Goldman Sachs Becomes A Bank For Everyone

Goldman Sachs Becomes A Bank For Everyone
Goldman Sachs New World Headquarters Wikimedia Commons

Goldman Sachs Bank USA (GS Bank) has recently announced that it has come into agreement with GE Capital Bank (GECB) to acquire GECB’s online deposit platform. GECB has also said that the sale will include online savings accounts, online certificates of deposit and brokered certificates of deposit.


Related: Goldman Sachs To Pay $7M Penalty

The said agreement will see GS Bank take hold of $8 billion in online deposit accounts and $8 billion worth of brokered certificates of deposit from GECB. This totals to around $16 billion worth of deposits.

GE Capital Chairman and Chief Executive Officer Keith Sherin has said that the sale to GS Bank is part of the steps the company is undertaking to “reduce the size and complexity of GE Capital.” GE has actually said it is looking to “wind down” GECB’s remaining operations.

Meanwhile, GECB President Scott Roberts said that the “prospect of joining GS Bank” excites him. GE has actually said that the company expects Roberts to join GS Bank in order to oversee the online deposit platform.

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At the same time, GS Bank Chief Executive Officer Esta Stecher has said that GS Bank is looking forward to serving GECB’s existing online deposit customers. Moreover, they are ready to provide a “high standard of service” that the customers expect.

As part of this deal, GS Bank has also said that it will be extending employment offers to all of GECB’s employees who have been providing support to the online deposit platform.

Goldman develops a new strategy for clients using tech

Recently, The Wall Street Journal has reported that Goldman is preparing to share some of its “secret sauce” in trading. Goldman’s Chief Information Officer R. Martin Chavez has come up with a new technology strategy wherein clients will be given access to certain in-house tools. These include databases that will help clients analyze markets and subsequently manage risk.