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Goldman Seeks to Speedup Launch of Cash Management Business
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Amid the coronavirus-led mayhem, Goldman Sachs (GS - Free Report) is mulling to introduce its cash-management operations in the U.K. by September and across Europe by the end of 2020. The news was reported by Financial Times.
Cash management involves the need to hold deposits for corporates, receiving cash on their behalf and making payments, i.e. managing cashflows.
Earlier, the bank was expected to enter the U.S. markets, with a target to achieve $1 billion in revenues and $50 billion in deposit balances, within 5 years of making its transaction banking platform available to customers.
Per the article, Goldman is trying to lure clients by paying more for deposits in comparison to its competitors.
The move is part of CEO David Solomon’s major overhaul to diversify the company into a more reliable and stable source of revenues such as consumer banking, wealth management for high-net-worth clients and cash management.
In the first quarter of 2020, Goldman witnessed significant inflows in commercial deposit accounts linked with its new transaction-banking platform. Further, the company remains in track with its rollout and is currently serving more than 80 clients.
Though Goldman currently lags other industry leaders like JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) and Bank of America (BAC - Free Report) , it remains well-poised to gain market share in the space with its customer-friendly new technology platform.
Our Take
Goldman has been undertaking strategic initiatives to counter falling revenues by entering new markets and diversifying income sources. Along with the expansion in core banking, the company entered a deal with a custodian, Folio Financial, to fortify the wealth management business.
Shares of Goldman have lost 19.3% in the past six months compared with the 21.7% decline of the industry.
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Goldman Seeks to Speedup Launch of Cash Management Business
Amid the coronavirus-led mayhem, Goldman Sachs (GS - Free Report) is mulling to introduce its cash-management operations in the U.K. by September and across Europe by the end of 2020. The news was reported by Financial Times.
Cash management involves the need to hold deposits for corporates, receiving cash on their behalf and making payments, i.e. managing cashflows.
Earlier, the bank was expected to enter the U.S. markets, with a target to achieve $1 billion in revenues and $50 billion in deposit balances, within 5 years of making its transaction banking platform available to customers.
Per the article, Goldman is trying to lure clients by paying more for deposits in comparison to its competitors.
The move is part of CEO David Solomon’s major overhaul to diversify the company into a more reliable and stable source of revenues such as consumer banking, wealth management for high-net-worth clients and cash management.
In the first quarter of 2020, Goldman witnessed significant inflows in commercial deposit accounts linked with its new transaction-banking platform. Further, the company remains in track with its rollout and is currently serving more than 80 clients.
Though Goldman currently lags other industry leaders like JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) and Bank of America (BAC - Free Report) , it remains well-poised to gain market share in the space with its customer-friendly new technology platform.
Our Take
Goldman has been undertaking strategic initiatives to counter falling revenues by entering new markets and diversifying income sources. Along with the expansion in core banking, the company entered a deal with a custodian, Folio Financial, to fortify the wealth management business.
Shares of Goldman have lost 19.3% in the past six months compared with the 21.7% decline of the industry.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>