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.
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...