Since its launch in the United States in 2016, the digital bank has accumulated more than $20 billion in deposits, as Goldman seeks to diversify its sources of funding and compete with rival U.S. lenders that have full retail banks.
The bank will offer an online savings account to customers in Britain, Goldman Sachs told staff in the memo, and forms part of the bank’s strategy to grow its consumer business.
Goldman has said it may seek to expand its consumer bank through acquisitions or even buying a traditional lender.
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.
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