US: Goldman Sachs taking its online deposit business to the UK

Goldman Sachs is reportedly gearing up to expand its retail banking unit in the UK — taking a page from its efforts in the US.

According to a report in The Financial Times, citing Stephen Scherr, the bank’s head of Strategy, Goldman Sachs is preparing to rollout an online deposit business across the pond by the middle of 2018. The business will be launched under its Marcus brand but may buy deposits if opportunities should arise.

“Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere,” Scherr told The Financial Times. In the future, it could add consumer lending into the mix in the UK.

Since launching, Marcus has originated around US$1 billion in loans and has marching orders from Goldman Sachs CEO Lloyd Blankfein to generate an additional US$1 billion in loans by the end of 2017, noted the report, which also cited Harit Talwar, head of Goldman’s Online Lending and Deposit businesses.

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