Goldman Sachs is weighing whether to launch an internet banking operation, in the latest evidence of how Wall Street is seeking to broaden its sources of funds, reports the WSJ. If Goldman goes ahead, the new unit will seek deposits that can be used to fund various businesses now that Goldman is a bank-holding company. The possible online bank hasnât been named yet, and many details of its operating plans are undecided. It is likely to offer a range of savings products, such as certificates of deposit, said people familiar with the matter. Goldman already has about $20bn in deposits, which are held by its bank subsidiaries. Attracting even more deposits, typically a low-margin business, will give Goldman a more-stable funding base amid tumultuous market conditions. The internet push would be a small but important part of the firmâs emerging strategy as it tries to find its way on the new Wall Street. http://online.wsj.com/article/SB122827665438875247.html?mod=testMod A low margin business ? No chance Goldman involved in such a thing...
You never know... since they can't lever themselves like they did before this might become a more attractive proposition from their viewpoint.
Would you trust them with your money? These guys are the elites of the Wall Street crooks. Just think back to all there self serving market calls year after year. Hey were Abby? These guys are after more of the publicâs money. My gosh the banks are helpless with out the masses deposits. And what do the masses get .050% in interest. Fees fees and more fees. They charge us to keep our money , what a crock.
Yeah, I wonder who really would deposit money with Goldman. If they are that dumb & naive, I doubt they have any money to deposit.
Can you imagine the TV ad? Lloyd Blankfein, walking through Central Park "Come trade with Goldman retail brokerage, only $5.99 per trade!"
Actually....Here is the way it would happen.... Goldman would throw out all the stops ...just to get to see where everybody is.....so that they can trade better against their clients.... Imagine this... What if you had the whole book on each stock ? In fact...just what is the intelligence of a trader that has a perfect picture of the whole book.....and cannot make money with it ? And is this not what has already happened to some degree ? ................................................................................... Just who is number 1 and number 2 in commodity business ? Who were the largest prime brokers before shifting over to banks ? And responsible for the leverage problem ? When exactly was it that commodity prices came down with a vengeance ? Anybody remember the demand supply questions ? And how they were answered even in front of US government officials ? That were ex/current employees ? Who is getting blind money from TARP ? Who got a few hunded million $ in tax relief for sitting around helping his buddies for a couple of years ? ............................................................................................... Does one think for a moment that GS doe not know the merits of using ETFs at the close ? This is all one big game..... Time to clean house......