Exclusive: Goldman Sachs aims to double lending to wealthy private bank clients

NEW YORK, June 13 (Reuters) – Goldman Sachs (GS.N), opens new tab aims to double its lending over the next five years to ultra-wealthy private bank clients with account sizes exceeding $10 million, as it gathers more deposits to supercharge lending, the bank’s private banking chief told Reuters.

The plans, previously unreported, were disclosed to Reuters by Nishi Somaiya, Goldman’s global head of private banking, lending and deposits. The Wall Street giant wants to make more loans to wealthy individuals and families for big purchases, ranging from luxury homes to sports teams, as part of its strategy to bolster its wealth management operations.