Goldman Sachs dips toe into consumer banking

GS Bank, as it is now known, remains fairly simple with an online-only format for establishing savings accounts and investing in CDs.

Goldman is hoping to establish a new revenue source with this foray into retail banking as some of its more traditional streams have struggled amid volatile markets and increasing regulation.

At the height of the financial crisis, Goldman Sachs converted itself into a bank holding company in part to access types of funding that were previously off limits to it.