by Mac Slavo
If there were ever a signal that large investment banks may be preparing for financial crisis and that they’ll be using your money to bail themselves out when it hits, this could be it.
According to a new report from the Financial Times via The Daily Star, mega-banking giant Goldman Sachs is now getting into the retail banking business and looking for more depositors to help fund their operations. The bank has reportedly “been under pressure to develop new streams of funding” after posting lower than usual equity returns in the first quarter of 2016. In response, Goldman recently acquired a portfolio of 145,000 retail depositors from GE Capital totaling some $16 billion in deposits.
Goldman now intends to aggressively pursue retail depositors whose accounts they will then tap to help fund their investing and trading operations: