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Goldman Sachs is now a consumer lender

Jonathan MarinoAug 14, 2015, 02:07 IST

Goldman Sachs

Goldman Sachs has accelerated its move into the consumer lending market with the acquisitions of GE Capital Bank's online deposit platform.

The firm announced the deal after the market closed on Thursday August 14. It will take on $16 billion in deposits as part of the deal, made up of $8 billion in online deposit accounts and $8 billion in brokered certificates of deposit.

Goldman will offer employment to "substantially all" of the GECB staff focused on the online deposit platform.

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