Goldman Sachs is quietly launching its retail bank Marcus in the UK

YouTube/Marcus by Goldman SachsAn advert for Marcus that ran in the US.

  • 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 $US2 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 $US2 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.

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