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.



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