Goldman Sachs Building Their Marcus Business in the UK

Goldman Sachs plans to hire 65 new staff in their UK business in 2020 as part of the company’s overall shift to consumer banking; the new hires will take the total headcount of Marcus in the UK to 300 people; since launching in 2018 Marcus has added £13 billion ($16.8 billion) in deposits; the head of Marcus UK, Des McDaid, said that he would consider expanding beyond savings into lending, current accounts and investment products; he also said that the next logical market for Marcus to enter would be Germany but plans are not imminent for expansion there; the UK unit of Marcus accounted for over a third of Marcus’s growth last year as it grew total deposits to $60 billion; they will be launching joint accounts in the UK this week, an ISA account in the second quarter and a UK version of the Marcus app by the end of year. Reuters