Goldman Sachs to take on UK’s retail banking sector: report
Goldman Sachs, the major New York-based, NYSE-listed asset manager and financial services company, is planning to enter the UK’s retail banking sector, in what is being seen as its latest move away from traditional institutional and investment banking, and in the direction of “Main Street”.
According to the Financial Times, Goldman is planning to replicate its US mass-market offering in the UK.
It took its first steps in the direction of the retail market about 18 months ago, and last October launched a digital consumer-lending platform called Marcus by Goldman, which offers fixed-rate, no-fee personal loans to consumers.
It is this business, the FT report says, quoting Goldman head of strategy Stephen Scherr, that it is looking to bring to the UK market, with plans “to launch an online deposit business in the UK next year”.
According to Scherr, Goldman “plans a greenfield start in the UK under the Marcus brand, but could look to buy a book of deposits – as it did in the US – of the opportunity came its way”, the FT report adds.
It notes that Goldman has hired Des McDaid, formerly of Lloyds TSB, to head up the UK Marcus operation as managing director, and that a team of about 15 executives that is now in place will expand to “upwards of 30 to 50” over the next few months.
Goldman Sachs spokespeople in New York didn’t immediately reply to requests for comment.