Goldman plans to expand online bank to Europe: treasurer

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(Reuters) – Goldman Sachs Group Inc plans to open an online deposits business in Europe, the bank’s treasurer Robin Vince said on Tuesday.

On Goldman’s fixed income earnings call, Vince said Goldman had added $5 billion of online deposits since it acquired General Electric Co’s online deposits business in 2016. Goldman has also added 60,000 new customers since then, with a focus on U.S. savers.

Goldman has around $125.5 billion in deposits, still a small fraction of deposits at banks with large branch networks like JPMorgan Chase & Co.

The firm is looking to boost deposits because they are federally insured and are more reliable than other funding sources during times of stress. Regulators have been pushing big Wall Street banks to rely more on deposits since the 2008 financial crisis.

Reporting by Olivia Oran in New York; Editing by Alden Bentley and Richard Chang