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Instead of opening its own wallet to expand, Goldman is trying to grow a fledgling retail bank, create a treasury-services business, and expand in asset management, corporate lending and trading — largely all from the ground up.
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Goldman was among a litany of financial firms that were rumored as suitors of E*Trade over the past year or so, as the retail trading firm looked for an acquirer. Analysts who follow Goldman and sources inside the bank have told Reuters it would not be a good deal for a variety of reasons, including technology, culture and price. Morgan Stanley’s stock fell 4% on Thursday after announcing the deal, which will dilute its shareholders by 10%. Goldman was down 1%.
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