So that's nice.
Goldman Sachs Group Inc. has won regulatory approval to operate a private bank in the U.K., underlining the U.S. firm's attempts to diversify into less volatile business lines….
The U.K. entity is authorized to carry out several functions, including deposit-taking, advising on investments, dealing on an agency and principal basis, and the safeguarding and administration of assets, according to the FCA filing….
While Goldman initially had little interest in commercial or retail banking when it established the bank in 2008, it has since embraced the unit and has been steadily building it up, according to a report in The Wall Street Journal last July. The regulatory approval highlights the plans to build up the five-year old unit, as weak market conditions and increasing regulatory oversight curtail the bank's core trading and advisory businesses.
The bank sees most value in increasing lending to Goldman Sachs's wealth-management clients and to other wealthy individuals, with senior executives aiming to lend up to $100 billion in loans, up from $12 billion at the end of March last year, according to the Journal report.