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Goldman Sachs developing in-house private bank

AFP [1]
July 18, 2012

Goldman Sachs said Tuesday it is developing its private bank for wealthy clients, particularly in fast-growing countries and in Europe, where it hopes to pick up the slack from struggling local banks.

“We’ve been in the wealth business for a long time,” said David Viniar, Goldman’s chief financial officer, said in a teleconference.

With certain European banks retrenching amid the eurozone debt crisis, he said, “there are some of our clients that need dollar funding.”

“We’re growing the private bank out of the US,” he said, noting that today it was “very small but something we intend to grow very rapidly.”

Full article here [1]