Goldman Sachs is considering launching an Internet banking operation in an effort to build its deposit base, the Wall Street Journal reports.
Citing unidentified sources close to the bank, the Journal says the new unit will seek deposits that can be used to fund future business initiatives. The company has not ruled out the possibility of buying an existing retail banking operation with a strong direct banking arm, the paper says.
The retail banking market is unfamiliar territory for Goldman, which recently converted to a bank holding company and won a New York State banking charter. As well as opening an Internet bank, Goldman executives are also mulling plans to grow its deposit base by tapping its wealth management operations and large corporate clients.