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Goldman Sachs To Double Lending To Ultra-Wealthy Clients By 2029 As Part Of Wealth Management Expansion Strategy

Goldman Sachs Group Inc. (NYSE:GS) plans to double its lending to ultra-wealthy private bank clients by 2029. This initiative is part of the bank’s broader strategy to bolster its wealth management operations. What Happened: Goldman Sachs aims to expand its lending to clients with account sizes exceeding $10 million, reported Reuters. The bank’s private banking chief, Nishi Somaiya, revealed that the plans, previously undisclosed, are aimed at providing more loans for significant purchases, such as luxury homes and sports teams. Lending is viewed as a strategic tool for Goldman Sachs to expand its services to ultra-high net worth clients, who have numerous lending options and borrow infrequently. “We can provide them leverage often against illiquid assets if they need lending for an acquisition – home, hobby, another company, sports team – ...