Goldman Sachs reportedly hunting for UK acquisition opportunities to bolster Marcus

By Aisling Finn on Tuesday 19 January 2021

Savings and Investment

Marcus burst onto the UK scene back in August 2018 and has since helped the American bank appeal to a host of new savers here in the UK.

Goldman Sachs reportedly hunting for UK acquisition opportunities to bolster Marcus
Image source: Des McDaid (centre), managing director of Marcus/Marcus

American bank Goldman Sachs is looking to make acquisitions to strengthen its digital banking business Marcus, as first reported by Reuters.

According to the report, Marcus’ management team has said that any deal brought to the table has to be totally transformative to help get Marcus back up to speed.

Sources told Reuters that whatever deal Goldman Sachs was looking to make would not involve branches because of increased digital activity in light of the pandemic, with another source telling Reuters that the bank had already begun crunching the numbers on a host of ideas.

Marcus was long-hailed as having the best easy access savings account on the market, a position that it slowly slipped from after chipping away at its saving rates throughout the pandemic. 

After slashing its rates three times between April and May 2020, Goldman Sachs decided to stop new customers from opening accounts with Marcus following a surge in demand.

Since its inception in 2018, Marcus has enticed over 500,000 customers to deposit more than £21bn in its saving accounts.

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