(New York)

Goldman Sachs has been pushing into a lot of new business lines over the last few years—consumer lending being the principal one, as well as further into wealth management. However, the company is in the midst of launching yet another—business banking. The bank is working on a suite of tools for large businesses to use, such as deposit accounts, cash management tools etc. The move is seen by some as an odd one, as such services are dominated by huge-balance sheet integrated banks, such as JP Morgan and Citi.

FINSUM: This could become a good business, but it is not clear that Goldman has any strategic advantage to gain market share.