Huffpost Business

Goldman Sachs Tips Hand By Applying For New Charter

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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.

Read the whole story at New York Times