April 28, 2016 Comments Off on Goldman Sachs Launches Online Savings Bank Views: 424 California News, National News, New York News, Northeast

Goldman Sachs Launches Online Savings Bank

Goldman Sachs, the investment banker that deals with high net-worth accounts, has launched an online-only, U.S. savings bank, GSBank.com. The new virtual bank will allow savers to open no-minimum-deposit savings accounts, as well as 12-month term and five-year term CDs.

The move occurs in the wake of Goldman’s recent acquisition of GE Capital. It represents an effort by the investment bank to diversify its sources of funding. A depressed global market is forcing banks to find alternative revenue sources. This is true of Goldman, as its net earnings fell by 60% in Q1 2015.

Read More at Business Insider

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