Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Goldman Sachs applies for state charter

|
|
 
  
Published: Oct. 14, 2008 at 8:18 AM
Advertisement

NEW YORK, Oct. 14 (UPI) -- Goldman Sachs has applied for a New York State charter, choosing state regulators to oversee its new banking subsidiaries, the company said.

In September, the Federal Reserve redefined the firm as a bank holding company, which allows it access to low-cost funding, but also subjects the firm to additional regulatory oversight, The Wall Street Journal reported.

The move to work with state regulators signals the firm's intention to concentrate on asset management, rather than retail banking, The New York Times reported.

But, New York's banking superintendent Richard Neiman said the state charter "shouldn't inhibit" the company from purchasing a retail bank from another state.

A Goldman Sachs spokesman said the company has a "long association with New York State."

With a state charter, "we're pleased ... that relationship will be reinforced," the spokesman said.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
  
Join the conversation
Most Popular Collections
Protesters, police clash at NATO summit Notable deaths of 2012 2012 Billboard Music Awards
The 137th Preakness Stakes Annual Solar eclipse occurs in U.S. Chen Guangcheng arrives in the U.S.
Additional Business News Stories
1 of 27
65th Annual Cannes International Film Festival
View Caption
A contortionist performs on the red-carpeted steps of the Palais des Festivals before the screening of the film "Holy Motors" during the 65th annual Cannes International Film Festival in Cannes, France on May 23, 2012. UPI/David Silpa
fark
So what happens when the pet bison gets sick in the house?
After stealing an iPhone, the best thing to do may not be to post your picture on the Facebook page...
Old man drives wheelchair down the highway to confront other old man at trailer park over $5 owed....
Stand aside King Krunk, there is another contender for the crown
Couple arrested after leaving child in car while they went to the strip club. Well, it would have...
Does a bear shiat in the woods? Usually, but if he wants to use the outhouse he won't wait for his...