four
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msg #137126
- Ignore four
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7/28/2017 4:15:18 PM
http://www.reuters.com/article/us-goldman-sachs-lending-idUSKBN1AC0B4
The bank says GS Select will be able to approve and process loans in just one day, and eliminate loads of paperwork that typically accompany applications.
Goldman is turning to third parties because as a Wall Street bank that deals with ultra wealthy investors and corporations, it does not have direct relationships with so-called "mass affluent" borrowers who have less than $10 million in investable assets. Its own wealth clients typically have at least $50 million.
Last year, it purchased $17 billion worth of online retail deposits from GE Capital Bank. It also launched Marcus, its first major foray into consumer lending, and acquired Honest Dollar, an online retirement savings platform for small businesses and startups.
Goldman has nearly tripled its funded loans over the last four years, but its $64 billion loan portfolio at the end of 2016 is only a fraction of those of bigger consumer banks like JPMorgan Chase & Co.
Goldman's chief rival Morgan Stanley has also been trying to lend more to its own wealth clients, primarily through securities-based loans.
http://www.goldmansachs.com/media-relations/press-releases/current/gs-select-information.pdf
http://www.investmentnews.com/article/20170727/FREE/170729953/fidelity-taps-goldman-sachs-to-expand-lending-services-through-rias
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https://www.gsbank.com/savings-products/high-yield-cds.html
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