The Finance Foundation
Reinventing capitalism for all
AUTHOR
Michel
Gabrysiak
President of the Finance Foundation

Goldman Sachs is becoming a mighty retail bank. No tellers yet. But who knows how soon.
November 13, 2017 , Michel Gabrysiak - Financial Markets
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Goldman Sachs is known as a merchant and investment bank. But suddenly, its boss Lloyd Blankfein is moving towards you and me. Goldman is opening savings account for individual clients who have money or not. It has bought the deposits of GEG for 16.5 billion dollars, so it has millions of customers already. 

As we all know, competition on Wall Street, in the city of London, in Beijing, in Paris, in Frankfurt is absolutely huge in investment banking.

With a good IT platform, a name like Goldman Sachs can easily attract millions of customers and billions of dollars. That is what Goldman is doing. 

Of course, hedge funds, asset management, brokage, is not  finished but Mr and Mrs Smith will, very soon, be an enormous part of Goldman Sachs profit sheet. 

 

 

Write to The Finance Foundation at info@finance-foundation.com
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