Goldman's state charter, if approved, would set it apart from its direct competitors -- Morgan Stanley, Citigroup, JPMorgan Chase and Bank of America. Those banks operate under a national banking charter, allowing them to open branches across states without separate applications. Goldman's decision could indicate that the firm is not interested in national consumer-focused business -- which will differentiate it from its peers. Goldman is expected to focus on managing assets for high-net-worth individuals rather than providing retail banking services.
The bank would have $150 billion in assets, making it one of the largest regulated by the state, along with the Bank of New York Mellon and M & T Bank. The state's banking department is reviewing Goldman's application and business plan and did not release such details as whether Goldman would offer savings and checking accounts.