11 September, 2017
The US financial behemoth is reportedly looking to expand its retail banking business in the United Kingdom, initially with savings accounts but potentially moving into lending too.
The US investment bank is said, by the Financial Times, to have hired a former director of TSB to lead a team selling personal loans and operating savings accounts from mid-2018.
The online-only expansion could come under its "Marcus" brand - named after bank founder Marcus Goldman - which launched in the U.S. previous year.
"Much like in the United States, we're aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere", Scherr said, adding that a lending operation to take on the like of Funding Circle and Zopa could eventually follow.
The FT reported Goldman wants to expand internationally, aiming to launch an online deposit business in the United Kingdom around the middle of 2018.
The bank plans a greenfield start under its Marcus brand, though it could also buy a book of deposits as it did in the U.S., if the opportunity arises.
Barclays followed up a direct-to-consumer platform launch with plans for "hybrid advice" earlier this year, while the likes of HSBC have attempted to lower the thresholds consumers need to pass to access its in-house advisers.
