Goldman Sachs Doesn’t Need More Deposit Funding, Cohn Says
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Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, doesn’t need more deposits to fund its businesses, said President and Chief Operating Officer Gary D. Cohn.
“There’s this common view that we are at a funding disadvantage because of deposits,” Cohn said in an interview on Bloomberg Television in Tokyo. “The reality is that you can only use deposits for specific parts of your business. So our investment-banking business is on equal footing with everyone else’s banking footing when it comes to financing that business.”