The Wall Street institution fears that if Marcus gets too big its UK operation will face a new compliance burden under rules introduced after the financial crisis to separate customer deposits from “casino” investment banking.
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Red tape forces Goldman Sachs to stifle retail bank Marcus in U.K.
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It is understood that top executives plan to deliberately slow down the growth of Marcus. Goldman aims to hold less than £25bn in customer deposits, the level at which ring-fencing legislation is triggered. Marcus currently holds around half of that, little over a year after its debut.
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