Goldman Sachs is assessing the launch of its Marcus digital consumer banking business in Ireland and has begun recruiting locally to evaluate the opportunity. The initiative would mark the firm's first consumer banking expansion into the European Union and support the growth of its euro-denominated funding base.

Finance Feeds reported that Goldman Sachs has held regulatory discussions with Irish authorities and is assessing product suitability and the route to market before deciding whether to proceed. The bank has not set a timeline for a potential launch.

Marcus, which launched in 2016, has built a consumer deposit franchise in the United States and the United Kingdom, accumulating more than €90bn in deposits primarily through high-yield savings accounts. Goldman Sachs is now evaluating whether that model can be adapted for the Irish market.

According to the report, households in Ireland hold approximately €220bn in bank deposits or hard currency, based on data from the Central Bank of Ireland. The publication also noted that some domestic savings accounts continue to offer interest rates as low as 0.1%, while Marcus currently offers 3.75% on its instant access savings account in the UK.

Goldman Sachs said it was still assessing the opportunity. Nick Carcaterra, a spokesperson for the firm, said the company was exploring bringing the Marcus deposits business to Ireland and had no fixed timeline for a launch. He said the bank was making select hires to assess product fit and determine the appropriate path forward.

The report noted that Goldman already holds a banking licence in Germany, providing a route to offer financial services across the European Union. It also highlighted that euro-denominated deposits have become increasingly important for US banks operating in Europe since Brexit.

Finance Feeds reported that Ireland's retail banking market has become more concentrated following the withdrawal of several international lenders, while digital banking providers including Monzo and Revolut have expanded their presence. Goldman Sachs has not committed to launching Marcus in Ireland and said its current recruitment programme is focused on evaluating the commercial opportunity.