Goldman Sachs Moves into Retail Banking
The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16 billion in accounts and certificates of deposit.
“We are committed to providing our new online deposit customers the high level of service they have come to expect”
-Esta Stecher, Chief Executive Officer of GS Bank
Goldman Sachs is starting to take online deposits as low as $1 for savings accounts. The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.For new deposits, Goldman will give 1.05 percent annual yield and 2 percent on a five-year Certificate of Deposit
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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