Goldman Sachs announced that it is acquiring GE Capital"s US online banking business, $16bn of online savings accounts and other deposits. The deal will create a new business unit called GE's Online Banking Business (GOBB), which will be led by CEO John Thain who has been with the company since its inception. Earlier this year it hired the ex head of Discover Financial Services US cards division to start an online lending platform for consumers and small businesses. The deal to acquire GE’s online deposits further positions Goldman as a mainstream bank. In a memo to employees it explained that this latest move gives it a more "diversified and stable funding source". Terms of the deal were not disclosed.
Goldman Sachs announced that it is acquiring GE Capital"s US online banking business, $16bn of online savings accounts and other deposits. The deal will create a new business unit called GE's Online Banking Business (GOBB), which will be led by CEO John Thain who has been with the company since its inception. Earlier this year it hired the ex head of Discover Financial Services US cards division to start an online lending platform for consumers and small businesses. In a memo to employees it explained that this latest move gives it a more "diversified and stable funding source". Terms of the deal were not disclosed.