Goldman Sachs to make play for UK retail market with savings account

According to Goldman’s head of strategy Stephen Scherr, the infamous bank is looking to replicate the high-interest online savings accounts that it recently launched as a mass market offering in the US, with a digital consumer-lending platform also muted.

Goldman has already made a key hire in the UK in Des McDaid, a former TSB director who joined the bank in London as a managing director in July.

Mr Scherr said Goldman was now looking to expand Mr McDaid’s group from about 15 to “upwards of 30 to 50,” including a call centre in the capital, by the middle of next year.

Scherr told the Financial Times: “Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than might have elsewhere.”

An online deposit business is planned for the middle of next year, and will fall under the Marcus by Goldman brand.

The bank could look to buy a deposit book as part of the launch, Scherr says.

The move is the latest attempt to approach the mass market from an investment bank.

Barclays followed up a direct-to-consumer platform launch with plans for “hybrid advice” earlier this year, while the likes of HSBC have attempted to lower the thresholds consumers need to pass to access its in-house advisers.