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Goldman Sachs to be regulated by Fed

PHILADELPHIA
Sun Sep 21, 2008 10:12pm EDT
A view of 85 Broad Street, where investment bank Goldman Sachs is headquartered in New York, March 5, 2008. REUTERS/Joshua Lott

A view of 85 Broad Street, where investment bank Goldman Sachs is headquartered in New York, March 5, 2008.

Credit: Reuters/Joshua Lott

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PHILADELPHIA (Reuters) - Goldman Sachs Group Inc (GS.N) said on Sunday it would become the fourth largest bank holding company and would be regulated by the Federal Reserve.

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Goldman said it would move assets from a number of strategic businesses, including its lending businesses, into an entity called GS Bank USA that would have more than $150 billion in assets.

GS Bank USA would be one of the ten largest banks in the United States, with assets that are fully funded for term and available to funded by the Federal Reserve.

Goldman said it intends to grow our deposit base through acquisitions and organically.

(Reporting by Jessica Hall; Editing by Louise Heavens)

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