Goldman Sachs has opened retail operations, offering online savings accounts for as little as $1 on deposit via its newly launched GS Bank. This shift "downmarket" comes as the bank comes under increasing pressure to develop new forms of funding after its poor more than five results. The banks's chief strategy officer, Stephen Scherr, has said that by tapping into regular retail depositors, Goldman Sachs can open up "a different avenue to use, with a different orientation and a different tenor".
Goldman Sachs has opened retail operations, offering online savings accounts for as little as $1 on deposit via its newly launched GS Bank. This shift "downmarket" comes as the bank comes under increasing pressure to develop new forms of funding after its poor 1Q16 results. The banks's chief strategy officer, Stephen Scherr, has said that by tapping into regular retail depositors, Goldman Sachs can open up "a different avenue to use, with a different orientation and a different tenor".