Reported by: banking|Updated: April 10, 2020
Goldman Sachs is getting into transaction banking business – rather late – and the bank hopes its all-digital platform and its dependable relationships will help it gain substance in a short period of time. The US bank said it is targeting $1 billion in revenues and $50 billion in deposit balances in the first 5 years from the launch of its transaction banking platform, sometime in the second quarter of this financial year. It will initially target the US market. Compared to global giants like Citigroup, Bank of America and JPMorgan Chase whose global treasury services generated $10.3 billion, $8.6 billion and $8.5 billion revenues in 2019, the revenue Goldman Sachs is expecting is very nominal. The bank’s CEO David Solomon said he feels the bank has a right, given its corporate relationships to participate for a portion of this business.