Goldman Sachs Group Inc is nearing a deal to buy boutique wealth management firm...
- Goldman Sachs Group Inc is nearing a deal to buy boutique wealth management firm United Capital Financial Partners Inc for several hundred million dollars, a source told Reuters.
The deal would be Goldman’s biggest since the financial crisis and could be announced as soon as Monday, the Wall Street Journal reported.Goldman Sachs declined to comment. United Capital did not immediately respond to Reuters’ request for comment. Goldman has been ramping up efforts to grow its retail client base and deposits in an effort to diversify its revenue streams and lower its cost of wholesale funding.
Later this year, Goldman will launch corporate cash management, which will handle payments and transactions for its corporate clients. The bank will also use the service itself, saving it an estimated $100 million a year.
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