Gold­man Sachs’ re­tail bank Mar­cus to dou­ble UK staff

The Daily Telegraph - Business - - Business - By Iain Withers

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.”

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