Why Goldman Sachs opens for the small savers

With the Online Banking platform, "Marcus", and the Apple Card Goldman Sachs takes the average customer to target. The legendary Wall Street Bank is taking a radical u-turn.

Lothar Gries, boerse.ARD.de

The entry of Goldman Sachs into the business with small savers a Revolution in the industry for almost, was devoted to the legendary Wall Street Bank since its founding 150 years ago, but not exclusively, the financial markets, a threaded mergers of companies and trades securities, currencies and commodities. Until recently, you had to have assets of at least tens of millions of dollars to get as a customer of Goldman Sachs out of the question.

However, the dependence on the volatile financial markets is a high-risk, volatile business, since the financial crisis earn less money left than before. The trade transactions are subject always tougher rules, which even in this division of the profits came under pressure. Consequently, Goldman Sachs was on the search for a new field of business. So is created in 2014 with the idea to democratize the Bank "" and open for private customers, closer for small savers, to.

Horrendous rates of interest

Goldman Sachs logo, in the Background the American flag

in 2016, it was time. The platform "Marcus" - named after the company's founder, Marcus Goldman went to the Start, initially in the United States. The Bank presents itself as an Alternative to credit card and offers loans of between 3,500 and 40,000 dollars. The average loan is $ 15,000. The Bank requires from a European point of view, exorbitant interest rates: Between seven and 25 percent be passed on to the customer. For savings deposits, Goldman will pay, however, modest 2.25 percent. The margin is considerable, so that "is likely to be Marcus" as a lucrative business. Exact Figures Goldman will not be published.

Only this much is known: Since the Start three years ago, the Bank "Marcus" 1.5 million won for private customers, around 20 billion dollars in deposits and three billion dollars in loans awarded. A strong upward trend: In the next three years, so the Management should increase the volume of loans granted to 13 billion dollars. The Bank is hoping for additional revenue of one billion dollars in the year.

Regular income

in fact, savings and loans offer a big advantage: they generate a regular income and make an investment Bank such as Goldman Sachs in order to be more independent of the fluctuations of the financial markets. This regularly flowing income, in turn, help to improve your credit rating, so the credit,. Provided, of course, the loans are serviced regularly, and achieve a Bank's adequate volume.

in Order to achieve the ambitious goal, allied to Goldman with the iPhone manufacturer, Apple. In this summer the Apple Card launches in the USA. Touted as "the largest Innovation in the card business for 50 years," it is nothing more than an ordinary credit card, although it looks a bit different, and the possession of an iPhone is bound to.

for More course information to Goldman Sachs

"It's going to go to Germany,"

Goldman Sachs hopes to profit from the partnership, deeper into the market for private customers. Apple could act as a door-opener for the middle class. Also, the investment Bank reacts with the cooperation on the growing competition from Banking Start-ups, competing for the favor of young savers.

Goldman Sachs and Apple will take Germany to the visor

there Are the credit card soon also in Germany? The chances are apparently quite high, because the card is designed after a successful introduction for interested parties outside of the United States. "The next step for Europe would be, it will go to Germany," said Goldman-Europe-in-chief Richard Gnodde, in an Interview with broadcaster CNBC. When it comes to that, is not yet clear.

pressure on the savings banks takes to

"Marcus" wants Goldman Sachs to offer in Europe. According to the United States, the platform is launched in last August in the UK. There, she offers only savings accounts, interest-bearing at 1.5 percent. The credit business is set to follow this year. The step was "a milestone" for the growth of the Goldman-Sachs-private client division as well as the diversification of the funding strategy of the Bank, announced the Bank.

in Germany, Too, wants to offer Goldman the entry level product for first savings accounts. The domestic market is, however, difficult, because savings banks and cooperative banks to cover the country up in the back corner.

But Gnodde not seems to be the hard competition of terror. Marcus got the advantage to launch without branches and expensive structures, he said the "FT". The cost advantage could be enough, the Bank to the customer: as in the USA, Marcus could try to conquer with higher interest rates on savings deposits market shares. For savings banks, people's banks & co., the competitive pressure is likely to increase even further.

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