Goldman Sachs to headquarter bank in New York

October 13, 2008 4:59:52 PM PDT
New York Gov. David Paterson says Goldman Sachs Group Inc. will make Manhattan the U.S. headquarters for its commercial banking operations. Goldman has applied for a charter from the state Banking Department as it evolves from investment banking into a bank holding company.

Paterson says the company's decision bolster's the city's position as a financial capital.

Goldman Sachs Bank USA will combine the financial giant's New York-chartered trust company, Goldman Sachs Trust Co., with its Utah-based industrial loan company and a number of other Goldman businesses.

The commercial bank will have about $150 billion in assets. The loan company will retain a branch in Utah.

Goldman Sachs has been based in New York City since it was founded in 1869.

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