Goldman Sachs plans investment ISA

Expansion of Marcus consumer brand

Goldman Sachs is set to roll out a stocks and shares ISA to rival the offerings of Hargreaves Lansdown and AJ Bell.

The bank's plan to launch the tax-free investment account marks the latest expansion of Goldman's consumer bank Marcus, which was launched in the US in 2016 and began offering savings accounts in the UK last year. Marcus has amassed more than $50bn in retail deposits, including $12bn in the UK, by offering competitive interest rates. The latest move will be key to raising revenues and diversify Goldman's source of funding; most of the money is used to fund Goldman's investment banking activities, the FT reports. As banks in the UK that hold more than £25bn in customer deposits over...