Goldman Sachs moves US commercial bank HQ to NYC

Goldman Sachs Group will headquarter its U.S. commercial bank in New York City and has applied to the New York State Banking Department to become a full service state-chartered bank. Governor David Paterson said the bank’s decision is a “reflection of their confidence in our state’s ability to effectively regulate and represents a bit of good news for our troubled markets.” Goldman Sachs currently has a Utah-based industrial loan company and has had a New York-charted trust company since 1990. The Utah company will be merged into the New York bank, retaining a Utah branch, if it becomes a state-chartered bank.