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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Goldman Partners with Fidelity Investments
Goldman Sachs is teaming with Fidelity Investments in a venture that will allow advisers of the Boston-based firm to offer client loans ranging from $75,000 to $25 million. Taking advantage of its banking license and a growing base of deposits through Marcus, its online banking operation, Goldman will offer loans that will backed by investment portfolios held at Fidelity.
Goldman Sachs will utilize its technology and a small team of bankers - that will grow to 20 people by year’s end – to provide advice to financial advisers, who will continue to deal directly with clients and help them select what loan best fits their needs. Goldman will offer one-day approvals on many of these securities-based loans.
U.S. Bancorp has the jump on Goldman, having launched a similar product last year with Fidelity Institutional - which provides services for RIAs, B/Ds and family offices. Minneapolis-based U.S. Bancorp has since expanded its offering of financial products, such as financing aircraft and life insurance premiums. Goldman Sachs CEO Lloyd Blankfein is looking for the same sort of expansion in its relationship with Fidelity Investments.