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Goldman Sachs launches £35bn UK transaction bank

Goldman Sachs Group Inc (NYSE:GS) has launched a £35bn transaction bank in the UK after establishing it in the US last year.

The Wall Street giant will offer UK companies cash management services, including self-service client onboarding and account opening as well as secure mobile authentication. 

It comes as a way to provide steadier revenue sources on top of the investment banking division, Reuters reported.

The US arm has already made US$35bn in deposits from 250 clients after starting operations in June 2020.

“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,” said transaction banking global head, Hari Moorthy.

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