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Goldman Moves One Step Closer To Being A Bank Bank

GE is playing GEppetto.

We've been hearing the stage whispers for quite awhile now, but Goldman Sachs is indeed going full Pinocchio and turning itself into a bank with real-deal consumer lending and everything.

But don't just take our word for it...

Goldman Sachs Group Inc. agreed to acquire an online banking unit from General Electric Co. that has about $16 billion of deposits.

Sounds pretty useful to both sides. GE continues its seemingly never-ending quest to get smaller while Goldman picks up a few billion more in deposits ($8 billion in online deposits and $8 billion worth of certificates according to a press release).

Lloyd, Gary and their crüe have been really building up the consumer loan side of things since the dark days of '08 and scooping up a strong, very available business like GE Capital - for what we can assume will be a hefty number although terms were not disclosed - is a tidy and Goldman-y piece of business.

Now let's try to make this sound sunny to the people who have loans from GE and are suddenly realizing they owe money Goldman Sachs now...

Goldman Sachs to Buy GE Unit With $16 Billion of Deposits [Bloomberg]


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