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Bloomberg
Goldman Sachs has put off the German launch of its consumer bank — Marcus until next year because of the delay in Brexit proceedings as well as cost constraints, the Financial Times reported
on Sunday, citing two people familiar with the situation.
Had Brexit taken place on March 29 as it was planned earlier, Goldman Sachs would have “wanted Germany more urgently,†one of the people said, referring to the need to fund Goldman’s trading
operation in Frankfurt for the European Union clients.
Goldman Sachs declined to comment to the Financial Times, but UK Marcus head Des McDaid told the paper that the launch in the UK had been successful and Marcus is focussing on expanding there before branching out itself into other countries.
Goldman Sachs International Chief Executive Officer Richard Gnodde had said last year that the launch into Germany of its online savings and loans platform would take place in 2019 to coincide with Brexit and the need to have a local base to finance EU commitments.