Do you want to understand how long Marcus by Goldman Sachs has been a player in the consumer finance world? You've come to the right place! It's a fascinating story of a Wall Street titan venturing into Main Street banking. Let's break it down step-by-step.
Step 1: Understanding the "Why" Behind Marcus
Before we dive into dates, let's understand the motivation. Goldman Sachs has a long, storied history, dating back to 1869, primarily as an investment bank serving large corporations, institutions, and high-net-worth individuals. For over a century, their focus was far from the average consumer.
So, why the shift? The financial crisis of 2008 and subsequent regulatory changes led many investment banks to seek more stable funding sources. Consumer deposits are a reliable and relatively low-cost way to fund operations. Additionally, Goldman Sachs saw an opportunity to leverage its expertise in technology and risk management to address common consumer pain points in banking, such as confusing jargon, inflexible products, and hidden fees. They aimed to create a direct-to-consumer digital platform that was simple, transparent, and user-friendly.
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| How Long Has Marcus By Goldman Sachs Been In Business |
Step 2: The Genesis of Marcus: The U.S. Launch
This is where the story of Marcus truly begins for retail customers.
Sub-heading: The Acquisition that Paved the Way
Goldman Sachs didn't start Marcus from scratch in a vacuum. In April 2016, Goldman Sachs Bank USA (GS Bank USA) acquired GE Capital Bank's U.S. online deposit platform. This acquisition was a significant move, as it immediately doubled Goldman Sachs' client count and provided them with an existing online banking infrastructure to build upon.
Sub-heading: The Official Unveiling
Later that same year, in October 2016, Goldman Sachs officially launched Marcus by Goldman Sachs in the United States. Initially, it offered no-fee unsecured personal loans. The platform was named after Marcus Goldman, one of the original founders of Goldman Sachs, symbolizing a return to a more foundational, client-centric approach, albeit with a modern, digital twist.
Note: Skipping ahead? Don’t miss the middle sections.
So, if you're counting from its official launch in the U.S., Marcus by Goldman Sachs has been in business for approximately 8 years and 8 months as of June 2025.
Step 3: Expanding Horizons: The UK Launch
Marcus wasn't content to stay only in the U.S. Goldman Sachs recognized the global potential for its consumer banking model.
Sub-heading: Crossing the Atlantic
In September 2018, Marcus by Goldman Sachs launched in the United Kingdom. Their initial offering in the UK was an easy-access savings account, designed to offer competitive interest rates and a straightforward saving experience. This expansion marked a significant step in Goldman Sachs' strategy to build a global consumer franchise.
Step 4: Growth and Evolution: More Products, More Customers
Since its initial launches, Marcus has continued to evolve, adding new products and reaching more customers.
Sub-heading: Credit Cards and Beyond
A notable collaboration came in August 2019, when Marcus teamed up with Apple to launch the Apple Card in the United States. This was a significant development, marking Goldman Sachs' first foray into credit cards in its 150-year history. Marcus has also explored other offerings, including wealth management and, at one point, even plans for checking accounts (though some of these consumer banking ambitions have been scaled back in recent years as Goldman Sachs has refined its strategy).
Tip: Watch for summary phrases — they give the gist.
Sub-heading: Millions Served
Over the years, Marcus has grown into a multi-product platform, serving millions of customers in both the United States and the United Kingdom, demonstrating its ability to attract and retain a significant consumer base without the traditional brick-and-mortar branch model.
Step 5: Refining the Strategy: A Recent Shift
While Marcus has been a significant initiative, Goldman Sachs has also publicly acknowledged some challenges and has been refining its consumer banking strategy. In late 2022 and early 2023, Goldman Sachs indicated a scaling back of some of its broader consumer banking ambitions, choosing to focus more on its core offerings within Marcus and its partnership with Apple. This doesn't mean Marcus is gone; rather, it's a strategic adjustment to focus on profitability and efficiency within its consumer division.
In Summary: How Long Has Marcus by Goldman Sachs Been in Business?
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Marcus by Goldman Sachs officially launched in the United States in October 2016. Therefore, as of June 2025, it has been in business for approximately 8 years and 8 months. Its expansion to the UK followed in September 2018, and its journey has included product diversification and strategic adjustments along the way. It's a relatively young but impactful player in the consumer banking landscape, backed by the deep financial expertise of a firm with a much longer history.
Frequently Asked Questions (FAQs)
How to access Marcus by Goldman Sachs?
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You can access Marcus by Goldman Sachs online through their official website (
How to open an account with Marcus by Goldman Sachs?
Opening an account with Marcus typically involves an online application process on their website or app. You'll need to provide personal information, such as your name, address, Social Security Number (for US) or National Insurance Number (for UK), and link an external bank account for funding.
How to deposit money into a Marcus account?
You can deposit money into your Marcus account via electronic transfers from a linked external bank account, direct deposit (for Online Savings Accounts), or by mailing a check. Wire transfers are also an option.
How to withdraw money from a Marcus account?
Withdrawals from Marcus accounts can generally be made via electronic transfers to a linked external bank account. Funds are usually accessible within a few business days.
How to contact Marcus by Goldman Sachs customer service?
Marcus provides customer service through phone support. You can find their specific contact numbers on their official website.
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How to check your Marcus account balance?
You can easily check your Marcus account balance by logging into your account on their website or through the Marcus mobile banking app.
How to benefit from Marcus's interest rates?
Marcus is known for offering competitive interest rates on its savings accounts and CDs. To benefit, simply deposit funds into these accounts and let your money grow. Interest is typically compounded daily and paid monthly.
How to set up direct deposit with Marcus?
For Marcus Online Savings Accounts, you can usually set up direct deposit by providing your employer with your Marcus account number and routing number. These details can be found within your online Marcus account.
How to get the Apple Card from Goldman Sachs?
The Apple Card is applied for directly through the Wallet app on your iPhone. Marcus by Goldman Sachs is the issuing bank for the Apple Card.
How to close a Marcus by Goldman Sachs account?
To close your Marcus account, you typically need to contact their customer service directly. They will guide you through the process, which may involve transferring out any remaining funds.
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