Goldman Launches Transaction Banking in Britain
Global financial services firm Goldman Sachs Group (GS) has announced the launch of its transaction banking business in Britain, according to a report by Reuters. The company offers securities underwriting, investment management, prime brokerage, and asset management services.
The launch of Goldman Sachs’ transaction banking services in Britain follows the U.S. launch of the business in June 2020. In the U.S., the transaction banking business has attracted over 250 clients and received deposits of more than $35 billion.
In Britain, Goldman will offer cash management services like payroll and payment processing. The company launched Marcus, its retail brand, in Britain in 2018. (See Goldman Sachs Group stock charts on TipRanks)
Hari Moorthy, Goldman’s transaction banking global head said, “The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the U.K. to expand our client reach and streamline banking for multinational corporations with a presence in the U.S. and the U.K.”
JMP Securities analyst Devin Ryan recently reiterated a Buy rating on the stock, while increasing the price target from $400 to $425 (21.8% upside potential). In a research note to investors Ryan said Goldman’s Consumer & Wealth Management division’s execution is its “most-compelling long-term shareholder value expansion opportunity.”
Overall, the stock has a Moderate Buy rating based on 12 Buys and 5 Holds. The GS average analyst price target of $406.71 implies 16.6% upside potential to current levels. Goldman’s shares have gained 71.5% over the past year.
Amazon’s Cloud Platform Inks Deal with Ferrari
Brady Snaps Up Code for $173M
Ares Commercial Real Estate Prices $103M Common Stock Offering