Competition is a good thing, especially in financial services. The latest competitor is Goldman Sachs, which has long made clear it intention to get into peer-to-peer (P2P) lending. A heavyweight like this can only be good for general acceptance and understanding of P2P assets as a mainstream, investable entity. Our friends at P2P Finance News chronicle the latest developments. We run an excerpt below.
"INVESTMENT banking giant Goldman Sachs is considering launching a consumer lending arm in the UK, competing with [the P2P sector]. "The US financial behemoth is reportedly looking to expand its retail banking business in the UK, initially with savings accounts but potentially moving into lending too."
"Goldman Sachs has traditionally been known for wealth management and investment banking services. However, last year it began offering high-interest online savings accounts in the US which could be opened with deposits of just $1 (76p), and followed this up by launching Marcus By Goldman Sachs, an online consumer lending platform."
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