Goldman Sachs Begins Recruiting in Ireland to Test Marcus Digital Bank Expansion in EU

According to Goldman Sachs, the bank has begun recruiting in Ireland as it assesses launching Marcus, its digital consumer banking business, in the country. The hiring effort marks Goldman's clearest step toward entering the European Union's consumer deposit market. Marcus has already built a deposit franchise in the US and UK since its 2016 launch, gathering more than EUR 90 billion in deposits through high-yield savings accounts. The bank currently offers 3.75% on its on-demand savings account in the UK. Ireland presents an attractive opportunity, with households holding approximately EUR 220 billion in bank deposits, much of which remains with domestic banks offering rates as low as 0.1%. A Marcus launch would be Goldman's first consumer banking move inside the EU and would support the bank's euro-denominated funding strategy.
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