Goldman Sachs has launched its transaction banking business in the UK, in a move to diversify beyond its core and advisory and trading businesses.
Goldman will offer clients cash management services, such as payroll and payment processing, in its latest UK expansion after the launch of its retail brand Marcus in 2018.
The UK opening marks Goldman’s first international expansion of its transaction banking business following its launch in the US last June.
The bank said it gained more than 250 clients, processed trillions of dollars through its systems and took more than $35bn in deposits since it opened the US business.
“The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,” Hari Moorthy, Goldman’s global head of transaction banking, said.
“We see huge potential to grow this business in the UK and globally,” Jim Esposito, global co-head of the investment banking division at Goldman Sachs, added.
Last week fellow US banking giant JPMorgan also expanded its UK footprint via the acquisition of digital wealth manager Nutmeg.
The move was part of its plan to launch a challenger bank brand in the UK later this year.
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