Goldman Sachs is expanding its investment banking services in Switzerland and Europe as it chases stable revenues on the continent.
Goldman Sachs is offering transaction banking services to corporate clients in the EU, adding services outside of its investment bank’s core areas of trading and advisory, it said in a statement Tuesday.
Rolled out from Goldman Sachs’ hubs in Frankfurt am Main and Amsterdam, the offering will address the day-to-day payments and cash management needs of businesses and be available to corporates in Europe and Switzerland, a spokesman from the bank confirmed.
Transaction banking was named as one of Goldman Sachs’ key focus areas in the bank’s 2020 investor day presentation and was introduced in the US in the same year. The additional service could help fill holes from deal-making losses within the investment bank this year, resulting from lower stock prices, rapidly accelerating inflation and interest rates as well as an energy crisis.