Goldman Sachs launches banking transaction services in Europe By Benzinga Spain


©Reuters. Goldman Sachs launches banking transaction services in Europe
  • Goldman Sachs Group Inc(NYSE:) has launched transactional banking services, specializing in corporate treasury services in Europe, in a bid to diversify beyond its trading and advisory services.
  • The banking transaction platform, known as TxB, offers businesses cash and treasury management services.
  • The Wall Street bank launched the business in the US in 2020, and in 2021 in the UK. Goldman has attracted more than 400 clients with $65 billion in deposits.
  • Jim Esposito, co-head of Goldman’s investment bank, told the Financial Times that the bank is also considering opening transaction banking offices in Amsterdam and Japan to gain market share from JPMorgan Chase & Co(NYSE:NYSE:) and Citi Group Inc (NYSE:NYSE:).
  • “This is a perfect case study for what David wanted to see from Goldman Sachs,” Esposito said. “It comes like a glove. This is a new growth, with fixed, lasting and recurring income.”
  • The expansion moves came as Goldman Sachs recently said it would cut around 500 jobs, which is expected to happen as early as this week.
  • On Friday, Goldman Sachs’ consumer banking unit, dubbed Marcus, came under scrutiny from the Federal Reserve.
  • The Price Movement: Shares of the company closed at $328.79 in trading on Monday.
  • Photo via Wikimedia Commons

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