NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) is looking to buy up to $50 billion in assets from troubled U.S. banks, the Financial Times reported on Sunday, citing executives at the bank.
The newspaper said it is looking to buy the assets as part of its transition into commercial banking.
Last Sunday, Goldman and rival Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) said they would become bank holding companies, enabling them to accept deposits and killing the investment bank model that had dominated Wall Street for decades.
Goldman said then that it intends to expand its deposit base by buying deposits from other banks, including those in distress.
The Financial Times said Goldman plans to talk to U.S. regulators to find $50 billion in assets it could by from the struggling banks. Those assets would be in addition to the $150 billion of its own assets it is moving to its Utah industrial loan corporation, a bank regulated in that state, the report said.
The company could not be immediately reached for comment.
(Reporting by Michael Erman)