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Goldman Sachs to launch UK online retail bank in coming weeks

3:09 pm, 23rd August 2018

Marcus, named after Goldman Sachs’ founder, will be open to the investment bank’s UK employees from Thursday before its official launch.

“Marcus by Goldman Sachs, which first launched in 2016 in the US, will now extend its product offering to include an easy-access online savings account for UK retail customers,” the 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.”

“The launch of Marcus by Goldman Sachs in the UK represents an important milestone in the growth of Goldman Sachs’ consumer business, as well as continued diversification of the firm’s funding.”

Marcus currently has around 150 employees in the UK and is led by Des McDaid, who joined from TSB, where he was director of savings and loans.

Goldman Sachs, like many of its rivals, is seeking out new sources of revenue as tighter regulation squeezes the bank’s profitability.

It launched in the United States in 2016 and has taken in more than $20bn in deposits.

It marks a big departure for the 149-year old investment bank, which is more used to dealing with an uber-wealthy clientele.

With the launch of Marcus it faces stiff competition from the online services of traditional banks and fintech startups like Monzo and Starling.

The news comes a day after Goldman Sachs agreed to sell and leaseback its new London headquarters in a deal worth £1.16bn.