And now here’s the second horse of the apocalpypse Yesterday we learned that Goldman (GS) could report a $2 billion loss for the latest quarter, and now The Journal says that the venerable Wall Street firm is considering opening up an internet bank.
Lot’s of question marks, of course, but whether it’s through an acquisition or from scratch, the article suggests it would be just what it sounds like, a bank to go up against ING Direct and the online ops of firms like Bank of America (BAC). Would Goldman have any particular edge in this area? That seems really doubtful. What makes sense is that the company is looking for anyway it can to increase plain vanilla deposits. Cash that it can hold, cheaply. But an internet bank, really?