Goldman Sachs UK plotting Marcus push

By Daniel Lanyon on 11th February 2020

Digital Banking

The 'start-up' within the investment bank has been relatively quiet in recent years but has big plans for the next 12 months.

Goldman Sachs UK plotting Marcus push
Image source: Photo by Startup Stock Photos from Pexels

Not many fintech tales have had more twists and turns, perhaps not always justifiably talked-up by the media, than Goldman Sachs' Marcus brand. 

Initially launched in the US as a consumer lender back in 2016, Marcus - named after the bank's founder - was initially dubbed 'Mosaic - and touted to sweep the floor of the non-bank lenders and fintech pretenders. In the UK it has played a cautious and slow budding but confident game. It has gathered considerable deposits with its competitive rates of interest on cash savings but...it doesn't even have an app (in the UK)! 

Various media reports have suggested that Goldman was cooling on Marcus last year in the UK. And, then this year, that it was pulling the plug on a planned Nutmeg -powered Stocks & Shares ISA. However, as reported by Reuters, Marcus UK is gearing up for a push. Its managing director Des McDaid told Reuters that it would be hiring c.65 staff this year to help with the growth.

“You need a proposition that makes sense and can reach scale, we hope to start looking into that in the second half of the year,” he told Reuters.

Goldman has opened a new site - its first UK office outside in London - in Milton Keynes and is on the hunt for more staff. The office has space for up to 240 people, according to an ad on its site with most new jobs in customer service roles.

Marcus' London office will also be hiring this year, with the unit's total headcount already over 300. Oh, and apparently they are going to launch an app.

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Companies in this Article:

Marcus by Goldman
Nutmeg