This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Goldman Mulls Internet Banking: Report

Goldman Sachs (GS - Get Report) is weighing whether to launch an Internet banking operation, the Wall Street Journal reports, citing people familiar with the situation.

If Goldman goes ahead with the plan, 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 hasn't 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, according to the Journal.

The Journal reports the Internet push would be a small but important part of the firm's emerging strategy as it tries to find its way on the new Wall Street.

While still better off than most of its rivals, Goldman is expected to post a net loss of about $2 billion when it reports fiscal fourth-quarter results later this month. That would be the firm's first quarterly loss since going public in 1999.

In addition to an Internet bank, Goldman executives are weighing the possibility of seeking deposits through the firm's wealth-management operation and from large corporate clients. Such corporate and institutional deposits are closer to the core of Goldman's overall banking strategy than retail deposits, according to the Journal.

Goldman's Internet operation would face competition ranging from traditional banks Bank of America (BAC - Get Report) and Citigroup (C - Get Report) to ING Direct, a unit of ING Groep (ING - Get Report) that does much of its business online, the newspaper reports.

This article was written by a staff member of TheStreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BAC $16.75 0.00%
C $54.97 0.00%
GS $207.80 0.00%
ING $16.42 0.00%
AAPL $132.54 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs