Goldman Sachs’ retail bank Marcus to double UK staff
GOLDMAN Sachs is planning to more than double its workforce at fledgling savings bank Marcus in the UK, with the opening of its first office outside London.
The Wall Street bank has taken office space in Milton Keynes for around 150 initial members of staff, although the building could eventually up to 250 workers.
The recruitment drive comes after a rush of consumers joined Marcus since it launched late last month, with more than 50,000 people taking up accounts.
Goldman Sachs entered the UK savings market with a table-topping interest rate of 1.5pc, helping drum up custom. The rate drops to 1.35pc after a accommodate 12-month introductory period. The firm is better known for its investment banking, but has been pushing into retail banking since 2016.
Its retail – named after the bank’s founder Marcus Goldman – has already amassed more than $20bn (£15bn) in deposits and lent $3bn to customers in the US. Goldman hopes its expansion into retail banking will help it diversify its funding sources and drive up overall revenues by $5bn by 2020.
Marcus initially recruited 150 staff in London headed up by former TSB director Des McDaid.
The Milton Keynes office, which will include a customer call centre, will open by next summer.
Marcus has launched into an increasingly crowded market in the UK as there are now several digital-only lenders, including Monzo, Starling Bank and recent German entrant N26, competing for custom.
Sarah Card, head of operations for Marcus, said: “Marcus by Goldman Sachs is committed to the UK and we know having a personal, UK-based customer care centre is important to our customers.”