LONDON – Goldman Sachs is planning to launch its mass-market online savings account in Britain next year, according to an executive at the bank.
Stephen Scherr, Goldman’s head of strategy, told the Financial Times in an interview that the bank is planning to launch its “Marcus” brand in the UK in the middle of 2018.
Scherr told the paper: “Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere.”
Goldman launched high-interest online savings accounts in the US early last year, letting people save from as little as $1, and followed that up with a digital lending operation under the brand “Marcus” last October. The business crossed $1 billion of loans written earlier this year.
Consumer-focused lending and deposit taking is a completely new area for Goldman Sachs, which is best known as an investment bank for the super rich. Goldman has been pushing into the new territories amid a wider slowdown on Wall Street for traditional money-makers such as fixed-income trading.
Scherr said Goldman could eventually launching online lending in the UK, taking on the likes of Funding Circle or Zopa.