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The U.K. arm of Goldman's digital bank Marcus, has attracted about $27 billion from more than 500,000 savers since its launch in 2018. However, British banking rules demand ring-fencing of retail deposits that total more than £25 billion pounds have prompted its executives to take steps to manage its growth.
Several British bank executives have said the brand named after Marcus Goldman, co-founder of the Wall Street investment bank, is one of the most potent “disruptors” in the market. An analysis last month by think-tank New Policy Institute estimated that British households had cut their spending by 57 billion pounds since lockdown began on March 23. McDaid said that Marcus had achieved inflows of more than 8 billion pounds from about 100,000 new account holders since January, and by 4 billion pounds since the lockdown began, suggesting that a significant slice of household income is being saved.
