February 3, 2020
Goldman Sachs Group, Inc. (NYSE: GS) is negotiating with Amazon.com, Inc. (NASDAQ: AMZN) about offering small- and medium-sized businesses loans in the United States on the e-commerce Company’s lending platform, reported the Financial Times this morning.
The FT further stated that the project is said to go live in March. If the deal of the two companies closes, Goldman will be adding itself to Amazon’s lending platform.
The online retailer’s lending platform follows the purpose to strengthen Amazon’s ties with small-business clients and has been in place for years. The loans are predominantly used to provide merchants on the Amazon.com website with funding to acquire inventory.
Goldman’s move underlines the banks aim to diversify and seek new business lines to boost revenues outside of trading and investment banking, which are its traditional strengths.
Chairman and CEO of Goldman Sachs, David M. Solomon, said regarding the Company’s strategic direction on the Investor Day last week:
“We are resolute in fulfilling our purpose of putting capital and ideas to work to evolve organizations, accelerate global economies and amplify personal prosperity. We believe that this deep commitment, combined with the talent of our people and our risk management culture, positions us to deliver higher, more durable returns for our shareholders over the long term.”
In March, Goldman and Apple Inc. (NASDAQ: AAPL) launched a co-brand credit card with the aim to expand the Wall Street bank’s consumer business, that also includes its online bank Marcus.
Goldman introduced the Marcus consumer banking brand in 2015, to flatten volatile trading and investment banking results.
Headquartered in New York City, the Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm.
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