Proactive Investors - Run By Investors For Investors

Goldman Sachs to launch online retail bank in the UK in coming weeks

The bank will be open to the Wall Street giant’s UK employees before its official launch
Goldman
Lloyds, Barclays, RBS and HSBC may need to step up their game

Goldman Sachs Group Inc (NYSE:GS) has announced that it will launch its online retail bank in the UK in coming weeks.

The bank, named Marcus after the Goldman Sachs founder, will be open to the Wall Street giant’s UK employees before its official launch. Marcus is being led by Des McDaid, who was director of savings and loans at TSB.

"Marcus by Goldman Sachs, which first launched in 2016 in the US, will now extend its product offering to include easy-access online savings account for UK retail customers,” a memo signed by a number of executives, including Goldman Sachs International chief executive Richard Snodde, said.

"Ahead of the nationwide launch of our Marcus savings platform, we are pleased to offer exclusive access to Goldman Sachs employees, providing an opportunity to hear your feedback before officially going to market."

READ: Goldman Sachs officially kicks off new era with appointment of David Solomon as its next CEO and chairman

The launch of Marcus, which currently has 150 employees in the UK, comes as Goldman Sachs seeks new sources of income to offset the squeeze of tighter regulation on profits. It is a major change of direction for Goldman Sachs, which has long focused on its investment bank.

Since Goldman Sachs started marcus.com in the US in 2016, it has taken in more than US$20bn in deposits. 

Marcus will add to the tough competition traditional UK retail banks like Lloyds Banking Group PLC (LON:LLOY), Barclays PLC (LON:BARC), Royal Bank of Scotland Group PLC (LON:RBS) and HSBC Holdings (LON:HSBA) are already facing from new financial technology firms. 

 

View full GS profile View Profile

Goldman Sachs Timeline

Related Articles

International currencies in bundles
September 04 2018
A number of key acquisitions and new products have attracted a raft of new customers towards the firm's platform as it seeks to challenge established forex providers
cryptocurrency tokens
October 02 2018
Since launching its advisory service arm last year, the company has already helped raise over US$500mln in token sales
Care worker
August 10 2018
The stock consistently trades above its net asset value per share, which could have something to do with the dividend yield of more than 6%
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use