Hogan Lovells has advised long-standing financial institutions client Goldman Sachs on its entry into the UK market with the launch of its first UK retail savings bank.
Marcus by Goldman Sachs, named after co-founder Marcus Goldman, is an online-only digital bank aimed at the consumer market, a growing focus for Goldman Sachs.
Launched to the UK public today with an easy access, high interest rate, online savings account; in addition to high-yield online savings accounts, Marcus plans to offer no-fee, fixed-rate unsecured personal loans, including home improvement loans, and certificates of deposit in a variety of terms.
The team was led by London financial institutions partner Jonathan Chertkow (Picture), with senior associate Oli Irons and associates Elizabeth Greaves and Sophie Brammer. Partner John Salmon assisted on technology and IT aspects, and Director of Hogan Lovells Financial Services Regulatory Consulting Steve Murphy and Senior Business Consultant Lisa Davey on policy implementation.
Law Firms: Hogan Lovells;
Clients: Goldman, Sachs & Co.;