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Goldman Sachs may be acquiring E-trade or merging with US Bank - Business Insider

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An acquisition or merger could allow Goldman Sachs to rapidly accelerate its timeline for achieving success in retail banking:

an investigation by the New York State Department of Financial Services to determine whether its creditworthiness algorithm demonstrates gender bias.

An acquisition or merger could allow Goldman to rapidly accelerate its timeline for achieving success in retail banking. While the bank has faced challenges in getting its proprietary solutions running strong, purchasing or merging with an existing retail banking player would instead allow Goldman to essentially buy a retail banking customer base and to build out an offering from a stronger position of scale.

A lingering question, however, is whether that kind of major move would leave Goldman with an identity issue: The bank has a reputation as a leader of high-finance, so a ground-shaking move into retail banking could muddy Goldman's public perception and cause it to be seen as too down-market by wealthy clients seeking white-glove service.

 

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