Daily Management Review

Goldman Sachs Rolls Out Digital ‘Saving Platform’ For Its Staff in Britain


08/27/2018


As a prelude to public introduction, Goldman Sachs’ internal memo informs its staff about its digital saving accounts facilities.



Marcus is the “digital consumer savings platform” of Goldman Sachs which the company has opened in Britain for its “own staff”. This launch comes before the company is likely to publicly roll-out the same in the coming weeks, the information has been conveyed through an “internal memo” that were sent to its staff.
 
In 2016, the digital bank was launched in the United Stated, whereby till date it has gathered over “$20 billion” deposits, this step is aligned with the company’s attempt of seeking out diversification in its funding source, while gearing up for competition with “rival” lenders of the U.S. with “full retail banks”.
 
According to the staff memo of Goldman Sachs, the bank will b offering “an online savings account” for the customers in Britain, while the same is a strategic move to expand its “consumer business”. After the move, Goldman Sachs has pitted itself against British lenders like Barclays and HSBC, while the digital start-ups like “Atom Bank and Tandem” are also in the line with their offers of mobile apps saving accounts.
 
Moreover, Goldman informed that in its attempt to grow it may even undertake acquisition or even buy out “a traditional lender”. While Reuters informed:
“The U.S. bank got into consumer banking much later than big U.S. banking peers, and analysts have said over the years that acquiring a big retail lender would help even out volatile results from businesses such as trading and investment banking”.
 
 
 
References:
reuters.com







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