35,000 for unsecured loans; $5,000 to $25,000 for secured loans

Avant Personal Loans

Generally, you’ll need a personal loan for debt consolidation, which means replacing multiple loans with a single loan instead.

Most personal loan lenders ask about loan purpose when starting the loan application process, and often, personal loans for debt consolidation have higher interest rates than other personal loans and other loan types.

Table of Contents: Masthead Sticky

PFI Best Wells Fargo Logo Banner

Wells Fargo

Flexibility makes Personal Loan a top contender for best personal loans for debt consolidation. Wells Fargo separates debt consolidation loans from personal loans, but the interest rates are the same.

Benefits include incredibly competitive interest rates, ranging from 5.74% to 24.24% APR, and an autopay discount of 0.25% if payments are made from a Wells Fargo account. For unsecured personal loans, the most common type for debt consolidation, the amount available ranges from $3,000 to $100,000 and there are no origination or prepayment fees.

Wells Fargo gives several options for personal loans that aren’t common elsewhere. Firstly, there’s an option to secure your loan with a CD or savings account, though that option is only available to current customers. Secured loans allow you to borrow up to $250,000, though an origination fee of $75 applies to secured loans (unsecured loans don’t have a fee).

Wells Fargo can send your loan funds to your Wells Fargo bank account, or to a credit account outside of Wells Fargo to pay down your debts directly.

Watch out for: Secured loan options. Secured loans use collateral to bring down interest rates and increase the amount available to borrow. But using these savings accounts as collateral could mean losing your savings or CD if you don’t pay on your loan.

Additionally, it’s worth mentioning Wells Fargo’s history with data security and compliance. The bank has faced several federal penalties for improper customer referrals to lending and insurance products, and security issues tied to creating fake accounts several years ago.

Read Insider’s full review of Wells Fargo here.

Personal Loan

PFI Best lightstream Logo Banner

Lightstream

Lightstream Debt Consolidation Loan is a highly regarded lender for many loan types, and has been a top pick across Insider’s coverage of the best personal loans and best auto loans. However, this lender only works with borrowers with good or better credit, with a minimum credit score requirement of 660.

LightStream offers consistently competitive interest rates, though its minimum interest rate for debt consolidation is higher than its typical personal loan’s interest rates. However, this lender does not have any prepayment or origination fees. Same-day funding is available with LightStream.

Watch out for: Varying loan terms between LightStream’s typical personal loans and debt consolidation loans. Only borrowers with excellent credit can borrow the $100,000 maximum, and anyone without excellent credit may not qualify for the full amount.

LightStream defines excellent credit history as an account with five or more years of credit history, stable and sufficient income for debts, and a variety of credit history with little or no credit card debt. If you’re looking for a debt consolidation loan, chances are you have a significant amount of debt, and may not fit these qualifications.

Additionally, LightStream doesn’t have a way to pre-qualify online. You’ll have to apply for the loan to find out exactly what your rates and terms could look like, which could make comparison shopping difficult.

Read Insider’s full review of Lightstream here.

Lightstream Debt Consolidation Loan

PFI Best SoFi Logo Banner

SoFi

A SoFi Personal Loan is the best option for anyone with a high balance, as this lender makes debt consolidation loans of up to $100,000. Debt consolidation loans from this lender are comparable in rates to those offered by LightStream, but SoFi offers higher loan limits to all applicants, whereas LightStream only allows some borrowers to borrow up to $100,000. Similarly, SoFi doesn’t have any application, origination, or prepayment fees.

SoFi offers unique features like unemployment protection, which could put loans in forbearance for up to three months if you find yourself out of work.

Watch out for: Stringent requirements. SoFi personal loans have a minimum credit score of 680. According to NerdWallet, the average income among borrowers is over $100,000.

Read Insider’s full review of SoFi here.

SoFi personal loan

PFI Best Payoff Logo Banner

Payoff

In the fair credit range, it can be tough to qualify for a personal loan with reasonable interest rates – many lenders have a minimum of 660 or 680. However, a Payoff loan could be a good option for people with credit scores as low as 640. Interest rates are comparable to those offered by LightStream and SoFi, but this lender has less stringent requirements.

Compared with competitors Prosper and Best Egg, which both have the same 640 minimum credit score requirement, Payoff’s interest rates are capped lower, and could have lower origination fees.

Watch out for: Origination fees. Payoff offers loans with origination fees ranging from 0% to 5%. Competing lenders Prosper and Best Egg charge minimum 2.41% and 0.99% origination fees, respectively. The better deal will depend on your credit score, income, and repayment term.

Payoff loan

PFI Best Avant Logo Banner

Avant

With bad credit, a personal loan for debt consolidation can be expensive, or hard to qualify for. An Avant personal loan is the best bet for borrowers with poor credit, requiring a minimum credit score of 600.

Compared to other personal loan lenders offering debt consolidation loans for bad credit borrowers, Avant’s terms are the most generous. Interest rates range From 9.95% – 35.99% APR. While there is an administration fee, it could be lower than competitors’ fees with a cap at 4.75%. Avant also has the advantage of quick, next-day funding available.

Watch out for: Secured loan options. Like Wells Fargo, Avant offers the option to secure your loan with collateral like your car. While this could be helpful to lower interest rates, it could put your car in jeopardy if you don’t pay. Secured loans have an administration fee of 2.5%, and a maximum amount of $25,000.

Read Insider’s full review of Avant here.

Avant Personal Loans

Other personal loans we considered

  • LendingClub personal loans: This lender has the potential for high origination fees that could add to the cost of borrowing. The average origination fee is 5.2%. Read Insider’s full review here.
  • Prosper personal loans: Prosper’s minimum credit score requirement is 640, but borrowers with this score could get lower interest rates and potentially lower fees from Payoff. Read Insider’s full review here.
  • Best Egg personal loans: Like Prosper, borrowers with credit scores of 640 or above could get lower minimum interest rates and lower maximum fees from Payoff. In order to qualify for the lowest possible interest rates, borrowers need a minimum FICO score of 700 and an income of at least $100,000 per year. Only three-year and five-year loan terms are available, making these loans less flexible than other options. Read Insider’s full review here.
  • Discover personal loans: Discover’s personal loan rates start higher than other lenders’ loans, and borrowers who meet the minimum credit score requirements could get lower interest rates from LightStream, which cap lower. However, Discover makes payments directly to creditors, which could simplify your payoff process. Wells Fargo is the only other bank on our listing to offer that option.
  • Marcus by Goldman Sachs personal loans: Like Discover, borrowers who qualify for Marcus personal loans could find lower minimum interest rates with LightStream, SoFi, or Wells Fargo.
  • Axos personal loans: This lender’s personal loans require a minimum credit score of 720. For borrowers with this type of credit, lower interest rates can be found elsewhere.
  • OneMain Financial personal loans: OneMain doesn’t have a minimum credit score required to apply, which could make it a viable option for people who don’t meet Avant’s 600 minimum. But interest rates range from a high 18.00% – 35.99%. Read Insider’s full review here.

Which lender is the most trustworthy?

We’ve compared each institution’s Better Business Bureau score to give you another piece of information to choose your lender. The BBB measures businesses’ trustworthiness based on factors like their responsiveness to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:

Lender BBB Grade

wells fargo logo

NR

Lighstream Logo

A+

SoFi Logo

A+
Payoff by Happy Money Logo
A+

Avant Logo

A

With the exception of Wells Fargo, our top picks are rated A or higher by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most complete information possible.

The BBB currently does not have a rating for Wells Fargo as the BBB is investigating its profile. Previously, the organization gave Wells Fargo an F in trustworthiness. In the past few years:

If you’re uncomfortable with this history, you may want to use one of the other personal loan lenders on our list.

Frequently asked questions

Why trust our recommendations?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product, we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

How did we choose the best debt consolidation loans?

To find the best personal loans for debt consolidation, we combed through the fine print and terms of about a dozen personal loans to find the ones that were best suited to help with consolidating debt. We considered four main features:

  • APR range: For the most help with debt payoff, a personal loan for debt consolidation needs to have lower interest rates than the credit card or other debts you’re consolidating. We looked for the loans that had the lowest rates possible for each credit range and purpose. The average credit card interest rate was 16.28% in 2020, so we focused on loans that had the potential to beat this.
  • Appropriate loan amounts: We looked for personal loans that had the most variety in loan amounts. According to loan comparison site Credible, the median amount of debt consolidated in May 2020 was $18,000. To benefit the most borrowers, we included personal loans with maximum limits over $10,000.
  • Minimum credit score requirements: Where available, we considered the minimum credit score requirements for each company. We considered loans for excellent, fair, and poor credit, grouping loans into categories based on these credit score requirements.
  • Fees: We considered fees like origination or administrative fees in our decisions, looking for loans with the fewest or lowest fees. None of the best loans listed have prepayment penalties.
  • Nationwide availability: We only considered loans with availability in most or all 50 US states.

What is debt consolidation?

Debt consolidation takes all sorts of debts, including credit cards, medical debt, or typically any other type of unsecured debt, and rolls it into one loan.

To consolidate debt, you get a loan from one lender for the total amount of debt you’d like to combine. Then, you use those funds to pay off the individual, smaller debts. At the end, you have all of your debt rolled into one monthly payment, one deadline for debt repayment, and a smaller interest rate.

Can I use any personal loan for debt consolidation?

Most personal loans allow a variety of uses, and while most include credit card consolidation or debt consolidation, not all do. Make sure to read the fine print of any personal loan you’re applying for, and make sure that debt consolidation is an acceptable use of your loan. All of the loans we considered had an option to use the loan for debt consolidation, if not a separate loan, which we included details for.

Related Product Module: Related ProductRelated Content Module: More on Loans

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Goldman Sachs is going through a massive transformation under CEO David Solomon

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

  • Goldman Sachs CEO David Solomon is taking big steps to transform the bank.
  • Goldman has been pushing into consumer banking and wealth management.
  • But a slew of partners have jumped ship, and Marcus has seen a big talent exodus.
  • Visit the Business section of Insider for more stories.

Goldman Sachs is going through some big changes under CEO David Solomon.

The Wall Street bank has taken steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is executing on targets including multi-year cost-cutting plans. And it’s making big pushes into wealth management and consumer banking.

Goldman smashed expectations and set a revenue record in the first quarter, and its stock price has soared. Investors and Wall Street analysts are singing Solomon’s praises.

But the firm’s top ranks have seen almost unprecedented turnover, with six members of the management committee departing over the past year.

And junior bankers have been so overworked that they put together two presentations to express their unhappiness to management. Engineers in a consumer division that Goldman spent billions to build have quit in droves.

Here’s a rundown of the must-know news at Goldman, including the latest hires and exits, as well as deep dives on its Marcus consumer bank and wealth-management push.


Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:


The lastest news on Goldman’s Marcus

Marcus Goldman Sachs
Marcus offers savings and credit products online and through its app.

Goldman Sachs has built its consumer-banking arm into a $1 billion business over the past five years.

But it’s seen a wave of recent departures including the exits of top Marcus bosses Omer Ismail and David Stark. And JPMorgan has poached the head of product at Marcus to join the bank’s digital and product leadership team for consumer and community banking, while CNBC first reported in May that Sherry Ann Mohan, chief financial officer for Goldman’s consumer business, is leaving to serve as CFO of JPMorgan’s business banking division beginning in August.

Insiders explained how Goldman Sachs’ hard-charging culture had contributed to exhaustion and high turnover within Marcus, and a Goldman spokesperson told us that the firm is eyeing beefing up the ranks by hiring some 200 to 300 new engineers.

Read more:


Goldman’s wealth-management push

Meena Flynn and John Mallory of Goldman Sachs
Meena Flynn and John Mallory co-head the private wealth business at Goldman Sachs.

Goldman, a firm synonymous with enormous wealth, has in recent years tried to reshape itself as a bank that can count someone with just $1,000 to invest as a client just as it has long done business with large companies and the very wealthy.

It launched Marcus Invest, a robo-advisor with a $1,000 minimum, earlier this year. And it has reorganized how its wealth businesses are situated entirely, creating a new internal consumer and wealth management division that went into effect at the start of this year. Goldman has some 800 advisors within private wealth globally.


Goldman’s dealmakers

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

Goldman has also been riding the SPAC boom, which went into overdrive in the first quarter. It ranked No. 2 among banks in terms of SPAC IPOs year-to-date by mid-March.

Read more:

Read the original article on Business Insider

Avant review: Personal loans for people with low credit scores, but you’ll pay a high interest rate

Avant review 4x3
Avant gives personal loans to people with lower credit scores than most lenders.

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • Avant offers personal loans for emergency expenses, car repairs, vacations, and more.
  • Avant loan amounts range from $2,000 to $35,000, but exact limits vary by state.
  • You have a good chance of qualifying for an Avant personal loan with a credit score of 600.
  • See Insider’s picks for the best personal loans »

Table of Contents: Masthead Sticky

Should you use Avant?

You may like Avant if you … You may not like Avant if you …
  • Have a credit score as low as 600
  • Want to avoid prepayment penalties
  • Want a company with long customer service hours
  • Need your funds within one business day
  • Want to manage your loan from a mobile app
  • Need to borrow more than $35,000
  • Don’t have an account with a bank or credit union
  • Have a lower credit score but could get a better APR with a credit card

How Avant works

Avant provides personal loans through WebBank (Member FDIC), a state-chartered industrial bank. Avant offers both secured and unsecured personal loans, but we’re focusing on the company’s unsecured personal loan options. Unsecured loans are more common with Avant and with competing lenders.

An unsecured personal loan doesn’t require any collateral, such as a house or car. These personal loans can be used for a variety of purposes.

Avant loan amounts range from $2,000 to $35,000. The minimum amount you’re required to borrow varies by state. Avant offers loans to all 50 states and Washington, DC.

The minimum loan term is 24 months, and the maximum term is 60 months. You can pay off Avant loans in full at any time without incurring an early payment penalty.

Depending on your credit score and annual income, your APR will range from 9.95% to 35.99%, which is higher than some other major competitors’ APR ranges. For example, Best Egg’s range is 5.99% to 29.99%, and Marcus by Goldman Sachs’ is 6.99% to 19.99%.

If Avant offers you a loan with a high interest rate, you may want to look into credit cards for people with bad credit and compare rates between a card and a loan – you might be eligible for a lower APR and better terms with a credit card. Weighing the pros and cons of your decision will help you get the best financial deal possible.

If your loan is approved by Avant by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day, per the company’s website.

You can reach Avant via their customer service email address, support@avant.com. Or call 800-712-5407 Monday through Friday, 7:00 a.m. to 10:00 p.m. CT, or weekends from 7:00 a.m. to 8:00 p.m. CT.

Avant also has a mobile app with a smooth, well-designed interface. The app has 4.5 out of 5 stars in the Apple store, and 3.8 out of 5 stars in the Google Play store.

Avant has a Support Center with answers to questions, sorted by topic.

You can get a variety of personal loans from Avant, including:

You’ll need to meet the following requirements to apply:

  • You must be over the age of 18 (19 if you live in Alabama)
  • You must have a personal bank or credit union account (prepaid card accounts aren’t eligible)
  • You must be able to provide documents to verify your income, identity, and other information as requested

What credit score do you need to qualify for an Avant loan?

To qualify for a personal loan, Avant states on its website that most customers have a credit score between 600 and 700. However, your credit score isn’t the entire factor in your loan approval, so you may still consider applying with a lower score. Here’s how scores break down, according to FICO:

  • Very poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Exceptional: 800 to 850

Your credit score will not be impacted if you check your loan rates with Avant, because the company only generates a soft credit inquiry.

Avant will perform a hard credit inquiry once you continue with the loan application, which will likely affect your credit score. A hard inquiry gives a lender a comprehensive view of your credit history, but may negatively affect your score.

Avant may be a good choice for you if you have a lower credit score, because Avant has more lenient credit score requirements than other personal loan companies. Keep in mind that the lower your credit score, the higher your APR could be – and Avant rates go up to 35.99%.

Here are some tips you may consider to improve your credit score before applying for a loan:

  • Ask for and examine a copy of your credit report. Look for any mistakes on your report that could be tanking your score. If so, reach out to the credit bureau to talk about fixing the error.
  • Keep credit card balances low. Sustaining a credit utilization rate – the percentage of your total credit you’re using – of 30% or less will prove to lenders that you can handle your credit well.
  • Design a system for paying bills in a timely fashion. Your payment history makes up a significant percentage of your credit score, and lenders prefer to see stable payments in the past. Set up calendar reminders or automatic payments so you don’t find yourself playing catch up.

Is Avant trustworthy?

Avant is a Better Business Bureau-accredited company, and the BBB gives Avant an A in trustworthiness. The BBB assesses trustworthiness by evaluating a business’ responses to consumer complaints, truthfulness in advertising, and transparency about business practices.

However, good BBB scores don’t guarantee you will have a good relationship with companies. They’re merely a guideline to help you get started on your hunt for a personal loan provider.

Avant does have a recent controversy. In 2019, the company settled a case with the Federal Trade Commission where it was found liable for putting unauthorized charges on customers’ credit card, and for illegally requiring customers to agree to automatic payments from their bank accounts when taking out a loan.

Due to Avant’s recent history, you may decide you’re more comfortable using a different personal loan company.

The pros and cons of Avant personal loans

How to get an Avant personal loan

The application is available online and can be completed in a few minutes. You’ll need basic information for the initial application, including:

  • Name
  • Contact information including your address, phone number, and email
  • Whether you rent or own your home
  • How much you pay for housing each month
  • Date of birth
  • Social security number
  • Employment status
  • Individual income (monthly net income)
  • Reason for applying for a personal loan and how much you want to take out
  • Other financial information, such as how you would rate your credit quality

You’ll be able to see your offers and interest rate range within a few minutes. You’ll need to undergo identity verification to complete the application process, and you may need to provide confirmation of certain financial details before your application is approved.

After you’ve verified your information, the funds will be delivered to your bank account as requested, usually by the next business day.

How does Avant compare to other personal loan lenders?

Although rates are specific to borrowers, Avant interest rates are higher than those offered by other big-name lenders. Here’s how Avant compares to the competition.

Avant   logo

Marcus by Goldman Sachs High yield online savings account

best egg logo

Min. credit score

600

Min. credit score

Unspecified

Min. credit score

640

APR

9.95% to 35.99%

APR

6.99% to 19.99%

APR

5.99% to 29.99%

Origination fee?

No*

Origination fee?

No

Origination fee?

Yes

Avant Personal Loans

Apply for a loan

Best Egg

*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.

Avant review vs. Marcus by Goldman Sachs review

Avant charges an administration fee of up to 4.75%, which will be subtracted from your loan proceeds when it’s funded. You’ll also pay a fee if you miss a scheduled payment or if a scheduled payment is returned unpaid.

You won’t pay any fees with Marcus, including late fees. Rather, you’ll rack up more interest if you don’t pay on time, and your final payment will be bigger.

With Marcus, you’ll receive a 0.25% discount on your loan by signing up for AutoPay; Avant does not offer this perk.

While Marcus has no official minimum credit score requirement, the company recommends a minimum credit score of 660 in an informational post on its website. This suggestion is higher than Avant’s loose guidelines by a significant margin. If your credit score is below 660, Avant is likely the better option. That said, the lower your credit score, the higher an APR you will probably pay.

Avant vs. Best Egg personal loans

You’ll pay a late fee with both loan providers – Avant’s late fee depends on which state you live in, while Best Egg’s late fee is $15. Both have additional fees baked into the cost of the loan. Avant charges an administration fee of up to 4.75% of your loan amount, while Best Egg’s has an origination fee ranging from 0.99% to 5.99%.

Avant also has a lower minimum credit score guideline than Best Egg – though both companies have relatively low minimums. As a result, Avant might be the better choice if your credit is toward the lower side of “fair.”

You’ll receive your funds roughly in the same amount of time with both companies. Avant claims most customers will receive their funds the next business day, and Best Egg says the majority of customers will get their money within one to three business days.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

Related Content Module: More Personal Finance Coverage

Read the original article on Business Insider

Goldman Sachs is going through a big transformation under CEO David Solomon

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

Goldman Sachs is going through some massive changes under CEO David Solomon.

The Wall Street bank has taken big steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is looking to execute on targets including multi-year cost-cutting plans. And it’s making big pushes into wealth management and consumer banking.

Solomon, who took the reins as CEO in 2018, has also looked to reduce the number of partners overall at the firm to make the status more elite and exclusive. In 2018, there were 484 partners. But as of the newest partner additions, Goldman’s total partners amounted to fewer than 440.

Goldman Sachs reported first-quarter earnings on Wednesday, April 14, and turned in blowout performance on trading and dealmaking. Stephen Scherr, Goldman Sachs’ chief financial officer, said on the earnings call that the firm is increasingly leaning into cloud technology.

“Our new builds are largely, perhaps not exclusively, but largely cloud-based,” he said.

“We’re riveted and focused on doing that so as to eliminate legacy technology,” Scherr added.

Here’s a rundown of the latest news at Goldman, including the latest hires and exits, deep dives on its Marcus consumer bank, and how Goldman investment banking analysts are reacting after a year of rapid-fire deal while WFH.


The lastest news on Goldman’s Marcus

Marcus Goldman Sachs
Marcus offers savings and credit products online and through its app.

Goldman Sachs has built its consumer-banking arm into a $1 billion business over the past five years.

But it’s seen a wave of recent departures including the exits of top Marcus bosses Omer Ismail and David Stark. And JPMorgan has poached the head of product at Marcus to join the bank’s digital and product leadership team for consumer and community banking.

Insiders explained how Goldman Sachs’ hard-charging culture had contributed to exhaustion and high turnover within Marcus, and a Goldman spokesperson told us that the firm is eyeing beefing up the ranks by hiring some 200 to 300 new engineers.

Read more:


Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:


Goldman’s junior bankers are feeling the heat

wall street burnout young talent junior analyst 2x1

A grueling year of increased demands while working from home has some Goldman Sachs junior talent reaching a breaking point.

In March, a presentation created by 13 analysts within the firm’s investment bank grabbed headlines. Meanwhile, the bank is prepping its latest cohort of young bankers for a return to in-person work.

Read more:

Goldman’s dealmakers

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

Goldman has also been riding the SPAC boom, which went into overdrive in the first quarter. It ranked No. 2 among banks in terms of SPAC IPOs year-to-date by mid-March.

Read more:

Read the original article on Business Insider

Goldman Sachs is losing 2 consumer banking execs to Walmart. Here’s a look at how the powerhouse Wall Street bank has been making a Main Street push.

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

Goldman Sachs has been going through some massive changes under CEO David Solomon.

It’s taken big steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is looking to execute on targets including multi-year cost-cutting plans. And it’s making big pushes into businesses like wealth management and consumer banking

Now, the elite Wall Street bank is finally launching its do-it-yourself wealth management offering to the public, marking a milestone in the elite firm’s quest to appeal to Main Street.  Goldman rolled out Marcus Invest, its automated investment tool with a $1,000 account minimum, in February after having previously faced delays.

But its consumer banking arm is losing two key execs: Omer Ismail, a partner at the firm and the head of Goldman’s consumer bank, and David Stark, one of his top deputies, are both heading to Walmart to work on a new fintech venture. 

Solomon, who took the reins as CEO in 2018, has also looked to reduce the number of partners overall at the firm in order to make the status more elite and exclusive. In 2018, there were 484 partners. But as of the latest announcement of the newest partner additions, Goldman’s total partners amounted to fewer than 440. 

Meanwhile, the upper echelons of one of Goldman Sachs’ most prestigious businesses, its investment banking division, has seen some high-profile exits in recent months. 

Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The change eliminated the former consumer and investment management division, which held the consumer business and the asset-management unit known as Goldman Sachs asset management.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:

Consumer banking; wealth and asset management 

In Goldman Sachs’s quest to move down-market, part of its wealth management division is preparing to expand by hiring dozens of financial advisors. Goldman has been on a quest to manage money for clients less wealthy than the multi-millionaires to whom the bank has long catered. 

Goldman launched Marcus, a digital-only consumer bank, in 2016. And in 2019, it took the plunge into the consumer credit-card business by teaming up with Apple to launch both brands’ first consumer credit-card offering. Amazon has partnered with Goldman Sachs to offer loans to its merchants. And Stripe is partnering with banks including Goldman Sachs and Citi to offer business-banking services. 

The Wall Street bank in January named two executives to spearhead a newly formed group devoted to consumer and wealth-specific strategy and acquisitions.  Jemma Wolfe and Stephan Lambert will head up the new team, according to an internal memo seen by Insider. It also tapped six people to lead product development for the consumer and wealth group. 

And Swati Bhatia, a former Stripe exec, is joining as a partner to lead Goldman’s direct-to-consumer strategy. Bhatia was most recently the chief payments risk officer at Stripe, the online payments startup last valued at $36 billion.  Meanwhile, David Stark, a partner at Goldman that helped lead the Apple Card launch and the firm’s purchase of General Motors’ credit-card business, was tapped to take over responsibility for large partnerships within the consumer business. 

Bhatia and Stark were set to report to Omer Ismail, partner and head of Goldman’s consumer business. But as Bloomberg first reported this weekend, Ismail and Stark are now leaving the bank to join Walmart and work on its venture into financial services. 

Read more: 

Dealmakers 

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

Goldman Sachs’ entire investment-banking business ranks number one in mergers and acquisitions and bookrunning for equity capital markets, according to Dealogic

Goldman has worked on some of the hottest IPOs of 2020, including DoorDash. It’s also got a pipeline of big names lined up for this year – as Business Insider first reported, the bank has been tapped to lead cryptocurrency exchange Coinbase’s planned offering. 

The firm also played a role in massive debt financings for travel-related companies during the coronavirus pandemic. One of the solutions was a first-of-its-kind deal helping United raise $6.8 billion in debt in June by leveraging its frequent flyer program. 

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

In February, Susie Scher, previously co-head of global financing, was named chairman of Goldman’s global financing group. Scher is a member of the firm’s partnership committee and its executive committee for the investment-banking division. Vivek Bantwal, who was previously the chief operating officer of the global markets division, is returning to the investment bank to assume the role vacated by Scher. 

Read more: 

Recent news on exits from Goldman Sachs

Ram Sundaram, the head of currencies and emerging-markets business at Goldman Sachs, is planning to exit the firm. Sundaram is a Goldman partner who was closely involved in the design and sale of the trades the bank did for the Malaysia development fund known as 1MDB. The bank reached a $3.9 billion settlement last year over its role in the trades. Sundaram has never been implicated in the scandal. 

Last June, Sundaram solidified his position as a senior leader in Goldman’s mighty markets division when a colleague’s departure made him the only executive running the emerging-markets and currencies business.

And markets division chairman Michael Daffey is leaving the bank after a 28-year career. Daffey has long been known for managing some of Goldman’s most important hedge fund clients, a role he was freed up to do last September when Solomon tapped him to become the chairman of the markets division. Prior to that, Daffey was the global co-COO of the equities business.

Read more:

What’s next for Goldman Sachs

Goldman Sachs itself is reportedly considering plans to shift asset management operations out of New York, where its headquarters tower over West Street in Manhattan’s financial district, to South Florida. Goldman’s move is not a done deal, but the reported plans echoed other New York-based firms’ recent moves.

And overall, Goldman is forging ahead with plans to divert more employees out of traditional banking capitals like New York, London, and Hong Kong to lower-cost cities including Salt Lake City, Dallas, and Bangalore, India.

Goldman’s relocation efforts are part of a broader strategy laid out at the bank’s investor day last January, which is directed at slashing $1.3 billion in costs over the course of three years.

Read more: 

Read the original article on Business Insider

Wall Street powerhouse Goldman Sachs is going through a massive transformation under CEO David Solomon

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

Goldman Sachs has been going through some massive changes under CEO David Solomon.

It’s taken big steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is looking to execute on targets including multi-year cost-cutting plans. And it’s making big pushes into businesses like wealth management and consumer banking

Now, the elite Wall Street bank is finally launching its do-it-yourself wealth management offering to the public, marking a milestone in the elite firm’s quest to appeal to Main Street.  Goldman rolled out Marcus Invest, its automated investment tool with a $1,000 account minimum, in February after having previously faced delays.

Solomon, who took the reins as CEO in 2018, has also looked to reduce the number of partners at the firm in order to make the status more elite and exclusive. In 2018, there were 484 partners. But as of the latest announcement of the newest partner additions, Goldman’s total partners amounted to fewer than 440. 

Meanwhile, the upper echelons of one of Goldman Sachs’ most prestigious businesses, its investment banking division, has seen some high-profile exits in recent months. 

Like all Wall Street firms, Goldman has found itself in an unprecedented era of remote work. But Solomon still sees lots of value in in-person face time – particularly for people just starting out their careers

“This is not a new normal,” Solomon said while speaking at a conference this week, adding that the nature of remote work was in conflict with his firm’s “innovative, collaborative, apprenticeship culture.”

“I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said. A representative for Goldman Sachs told Insider that the firm had yet to make a determination as to whether its 2021 program would be remote, in person, or a hybrid of the two. 

 

Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The change eliminated the former consumer and investment management division, which held the consumer business and the asset-management unit known as Goldman Sachs asset management.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:

Wealth management, asset management, and consumer banking

In Goldman Sachs’s quest to move down-market, part of its wealth management division is preparing to expand by hiring dozens of financial advisors.

Goldman has been on a quest to manage money for clients less wealthy than the multi-millionaires to whom the bank has long catered. 

Goldman launched Marcus, a digital-only consumer bank, in 2016. And in 2019, it took the plunge into the consumer credit-card business by teaming up with Apple to launch both brands’ first consumer credit-card offering. Amazon has partnered with Goldman Sachs to offer loans to its merchants. And Stripe is partnering with banks including Goldman Sachs and Citi to offer business-banking services. 

The Wall Street bank in January named two executives to spearhead a newly formed group devoted to consumer and wealth-specific strategy and acquisitions.  Jemma Wolfe and Stephan Lambert will head up the new team, according to an internal memo seen by Insider. It also tapped six people to lead product development for the consumer and wealth group. 

And Swati Bhatia, a former Stripe exec, is joining as a partner to lead Goldman’s direct-to-consumer strategy. Bhatia was most recently the chief payments risk officer at Stripe, the online payments startup last valued at $36 billion

Read more: 

Dealmakers 

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

Goldman Sachs’ entire investment-banking business ranks number one in mergers and acquisitions and bookrunning for equity capital markets, according to Dealogic

Goldman has worked on some of the hottest IPOs of 2020, including DoorDash. It’s also got a pipeline of big names lined up for this year – as Business Insider first reported, the bank has been tapped to lead cryptocurrency exchange Coinbase’s planned offering. 

The firm also played a role in massive debt financings for travel-related companies during the coronavirus pandemic. One of the solutions was a first-of-its-kind deal helping United raise $6.8 billion in debt in June by leveraging its frequent flyer program. 

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

In February, Susie Scher, previously co-head of global financing, was named chairman of Goldman’s global financing group. Scher is a member of the firm’s partnership committee and its executive committee for the investment-banking division. Vivek Bantwal, who was previously the chief operating officer of the global markets division, is returning to the investment bank to assume the role vacated by Scher. 

Read more: 

Recent news on exits from Goldman Sachs

Ram Sundaram, the head of currencies and emerging-markets business at Goldman Sachs, is planning to exit the firm. Sundaram is a Goldman partner who was closely involved in the design and sale of the trades the bank did for the Malaysia development fund known as 1MDB. The bank reached a $3.9 billion settlement last year over its role in the trades. Sundaram has never been implicated in the scandal. 

Last June, Sundaram solidified his position as a senior leader in Goldman’s mighty markets division when a colleague’s departure made him the only executive running the emerging-markets and currencies business.

And markets division chairman Michael Daffey is leaving the bank after a 28-year career. Daffey has long been known for managing some of Goldman’s most important hedge fund clients, a role he was freed up to do last September when Solomon tapped him to become the chairman of the markets division. Prior to that, Daffey was the global co-COO of the equities business.

Read more:

What’s next for Goldman Sachs

Goldman Sachs itself is reportedly considering plans to shift asset management operations out of New York, where its headquarters tower over West Street in Manhattan’s financial district, to South Florida. Goldman’s move is not a done deal, but the reported plans echoed other New York-based firms’ recent moves.

And overall, Goldman is forging ahead with plans to divert more employees out of traditional banking capitals like New York, London, and Hong Kong to lower-cost cities including Salt Lake City, Dallas, and Bangalore, India.

Goldman’s relocation efforts are part of a broader strategy laid out at the bank’s investor day last January, which is directed at slashing $1.3 billion in costs over the course of three years.

Read more: 

Read the original article on Business Insider

Inside a massive transformation at Goldman Sachs

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

Goldman Sachs has been going through some massive changes under CEO David Solomon.

It’s taken big steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is looking to execute on targets including multi-year cost-cutting plans. And it’s making big pushes into businesses like wealth management and consumer banking

Now, the elite Wall Street bank is finally launching its do-it-yourself wealth management offering to the public, marking a milestone in the elite firm’s quest to appeal to Main Street.  Goldman rolled out Marcus Invest, its automated investment tool with a $1,000 account minimum, on Tuesday after having previously faced delays.

Solomon, who took the reins as CEO in 2018, has also looked to reduce the number of partners at the firm in order to make the status more elite and exclusive. In 2018, there were 484 partners. But as of the latest announcement of the newest partner additions, Goldman’s total partners amounted to fewer than 440. 

Meanwhile, the upper echelons of one of Goldman Sachs’ most prestigious businesses, its investment banking division, has seen some high-profile exits in recent months. 

Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The change eliminated the former consumer and investment management division, which held the consumer business and the asset-management unit known as Goldman Sachs asset management.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:

Wealth management, asset management, and consumer banking

In Goldman Sachs’s quest to move down-market, part of its wealth management division is preparing to expand by hiring dozens of financial advisors.

Goldman has been on a quest to manage money for clients less wealthy than the multi-millionaires to whom the bank has long catered. 

Goldman launched Marcus, a digital-only consumer bank, in 2016. And in 2019, it took the plunge into the consumer credit-card business by teaming up with Apple to launch both brands’ first consumer credit-card offering. Amazon has partnered with Goldman Sachs to offer loans to its merchants. And Stripe is partnering with banks including Goldman Sachs and Citi to offer business-banking services. 

The Wall Street bank in January named two executives to spearhead a newly formed group devoted to consumer and wealth-specific strategy and acquisitions.  Jemma Wolfe and Stephan Lambert will head up the new team, according to an internal memo seen by Insider. It also tapped six people to lead product development for the consumer and wealth group. 

And Swati Bhatia, a former Stripe exec, is joining as a partner to lead Goldman’s direct-to-consumer strategy. Bhatia was most recently the chief payments risk officer at Stripe, the online payments startup last valued at $36 billion

Read more: 

Dealmakers 

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

Goldman Sachs’ entire investment-banking business ranks number one in mergers and acquisitions and bookrunning for equity capital markets, according to Dealogic

Goldman has worked on some of the hottest IPOs of 2020, including DoorDash. It’s also got a pipeline of big names lined up for this year – as Business Insider first reported, the bank has been tapped to lead cryptocurrency exchange Coinbase’s planned offering. 

The firm also played a role in massive debt financings for travel-related companies during the coronavirus pandemic. One of the solutions was a first-of-its-kind deal helping United raise $6.8 billion in debt in June by leveraging its frequent flyer program. 

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

In February, Susie Scher, previously co-head of global financing, was named chairman of Goldman’s global financing group. Scher is a member of the firm’s partnership committee and its executive committee for the investment-banking division. Vivek Bantwal, who was previously the chief operating officer of the global markets division, is returning to the investment bank to assume the role vacated by Scher. 

Read more: 

Recent news on exits from Goldman Sachs

Ram Sundaram, the head of currencies and emerging-markets business at Goldman Sachs, is planning to exit the firm. Sundaram is a Goldman partner who was closely involved in the design and sale of the trades the bank did for the Malaysia development fund known as 1MDB. The bank reached a $3.9 billion settlement last year over its role in the trades. Sundaram has never been implicated in the scandal. 

Last June, Sundaram solidified his position as a senior leader in Goldman’s mighty markets division when a colleague’s departure made him the only executive running the emerging-markets and currencies business.

And markets division chairman Michael Daffey is leaving the bank after a 28-year career. Daffey has long been known for managing some of Goldman’s most important hedge fund clients, a role he was freed up to do last September when Solomon tapped him to become the chairman of the markets division. Prior to that, Daffey was the global co-COO of the equities business.

Read more:

What’s next for Goldman Sachs

Goldman Sachs itself is reportedly considering plans to shift asset management operations out of New York, where its headquarters tower over West Street in Manhattan’s financial district, to South Florida. Goldman’s move is not a done deal, but the reported plans echoed other New York-based firms’ recent moves.

And overall, Goldman is forging ahead with plans to divert more employees out of traditional banking capitals like New York, London, and Hong Kong to lower-cost cities including Salt Lake City, Dallas, and Bangalore, India.

Goldman’s relocation efforts are part of a broader strategy laid out at the bank’s investor day last January, which is directed at slashing $1.3 billion in costs over the course of three years.

Read more: 

Read the original article on Business Insider