Goldman Sachs is looking to launch an online deposit business next year in the UK, as part of plans to build its retail banking presence.
According to the Financial Times, the firm now wants to replicate the mass-market success it has enjoyed in the US in the UK. In the US, it offers a high-interest online savings account and a digital consumer lending platform called 'Marcus by Goldman', which has generated over $1bn in loans. Now it plans to launch in the UK under the Marcus brand but would also consider buying a book of deposits. Over time, the firm said, this could expand further to include a consumer lending arm. Stephen Scherr, head of strategy at Goldman Sachs, said: "Much like in the US, we are aiming to offe...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
