Goldman Sachs is now a consumer lender

Lloyd BlankfeinGoldman SachsLloyd Blankfein is ready to start taking deposits.

Goldman Sachs has accelerated its move into the consumer lending market with the acquisitions of GE Capital Bank’s online deposit platform.

The firm announced the deal after the market closed on Thursday August 14. It will take on $US16 billion in deposits as part of the deal, made up of $US8 billion in online deposit accounts and $US8 billion in brokered certificates of deposit.

Goldman will offer employment to “substantially all” of the GECB staff focused on the online deposit platform.

Esta Stecher, chief executive officer of GS Bank, said: “We look forward to welcoming and serving GECB’s online deposit customers at GS Bank with the high standard of service they have come to expect.

“We also look forward to working with our new colleagues from GECB.”

Goldman isn’t going to start opening up branches on Main Street. The platform is online only.

Goldman revealed it would enter the consumer lending marketplace in June when it hired Harit Talwar, the former CMO at Discover Financial Services, as a partner.

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