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THE GOLDMAN SACHS GROUP, INC.

(GS)
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Goldman Sachs : Launches Transaction Banking in the UK

06/21/2021 | 04:49am EDT

LONDON - June 21, 2021 - Goldman Sachs today announced the launch of Transaction Banking (TxB) in the UK, expanding the business which was successfully launched in the US last year.

Transaction banking, also known as cash management and treasury services, is the business of providing solutions for clients' day-to-day treasury operations as well as optimizing working capital.

Since launching in the US last June, Goldman Sachs has attracted more than 250 clients, taking on over $35 billion in deposits and processing trillions of dollars through its systems. The launch of this business in the UK will bring a suite of new services to corporate and institutional clients via a market-leading, digital-first cash management platform.

Hari Moorthy, global head of TxB, said: 'We set a mission to provide a global transaction banking platform that is secure, easy to use, and nimble to help our clients run and grow their businesses. The growth of this business has exceeded our estimates and we are very excited to bring TxB to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK.'

Jim Esposito, Global Co-Head of the Investment Banking Division at Goldman Sachs added, 'As we surveyed our clients we heard consistent feedback that there was scope to improve the cash management and payment processing set of services. Goldman Sachs is uniquely positioned to disrupt this market building on over 150 years of financial and risk management experience, yet unencumbered by legacy banking infrastructure. We see huge potential to grow this business in the UK and globally'.

TxB will offer traditional products in a more streamlined and simplified manner by modernising treasury functions, and offering a simple, seamless, API-based experience. TxB will launch features over time, building up to a holistic client solution that is inclusive of payments in more than 125 currencies, deposit accounts, escrow services, liquidity solutions, full file and API connectivity and payroll.

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.


# # #

Media Contact:
Andrea Williams
Tel: +1 212 902 5400

Investor Contact:
Carey Halio
Tel: +1 212 357 2659

Disclaimer

The Goldman Sachs Group Inc. published this content on 21 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2021 08:48:00 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 55 113 M - -
Net income 2021 18 654 M - -
Net Debt 2021 312 B - -
P/E ratio 2021 7,10x
Yield 2021 1,77%
Capitalization 133 B 133 B -
EV / Sales 2021 8,07x
EV / Sales 2022 10,2x
Nbr of Employees 40 800
Free-Float 37,3%
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Last Close Price 374,88 $
Average target price 411,80 $
Spread / Average Target 9,85%
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Managers and Directors
David Michael Solomon Chairman & Chief Executive Officer
John Edward Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
George C. Lee Co-Chief Information Officer
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