Goldman Says It Can Beat Fintech Ventures With Online Loan Terms
- Head of banking arm discusses lending push at conference
- Using balance sheet ‘will avail us of certain flexibility’
Goldman Sachs Group headquarters in New York.
Photographer: Ron Antonelli/BloombergThis article is for subscribers only.
Goldman Sachs Group Inc., the Wall Street investment bank pushing into online consumer lending, expects it can make loans on more competitive terms than Silicon Valley upstarts that pioneered and dominate the business.
Using deposits to fund loans -- rather than drawing on outside investors -- will give the firm more leeway when setting terms and fees, Stephen Scherr, head of the company’s banking operations, told an industry conference in New York on Tuesday.