Banking Sector Evolves as AI Drives Productivity and Goldman Sachs Expands UK Footprint

The global financial industry is currently undergoing a massive structural shift, pouring billions into generative artificial intelligence. These substantial investments are finally yielding tangible results. Over the three years since the end of 2022, the top ten banks across Europe and America have seen their revenue per employee surge by up to 39 per cent. However, while this tech-driven productivity boom is reshaping the sector, it is also conspicuously widening the transatlantic gap between competing financial institutions.

The Marcus Phenomenon Hits Britain

Alongside sweeping technological upgrades, major Wall Street players are aggressively diversifying their portfolios to capture new markets. A prime example is Goldman Sachs, which recently launched its digital-only savings platform, Marcus, in the UK. Named after one of the bank’s original founders, Marcus Goldman, the service has already pulled in over 50,000 British customers just under a fortnight after its nationwide launch on 27 September. The platform offers a highly competitive 1.5 per cent yield, comfortably beating the national average for easy-access savings. The bank views this swift uptake as a clear indicator of the deep frustration among British savers, who have endured years of rock-bottom interest rates.

Challenging the Digital Challengers

Des McDaid, managing director of Marcus by Goldman Sachs, admitted the numbers had smashed their most ambitious forecasts. He noted that the public’s response sends a definitive message to the wider market about the demand for better returns. “People work hard for their money, so finally it’s time for their savings to work harder for them,” he said. Following a successful pilot with local staff earlier in September, this rollout marks the brand’s very first foray outside the US, where it originally debuted in 2016 offering personal loans and online savings accounts. With absolutely no plans to open bricks-and-mortar branches, Marcus now sits firmly alongside a select group of digital-only consumer banks operating in Britain, such as Monzo and Starling Bank. Ahead of this major push, the firm notably hired an additional 150 staff members in London.

Balancing Retail and Traditional Equities

This aggressive pivot into consumer banking serves a dual purpose for the US giant. It acts as a vital diversification strategy following a rather challenging period for investment banking divisions across the wider industry. Yet, Goldman Sachs remains a formidable force in traditional market analysis and equities. Just this Wednesday, following an earnings report, analyst Alberto Gandolfi maintained a ‘Buy’ rating on the German energy firm E.ON AG, setting a target price of 19 euros. While the company’s outlook remains solid, Gandolfi pointed out that it sits slightly below broader market expectations. Markets reacted cautiously to the news; on the morning of 25 February 2026, E.ON shares were trading down 1.61 per cent at 18.60 euros on the Tradegate exchange.