- Goldman Sachs plans to launch its consumer-focused savings and lending business Marcus in the UK.
- The investment bank is currently recruiting for at least six positions in London for Marcus.
- The bank says Marcus has the “entrepreneurial spirit of a tech start-up.”
LONDON – Goldman Sachs is recruiting engineers in London to help build and launch its online lender, Marcus, in the UK.
Goldman launched a high-interest online savings accounts in the US in 2016, letting people save from as little as $US1, and followed that up with a digital lending operation under the brand Marcus. The business wrote $US1 billion of loans last year.
Stephen Scherr, Goldman’s head of strategy, said in an interview last September that the bank planned to launch its Marcus brand in the UK in the middle of 2018.
Business Insider has spotted six recent job listings on Goldman’s website for UK-based positions that will work on Marcus. Three of the listings are for engineering positions, including one working on UK deposits, while the others are for a “Call Centre Trainer,” someone to head up “Strategic Engagement”, and a “Digital Website Product Manager.”
Successful applicants will “join a new team that will establish partnerships with external businesses to drive Marcus growth,” the listings say.
Goldman says that Marcus “combines the strength and heritage of a 147-year-old financial institution with the agility and entrepreneurial spirit of a tech start-up.”
A spokesperson for Goldman Sachs confirmed that the bank is planning to launch Marcus in the UK but declined to comment further.
Mass-market lending and deposit-taking is a new area for Goldman Sachs, which is best known as an investment bank for big corporations or an asset manager for the super-rich. Goldman has been pushing into the new territories amid a wider slowdown on Wall Street for traditional money-making activities such as fixed-income trading.
Matt Burton, the cofounder and CEO of Orchard, which provides infrastructure technology for the marketplace lending industry, told a conference in late 2016 that he thought Goldman would struggle to attract talent for its new fintech projects.
“The issue that Goldman has is it can’t recruit the talent that it needs for an industry that is changing all the time,” Burton said.