Goldman Sachs wants people’s saving and checking account business just like local community banks. The main reason is that former Goldman Sachs taxpayer subsidized business model can't generate big revenues and bonuses like in the old days. Post-crash financial rules designed to prevent too-big-to-fail banks like Goldman from crashing the financial system and causing another Great Depression are reducing the subsidies and forcing these banks to internalize the costs of the high risk gambling they used to externalize.
As the standalone investment bank business model is unsustainable, Goldman is now trying to diversify its businesses and become more like a traditional commercial bank, with savings and checking accounts.
But, Goldman's attempt to move into the retail banking consumer space will require overcoming a few scandals.
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