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Press Release
Governor Paterson announces Goldman Sachs U.S. Bank, a Full Service Bank, Will be Headquartered and Chartered in New York
Goldman Sachs Bank USA to Be One of the Ten Largest Banks in the U.S., With Approximately $150 Billion in Assets
Decision to Headquarter in New York Reflects Confidence in State's Progressive and Effective Banking Regulation

October 13, 2008

Governor David A. Paterson today announced that the Goldman Sachs Group Inc. will headquarter its U.S. commercial bank in New York City and has applied to the New York State Banking Department to become a full service state-chartered bank. Goldman Sachs' decision reinforces New York’s position as the financial capital, and as a state with progressive laws, coupled with a strong supervisory force that understands diverse local needs, whether for wholesale activities, community banking or consumer protection.

“Goldman Sachs has been a bedrock of the financial community in New York City since the founding of the firm in 1869. Their decision to base their U.S. operations in New York State is a real reflection of their confidence in our State's ability to effectively regulate and represents a bit of good news for our troubled markets,” said Governor Paterson. “We look forward to working with them as they transition a substantial portion of their business from an investment bank to a new regulatory scheme. New York is the hub for international finance and Goldman's decision today builds on a strong foundation.”

Goldman Sachs currently has a Utah-based industrial loan company and has had a New York-chartered trust company, Goldman Sachs Trust Company, since 1990. Goldman Sachs has filed an application with the Banking Department to turn the trust company into a full service New York bank with trust powers, under the name Goldman Sachs Bank USA. The Utah company will be merged into the New York bank, retaining a branch in Utah. Goldman Sachs Bank USA will have approximately $150 billion in assets. A number of existing Goldman Sachs businesses will also become part of Goldman Sachs Bank USA.

Superintendent of Banks, Richard H. Neiman said: “Wall Street is undergoing a transformation. The decision by Goldman Sachs to convert from an investment bank to a bank holding company with increased capital requirements, lower leverage and continual on-site examination will provide a high level of assurance to investors, customers and counterparties. The New York Banking Department will be able to help smooth the transition by leveraging its broad experience with wholesale and capital market activities.”

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State's mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.2 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit the Web site at www.banking.state.ny.us.