Market Round Up: Meet Marcus & UK Exodus

by | 24 Aug, 2018

 

1. Meet Marcus!

Goldman Sachs is rolling out its Marcus online savings account service to UK staffers ahead of a full-scale launch to the public. Marcus was originally launched in the U.S. in 2016, offering ordinary Americans an online lending and savings platform as part of Goldman’s efforts to diversify into the retail financial sector.

Goldman’s is offering a savings rate of 1.5 % to its employee guinea pigs. This is well above the national average in the UK of 0.55%. According to a note to staff, Marcus (named after Roman emperor and stoic philosopher Marcus Aurelius?) represents an important milestone in the growth of the 149 year old investment bank into the consumer market, and its continual business diversification strategy. Marcus in the U.S. has already accumulated client deposits of $20 billion.

Related: Market Round Up: All eyes on EU, Goldman’s deejay, Amazon’s Prime Day shop block

 

2. United Kingdom Exodus

It’s interesting to see that according to the latest Office of National Statistics (ONS) report the number of people flying the UK coop has risen.

The number of people who were migrants working in the UK between April and June has actually contracted by about 86,000 to 2.28 million. This marks the largest fall in the migrant population since 1997. There has also been a notable decline in the number of EU citizens looking for work in the UK. By and large the outcome could be considered a win for pro-Brexit campaigners and supporters, with some migrants that were benefitting from welfare handouts seen as a net drain on the country. Whether the UK is truly better off with the lower levels of migration is questionable. Lower labour supply is theoretically supportive of higher wage inflation and lower potential growth from a macroeconomic perspective.

Related: Have you thought about buying British equities? Now could be the perfect moment

 

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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