Goldman Sachs is set to launch its digital retail bank Marcus to customers in the UK in the coming weeks.
The bank has opened the platform to its own staff in the UK. The national roll-out will launch later this year.
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The launch of the approximately 6,000 UK-based staff was communicated through an internal memo.
The company stated: “The launch of Marcus by Goldman Sachs in the UK represents an important milestone in the growth of Goldman Sachs’ consumer business. It continues the diversification of the firm’s funding.”
The move is part of Goldman Sachs’ strategy to grow its consumer business and diversify its funding sources.
Named after Marcus Goldman, one of the firm’s founders, the digital bank will offer a savings account to consumers in the UK.
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By GlobalDatain addition, Marcus will offer an initial interest rate of 1.5% for UK-based staff.
So far, the platform has accumulated more than $20bn in deposits.
However, the company, in its memo noted that the interest rate ‘may be subject to change for the nationwide launch, depending on market conditions’.
Goldman Sachs hired 150 employees for the digital bank’s operations in the UK. Des McDaid is the head of the bank.
Moreover, this year, Goldman’s international arm head Richard Gnodde told the Financial Times that Marcus would be expanded into more European countries. Germany is up as the next target after the UK.
