Goldman Sachs US Bank To HQ in NYC

NEW YORK CITY-Gov. David Paterson revealed late Monday that Goldman Sachs Group Inc. will headquarter its US commercial bank in New York City and has applied to the New York State Banking Department to become a full service state-chartered bank. The bank’s decision “reinforces New York’s position as the financial capital, and as a state with progressive laws, coupled with a strong supervisory force that understands diverse local needs, whether for wholesale activities, community banking or consumer protection,” according to a statement by the Governor.

“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.