MW:Goldman Sachs to build up private banking arm: WSJ
By Chris Oliver
HONG KONG (MarketWatch) - Goldman Sachs Group Inc. GS +0.26% is seeking to build up its private banking services, including lending to individuals and corporations, in a push to broaden its appeal among wealthy customers and shift away from reliance upon trading activities and corporate deal making, according to a report Tuesday in The Wall Street Journal, which quoted Goldman's Chairman and Chief Executive Lloyd Blankfein. The New York firm's executives have set a target of $100 billion in loans, up from $12 billion at the end of March, the report said. It also said the push into the new business comes as revenue in traditional lines has fallen amid increased regulation, market turmoil and a sluggish economy. Goldman Sachs was due to announce quarterly earnings later Tuesday.
