Goldman Sachs launches retail bank Marcus in the UK

An advert for Marcus that
ran in the US.

YouTube/Marcus by
Goldman Sachs

• Goldman Sachs is launching its online retail bank
  Marcus to UK staff.
• A full roll-out will follow “in the coming
  weeks.”
• Goldman launched Marcus in the US in 2016 and it has
  since written over $2 billion worth of loans.

LONDON — Goldman Sachs on Thursday soft-launched its online
retail bank Marcus in the UK.

A memo sent to staff on Thursday, and seen by Business Insider,
invited UK-based staff to apply for accounts with Marcus and give
“feedback before officially going to market.” The bank will
launch fully to UK consumers “in the coming weeks.”

“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,” the memo said.

“Our initial offering aligns to one of Marcus’ core tenets,
offering transparent, simple and easy-to-use products that
provide value. We look forward to building new relationships and
meeting the savings needs of UK customers.”

The memo was signed by Goldman Sachs International CEO Richard
Gnodde, Goldman’s US Bank CEO Stephen Scherr, Goldman’s EMEA COO
Dermot McDonogh, and Harit Talwar, who heads digital finance at
the bank.

Goldman launched Marcus in the US in 2016 as an online savings
and loans business for the masses, a stark change from its usual
uber-wealthy clientele. The launch came as traditional sources of
income were lagging and amid global pressure for banks to
diversify their funding streams.
Marcus has since written over $2 billion worth of loans.

Marcus will initially only offer a savings account in the UK. BI
understands that the initial interest rate being offered to staff
internally is 1.5% although the memo states: “The current
interest rate offered may be subject to change for the nationwide
launch, depending on market conditions.”

Marcus currently has around 150 UK employees headed up by Des
McDaid. McDaid joined last year from UK bank TSB, where he was a
director of savings and loans.

Business Insider
reported on Goldman Sach’s efforts to staff up in London earlier
this year.

Get the latest Goldman Sachs stock price here.