Goldman Sachs Group Inc considering Internet banking Operation

Goldman Sachs Group Inc, (NYSE:GS) is considering launching an internet banking operation, according to a source close to the situation.

Now that Goldman Sachs is a bank holding company, if it goes ahead, the new unit will obtain deposits that it can then use to fund various businesses.

However Goldman Sachs executives have not ruled out buying a bank with a considerable retail operation according to the source. However Goldman Sachs had not been available for comment.

If the online bank does go ahead its likely it will offer a range of saving products including certificates of deposits, although many details of the operations are yet to be decided according to the source.

Due to the collapse of Lehman Brothers in September, both Morgan Stanley and Goldman Sachs converted themselves to bank holding companies, as the financial crisis suffocated Wall Street.

Source: Reuters