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Goldman Sachs to boost number of mid-sized corporate clients: CEO

Reuters  |  NEW YORK 

(Reuters) - Group Inc said on Tuesday the aims to boost the number of mid-size corporate clients it serves over the next few years.

Goldman Sachs's investment bankers and have long managed relationships with some of the world's largest companies, Solomon said. But as the U.S. investment develops more corporate services, like cash management, it has sought to sell them to a group of clients.

"There are lots and lots of companies with (enterprise) value at $500 million to $3 billion," Solomon said at a conference hosted by in "There's real ... expansion opportunity for the firm ... to open the aperture of corporations that we bring to."

Starting last year, the began developing a technology platform to handle corporate clients' cash payments and receipts of money around the world. Goldman will launch the product in 2020, with itself as the first client.

Since taking the helm at Goldman in October, Solomon has overseen a review of the bank's businesses to identify areas where it can grow to reach a goal of generating $5 billion in new revenue.

Goldman's scale as a global bank means that strategies like adding more small and mid-sized corporate clients or launching services can add "a couple of million dollars of revenue" at only a moderate cost to the bank, Solomon said.

"You can move the needle over a period of time with reasonable investments."

(Reporting By Elizabeth Dilts; Editing by Bernadette Baum)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 23:17 IST