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Goldman Sachs has accelerated its move into the consumer lending market with the acquisition of GE's online deposit platform. Goldman will take on $16b in deposits as part of the deal. This announcement comes after the firm hired Harit Talwar, the former CMO at Discover Financial, to focus on creating a consumer lending marketplace.
Goldman has traditionally been an investment bank catering almost entirely to corporate clients, with a small business offering private banking services to the wealthy elite. Goldman Sachs Plans to Offer Consumer Loans Online, Adopting Start-Ups’ TacticsJUNE 15, 2015 Goldman and IDG Put $50 Million to Work in a Bitcoin Company APRIL 30, 2015 During the financial crisis, though, Goldman was forced to convert to a bank holding company. That status gave it access to emergency funds from the Federal Reserve but also set stiffer capital requirements and allowed for greater scrutiny from regulators. Since then, Goldman has slowly been trying to take advantage of its new classification, which also allows it to take deposits and lend money.
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