- Goldman Sachs Group Inc (NYSE:GS) has launched transaction banking services, specializing in services for corporate treasuries, in Europe in a bid to diversify beyond its trading and advice services.
- The transaction banking platform, known as TxB, offers businesses cash management and treasury services.
- The Wall Street bank launched the business in the U.S. in 2020, and in 2021 in the U.K., Goldman has attracted more than 400 clients with $65 billion in deposits.
- Jim Esposito, co-head of Goldman’s investment bank, told the Financial Times that the bank was also considering opening transaction banking offices in Amsterdam and Japan to gain market share from JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc (NYSE:C).
- “This is a perfect case study for what David wanted to see from Goldman Sachs,” Esposito said. “It fits like a tight glove. This is new growth, with sticky, durable, and recurring revenues.”
- The expansion moves came when Goldman Sachs recently said to cut about 500 jobs, which is expected to happen as early as this week.
- Friday, Goldman Sachs’ consumer banking unit, dubbed Marcus, came under Federal Reserve scrutiny.
- Price Action: GS shares closed at $328.79 on Monday.
- Photo via Wikimedia Commons
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