Goldman Sachs Rolls Out Transaction Banking Services In Europe

Goldman Sachs Group Inc GS has launched transaction banking services, specializing in services for corporate treasuries, in Europe in a bid to diversify beyond its trading and advice services.
The transaction banking platform, known as TxB, offers businesses cash management and treasury services.
The Wall Street bank launched the business in the U.S. in 2020, and in 2021 in the U.K., Goldman has attracted more than 400 clients with $65 billion in deposits.
Jim Esposito, co-head of Goldman's investment bank, told the Financial Times that the bank was also considering opening transaction banking offices in Amsterdam and Japan to gain market share from JPMorgan Chase & Co JPM and Citigroup Inc C.
"This is a perfect case study for what David wanted to see from Goldman Sachs," Esposito said. "It fits like a tight glove. This is new growth, with sticky, durable, and recurring revenues."
The expansion moves came when Goldman Sachs recently said to cut about 500 jobs, which is expected to happen as early as this week.
Friday, Goldman Sachs' consumer banking unit, dubbed Marcus, came under Federal Reserve scrutiny.
Price Action: GS shares closed at $328.79 on Monday.
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