Goldman Sachs Launches GS Bank, An Internet Bank With A $1 Minimum Deposit (techcrunch.com)

An anonymous reader recaps a report from TechCrunch: Traditionally, Goldman Sachs has functioned like a run-of-the-mill investment bank with minimums to open an account in the range of $10 million, and returns not guaranteed. Goldman is opening its doors to the masses today with the launch of GS Bank, an FDIC-insured, internet-based savings bank. Anyone with an internet connection and a dollar can join, as that is what each account's minimum balance must be. GS Bank's interest rates give customers an annual yield of 1.05 percent, a rate that trumps the average U.S. saving's bank yield of .06 percent APY. GS Bank was a result of Goldman's acquisition of GE Capital Bank, the online retail bank previously run by General Electric's capital arm. The move is to diversify revenue streams and strengthen liquidity. GS Bank currently has total deposits of around $114 billion. In other news from the multinational banking firm, Goldman Sachs believes virtual-reality and augmented-reality "will be the next generation computing platform" worth $80 billion by 2025.

Comments

Ooooh~~

[Edis Krad]

Goldman Sachs!
Synonym with trustworthiness and financial stability. Just exactly where I want to put all my money in!

Re:Ooooh~~

[Desler]

Of course they shorted it because they set up the whole thing to fail in the first place.

Re:Fuck Goldman right in the Sachs

[Anonymous Coward]

You certainly don't have to do business with them. But if you have evidence of specific crimes that nobody else has managed to identify, you might want to pass those along to the DoJ.

There's no need to inform the DoJ. Goldman says that it did commit the crimes it was accused of. This statement is part of the settlement and rather unusual as most of the banks were allowed to settle with a "neither agree nor disagree" kind of statement.

This note from the Justice department has some details of specific crimes.
https://www.justice.gov/opa/pr...