Goldman Sachs launches retail bank in the UK

Tuesday 28 August 2018 00:31 CET | News

Goldman Sachs’s lending and deposit platform Marcus has been launched in the UK, according to a Financial Times report.

The bank has sent an internal memo advising that Marcus would be open to UK-based staff, ahead of a wider rollout over the next few weeks. Marcus, which is named after the investment bank’s founder, launched in the US in 2016, by April 2018 had already lent over USD 3 billion to US consumers.

Net revenues for Goldman’s Investing & Lending division – which includes Marcus – rose 43% to USD 2.1 billion in the first quarter of this year. Meanwhile the bank has said previously that it expects to hold USD 28 billion of online loans on its balance sheet by 2020. The Financial Times reports that the platforms wider UK launch, planned for September, is later than originally planned.

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Keywords: Goldman Sachs, retail bank, Marcus, UK, Financial Times, investment bank, Investing & Lending, bank
Countries: World

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