International law firm Ashurst is advising Goldman Sachs on the launch of its digital-first retail banking platform, Marcus by Goldman Sachs. The new online bank intends to offer savers a consistently competitive interest rate, which starts today (September 27) at 1.50%.
Marcus combines Goldman Sachs’ 149-years of financial expertise and risk management with great customer service and the innovation and approach of an agile tech company to help customers manage their money easily and effectively. Marcus has been available in the US since 2016.
Ashurst’s multidisciplinary FinTech team advised Goldman Sachs, which included members of Ashurst’s Finance Regulatory, Digital Economy, IP and Disputes teams. Partner Jake Green, counsel Lorraine Johnston, senior associate Bradley Rice, associate Emma Tran and trainee Sophie Last led on regulatory matters. Partner David Futter led on the complex, multi-vendor IT contract negotiations, alongside associates Adam Eskdale and Harry Newton. Partner David Wilkinson, senior associate Nathan Cripps and associate Anouska Fabes advised on marketing.
Commenting, Jake Green said:
"We are delighted to have supported our key and long-standing client Goldman Sachs on such a strategically important and complex project. With increasing calls for competition and ever more digitalisation in retail banking, this appointment is a testament to our Global FinTech team's outstanding reputation in the FinTech and financial regulatory markets."
Kyle Williams, Managing Director & Senior Counsel for Consumer Banking Legal at Goldman Sachs, added:
“The Ashurst team has done a great job on this significant and strategically important project for Goldman Sachs. Ashurst demonstrated clarity in their approach and a clear commitment to Goldman Sachs. They have shown great enthusiasm and provided us with highly innovative, pragmatic and commercial solutions that the business has been able to work with. I consider the Ashurst team part of our own project team. We have been particularly impressed with the creativity and can-do attitude of the team."
