Economy

Goldmans targets United Kingdom retail market

Goldmans targets United Kingdom retail market”

Goldman Sachs aims to start an online deposit business in the United Kingdom around mid-2018 as it deepens its push into retail banking, the Financial Times reported.

Over time, the NY -based investment bank could look to add a consumer-lending arm in the U.K., Scherr added, according to the report.

The bank's first foray into consumer banking came in April 2016, with the United States launch of online retail bank where average Americans can open a savings account with just a $1 deposit.

The deeper push into retail banking comes as some of Goldman's traditional investment banking sectors feel the effects of new rules on risk-taking.

Now the Financial Times reports that the bank may be looking to replicate this approach in the United Kingdom, with plans to unveil an online deposit business by the middle of 2018.

Scherr told the paper: "Much like in the USA, we're aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere".

The bank plans a greenfield start under its Marcus brand, though it could also buy a book of deposits as it did in the USA, if the opportunity arises.

The decision follows a hard time for the firm's investment banking arm with slow growth on its equity business and debt trading arm, according to the FT.



Like this

loading...
loading...

Latest


11 September 2017
Voting against Brexit bill will cause chaos, Davis and Johnson warn
Mr Blair, who is Labour's most successful leader winning three elections, said the grievances which led to Brexit had to be addressed before trying to reverse it.

11 September 2017
Harvey One of Costliest Hurricanes in US History
What the hurricanes taketh away, they will more than giveth back to United States economic growth, according to economists at Goldman Sachs .

11 September 2017
The BlackRock Group LTD Acquires 8625 Shares of HealthEquity, Inc. (HQY)
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink . The last close places the company's stock about $11 off its 52 week high of $54.95 and $13.61 above the 52 week low of $30.34.

11 September 2017
Putin warns of 'catastrophe' over N. Korea
Beijing says the system's powerful radars will be able to monitor flights and missile launches deep inside northeastern China. Putin also warned of the consequences if the USA forges ahead with what he said is the same ineffective strategy.

11 September 2017
Huge climate change discovery stuns scientists
They contribute major role in controlling the population of wildlife, and they keep the energy flowing throughout the food chain. The study was completed with help from the U.S.

11 September 2017
India Protests Against Australian Ad That Shows Hindu God Promoting Meat
The MLA ads are often cheeky and provoke both praise and outrage on social media. Ron Hubbard and Ganesha sitting around a table for a lamb lunch.

11 September 2017
French Police investigating anti-Semitic attack
The Pintos were taken to hospital for treatment following the assault, during which cash, credit cards and jewelry were stolen. The other two victims were Pinto's wife, who managed to sound the alarm, and Pinto's son.

11 September 2017
Do Institutional Investors Love Arden Realty Inc (NYSE:ARI)?
Ares Commercial Real Estate Corporation (NYSE:ACRE) last announced its quarterly earnings data on Thursday, August 3rd. The firm has "Sell" rating given on Tuesday, September 8 by Zacks. (NYSE:WBC) on Tuesday, December 8 to "Buy" rating.

11 September 2017
Share Activity Lifted for IDT Australia Ltd (IDT.AX) in Session
Another technical indicator that may assist in measuring the strength of market momentum is the Average Directional Index or ADX. Investors will commonly use Williams %R in conjunction with other trend indicators to help spot possible stock turning points.

11 September 2017
U.S. adds launchers to THAAD as dozens hurt in SKorea protests
Pressure from Washington has ratcheted up since North Korea conducted its sixth and largest nuclear test on Sunday. Beijing lodged a diplomatic protest with Seoul Thursday demanding the withdrawal of Thaad.