Home Finance News Goldman’s Marcus is Eyeing at Expansion in Consumer Banking Sphere

Goldman’s Marcus is Eyeing at Expansion in Consumer Banking Sphere

Goldman Sachs is aiming at expanding Marcus, its retail wing in the United Kingdom. It is likely to make new recruitments for 65 positions. It also will launch an app and a number of new saving products. It was launched in Britain in 2018, and since then, it has been growing at a faster rate than most of its competitors as it used to offer the most competitive interest rate at 1.5%.

As per Marcus UK’s head Des McDaid, the new recruitment will be done for the London office and its call center based at Milton Keynes, north of London. The current employee strength of Marcus stands at 235, and it is likely to be inflated to 300 by 2020’s end.

As per Marcus’ plans, a new range of products including current accounts, and more asset-based products. He said,

You need a proposition that makes sense and can reach scale, we hope to start looking into that in the second half of the year.

McDaid said that though there is no immediate planning of entering into Germany’s market, it may happen soon. Marcus is likely to launch its new variation of savings account that can be held jointly this week. Easy access Individual Savings account and Marcus app may come sometime later this year.

Goldman Sachs’ entry into the British market is a paradigm shift in its business operation style. It is for the first time it is looking beyond trading and focussing on consumer banking since its inception.

Marcus’ total deposits have grown exponentially over the years, and it currently stands at 60 billion USD. It is looking forward to filling all the required vacancies in the Milton Keynes customer support center, and once it is done, it may open another such center.

Initially, Marcus was offering a 1.5% interest rate that has been cut down to 1.35% as the total deposit value is nearing 25 billion pounds. As per the British regulation, a sum of deposit beyond that point will have to be separated from its trading firm that possesses high risk.

Timmy Murphy
Timmy is a crypto and finance analyst. He deals with finance news-stories. He has completed his graduation in accounting and Finance. He is also a blogger and is famous for his finance blog. For any issues, feel free to contact him at email: timmy@forexnews.world

Must Read

Banxso: Earn Huge Returns with Its Benefits!

About Banxso Thousands of trading platforms online have emerged with the adoption of the internet, and now they are paving the way for a range...

Is Investing in Stellar Lumens (XLM) a Good Idea?

Introduction to Stellar (XLM) Stellar is a decentralized cryptocurrency exchange platform that lets users create and trade various cryptocurrencies. The Stellar platform was created in...

3 Factors That Influence Cardano Price

Introduction to Cardano Cardano is a 3rd generation decentralized application(dapp) development and public blockchain platform. Investors are paying attention to Cardano's unique built-in review research...

Buterin Reveals How He Burned Almost $7B Worth of Shiba Inu (SHIB)

Vitalik Buterin, a Co-Founder of Ethereum, spoke to the UpOnly podcast. He admitted to burning Shiba Inu tokens worth $7 billion. Vitalik Buterin burned...

Microstrategy CEO Won’t Sell $5 Billion in BTC Despite Crypto Winter

Despite the fact that the value of Bitcoin (BTC) has dropped by 40%, MicroStrategy's Michael Saylor has no plans to sell his $5 billion...