Goldman starts its ‘milestone’ roll-out of UK retail bank

US BANKING titan Goldman Sachs has started rolling out its retail bank, Marcus, in the UK, beginning with a savings account offered to its 6,000 staff in Britain.

In an internal memo seen by The Daily Telegraph, Goldman’s Europe boss Richard Gnodde said a nationwide roll-out would follow “in the coming weeks”.

It is understood the account offers a 1.5pc interest rate. This would make it the best easy access savings rate in the UK if it is retained for the official launch.

The average easy access savings rate offered languishes at 0.55pc, according to Moneyfacts.co.uk.

Goldman Sachs is better known as an investment banking powerhouse, but has been pushing into retail banking since 2016.

Its retail arm Marcus – named after the bank’s founder Marcus Goldman – has already amassed more than $20bn (£15.5bn) in deposits and lent $3bn to customers in the US.

Mr Gnodde said in the note that the UK launch was “an important milestone” and would help with “continued diversification of the firm’s funding”.

Goldman Sachs also hopes the retail banking push will help it hit its target of increasing revenues by $5bn by 2020.

Marcus has recruited 150 staff in the UK, led by the former TSB director Des Mcdaid.