Goldman Sachs the US investment bank is thought to be opening an online retail banking team, the Financial Times has said that the bank has hired the former director of TSB.
The former TSB director is to lead a team that is to sell personal loans and savings accounts, the expansion is thought to come under the ‘Marcus’ brand that was launched in 2016.
Goldman Sachs head of strategy, Stephen Scherr said to the FT: “Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than [they]might have elsewhere.”
Due to a fall in trading revenue, the bank showed that profits were held back by 17 per cent in the second quarter, the bank is looking to diversify their income stream as a result.
It has further been reported by the Press Association, the bank is in the process of looking into staffing arrangements to open a call centre in London and are in discussions with UK regulators.