Goldman Sachs 'seeking Tokyo banking licence' for cash management venture
Reports suggest Goldman Sachs is applying for a banking licence in Tokyo.
The move is part of the bank’s preparations to expand into the corporate cash management industry on a global scale next year, several sources told the Financial Times on Monday.
The bank currently only has licences in a few countries including the USA and the UK, whereas major players in the sector like HSBC and Citigroup have licences around the globe.
Such licences allow Goldman to assist clients in receiving and making payments in various currencies including the yen, the dollar, the pound and the euro.
The FT reports that its chief executive David Solomon, who only took over last year, has said even managing its own money in-house could save the company $100m a year.
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It is just one of several expansion plans in new areas at the bank, as it looks to grow beyond its traditional core of trading and investment banking.
It has also entered the mainstream savings market with its online savings account Marcus.
The brand was launched in the USA in late 2016, before launching in the UK, its first market outside North America, last September.
Des McDaid, the Goldman managing director who heads up Marcus in the UK, told Yahoo Finance UK recently it had taken on a quarter of a million customers in just eight months.
Goldman Sachs declined to comment.
