Goldman Sachs looking to buy brokerage firm - report

Wednesday, 26. February 2020 22:31

Goldman Sachs Group Inc. is considering buying a brokerage firm or registered investment advisers, one of which could be UBS Group AG's brokerage firm in the United States, Fox Business' Charlie Gasparino reported on Wednesday, citing unnamed sources at Goldman.

The acquisition would assist Goldman's in "building out retail might," Gasparino said. He added the potential move should be looked at in the context of longstanding "battle" that is going on between Goldman and Morgan Stanley, which recently announced that it will acquire E-Trade Financial Corporation for $13 billion. Goldman was also reportedly interested in making the deal with E-Trade.

Gasparino went on to claim that sources told him that Morgan Stanley's CEO James Gorman is "looking to buy a mid-size commercial bank before he retires."

Related Links: UBS Group AGMorgan StanleyGoldman Sachs Group Inc.
Author:
Breaking the News / MS