The Real Deal Miami

Goldman Sachs moves US commercial bank HQ to NYC

October 15, 2008 12:57PM

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.