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News by FinTech Collective Archive

Goldman has plans to enter the 'mundane' but hugely lucrative wholesale cash management business

Gareth Jones

January 11, 2019

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Gareth Jones

cash management

Goldman is considering paying big multinational corporates more for their deposits than other banks - wholesale payments and cash management business generated $250 billion in global revenue in 2017 for big banks.

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The global investment banking powerhouse and fifth-largest U.S. bank, which is six months into building the required technology, aims to start the service in the first half of 2020, according to two people familiar with the plan. They agreed to discuss internal strategy on the condition they not be named.

https://www.businessinsider.com/r-exclusive-goldman-sachs-on-course-to-launch-cash-management-in-mid-2020-2019-1

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