Market Round Up: Meet Marcus & UK Exodus
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.
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.
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