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Goldman Sachs said on Monday it would launch a transaction banking activity in the U.K., offering cash management and treasury services to business clients, in a bid to grow its presence and diversify its activities in the country.
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The decision comes a year after the bank launched a similar service in the U.S. Its platform TxB has since attracted more than 250 clients, and over $35 billion in deposits, Goldman
GS,
-3.50%
said. - “The growth of this business has exceeded our estimates,” said Hari Moorthy, Goldman’s transaction banking global head.
- The U.S. financial services group launched its Marcus online retail bank in the U.K. in 2018.
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Rival JPMorgan Chase
JPM,
-2.53%
said last week that it had struck a deal to buy U.K. online wealth management platform Nutmeg for £700 million.
Read: JPMorgan Chase Buys U.K. Robo-Advisor Nutmeg in Overseas Retail Banking Push
The outlook: Brexit notwithstanding, U.S. investment banking giants seem to think that the U.K. market still offers serious growth opportunities, if only as a base for further European expansion.
