Reported 7 months ago
Goldman Sachs aims to double its lending to ultra-wealthy private bank clients with account sizes exceeding $10 million over the next five years, as part of a strategy to bolster its wealth management operations. CEO David Solomon mentioned that the bank is well positioned to competitively serve its private wealth clients' borrowing needs. The push for lending comes as a silver lining from Goldman's consumer business setback, with a surge in consumer savings deposits allowing for cheap funding for its markets division and lending across institutional businesses, including private banking activities.
Source: YAHOO