Now we can all bank like the super-rich – as Goldman Sachs offers bank accounts to the hoi polloi
Goldman Sachs might be used to dealing with the wealth of the world's highest rollers – but now you can feel just as exclusive, after the bank launched a drive for new retail bank customers.
Yep – having revealed last week it had completed the acquisition of online retail bank GE Capital Bank and rebranded it as GS Bank, Goldman is now looking for retail customers.
The bank is offering online savings account at 1.05 per cent interest, with no minimum deposit to open an account.
"We've been a leader in financial services for generations – and now we're a banking partner you can rely on," says the new bank's website.
"You can trust GS Bank to provide simple, secure access to… savings products, with policies and practices that make sense and put you first."
It adds that it is "committed to providing industry-leading customer service".
Results last week showed Goldman was suffering as much as its many of its Wall Street peers, with profits falling 56 per cent to $1.2bn (£834m), the fourth straight quarter of declining profit for the bank. Perhaps that suggests it's time to start seeking new revenue streams…
Lloyd Blankfein, the bank's chief executive, pointed to "a broad range of challenges" this quarter, which resulted in "headwinds across virtually every one of our businesses".
JP Morgan Chase, Citigroup and Morgan Stanley have all posted double-digit falls this quarter, although results have come in ahead of expectations.
Meanwhile, on this side of the pond, challenger banks – many of which are focused entirely on retail banking customers – have posted more encouraging results – with TSB reporting a 53 per cent rise in profits last week, while Metro Bank reported revenues up 11 per cent.