Goldman Sachs Is Becoming a Consumer Lender After Purchase

Goldman Sachs (GS) is becoming more of a consumer bank. The financial giant is broadening its effort to offer baking services to people with a wider array of incomes than it has previously served. The latest move in this direction is Goldman Sachs's $16 billion purchase of customer deposits from GE Capital (GE) Bank. The sale of the deposits is the latest step in GE's effort to sell its financial assets and return to its roots as an industrial company. The purchase gives Goldman Sachs a new role as a savings bank for retail customers. It will also give it a source deposits that it can lend to consumers online. Goldman Sachs become a powerhouse by catering to corporate clients and wealthy elite. Goldman Sachs also announced it will sell a Columbian Mining business to Murray Energy at a steep loss.