Goldman Sachs Changes Course on New Japanese Transaction Banking Offering
(8 March 2024 – Japan) Goldman Sachs is winding down its new transaction banking offering in Japan, less than a year after launching its new corporate cash management service in Tokyo.
The bank has changed course after announcing plans to enter the lucrative business of managing cash flows and payment processing for major Japanese corporates, the first foray into Asia transaction banking for Goldman Sachs.
The group will remain focused on expanding its relatively nascent transaction banking operations in its home market in the United States (US), the United Kingdom and European Union (EU) launched in in 2020.
"We are stepping back from building out this business here in Japan. Consequently, we are closing Goldman Sachs Bank USA Tokyo Branch whose sole function was to support transaction banking in this market” commented Goldman Sachs Japan Spokesperson, Hiroko Matsumoto.
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