High-yield/macroeconomics (fka YIELD)

[Preciouslife1]

Goldman Sachs Wins New York State Approval for Banking License

http://www.bloomberg.com/apps/news?pid=20601087&sid=aQN82Ex2qZtM&refer=home
By Josh Fineman

Nov. 28 (Bloomberg) ~~ Goldman Sachs Group Inc. won approval for a New York State banking license to transform into a bank holding company and take deposits.

Goldman Sachs Bank USA will have its headquarters in New York City, the New York State Banking Department said today in a statement.

Goldman, which was the biggest U.S. securities firm before converting to a bank holding company in September, applied in October to become a full-service, state-chartered bank instead of a national bank like rival Morgan Stanley. Goldman was one of nine major U.S. banks that received a total of $125 billion under the U.S. government’s $700 billion rescue plan for the financial industry.

“The decision to select a New York charter reflects confidence in New York as a financial center and in its Banking Department as an effective regulator,” Richard Neiman, New York’s superintendent of banks, said in the statement.

Goldman Sachs’ current Utah-based industrial loan company will merge into its New York-state chartered trust company, Goldman Sachs Trust Co., which will in turn become a full-service New York bank with trust powers.

Goldman Sachs spokeswoman Melissa Daly declined to comment.

I am applying to become a bank holding company, and seek
$25 Billion, so that I can give away all of it to my IHUB
friends....and I will never decline to comment fyi