"Goldman Sachs has been a bedrock of the financial community in New York City since the founding of the firm in 1869," Gov. Paterson says. "Their decision to base their US operations in New York State is a real reflection of their confidence in our State's ability to effectively regulate and represents a bit of good news for our troubled markets."
Goldman Sachs currently has a Utah-based industrial loan company and has had a New York-chartered trust company, Goldman Sachs Trust Co., since 1990. Goldman Sachs has filed an application with the Banking Department to turn the trust company into a full service New York bank with trust powers, under the name Goldman Sachs Bank USA.
The Utah company will be merged into the New York bank, according to the statement, retaining a branch in Utah. Goldman Sachs Bank USA will have approximately $150 billion in assets. A number of existing Goldman Sachs businesses will also become part of Goldman Sachs Bank USA.
Superintendent of Banks, Richard Neiman says in the statement that "Wall Street is undergoing a transformation. The decision by Goldman Sachs to convert from an investment bank to a bank holding company with increased capital requirements, lower leverage and continual on-site examination will provide a high level of assurance to investors, customers and counterparties. The New York Banking Department will be able to help smooth the transition by leveraging its broad experience with wholesale and capital market activities."
The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the US offices of international banking institutions, all of the State's mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.2 trillion, according to the statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
