Is Goldman Sachs a depository institution?

Is Goldman Sachs a Depository Institution?

Goldman Sachs, a global investment bank, conducts its depository services through its subsidiary, Goldman Sachs Bank USA. This subsidiary holds a New York State charter as a bank, enabling it to provide depository services.

As a separate entity, Goldman Sachs Bank USA is subject to regulation by the New York State Department of Financial Services (NYDFS). This regulatory oversight ensures compliance with state banking laws and consumer protection measures.

The parent company of Goldman Sachs Bank USA, Goldman Sachs Group, Inc., is a financial holding company regulated by the Federal Reserve. This regulatory framework provides oversight of the overall financial activities of the Goldman Sachs Group, including its banking operations.

By operating through a subsidiary, Goldman Sachs maintains a clear separation between its investment banking and depository activities. This structure is designed to safeguard the interests of depositors and mitigate systemic risks within the financial system.

In summary, Goldman Sachs provides depository services through a subsidiary, Goldman Sachs Bank USA, which is a chartered bank subject to regulation by the NYDFS. The parent company, Goldman Sachs Group, Inc., is a financial holding company regulated by the Federal Reserve, overseeing the group’s financial activities, including banking operations. This structure ensures compliance with banking regulations and safeguards the interests of depositors.