Goldman eyes local banking licence to grow ultrarich lending business

Goldman Sachs is considering applying for a local banking licence to extend a broader suite of lending products to its ultra-high net worth clients in Australia, the bank’s co-head of global private wealth management, John Mallory, says.

The Wall Street investment banking giant’s local private wealth team currently includes some 13 advisers in Sydney and Melbourne. In an interview, Mr Mallory said there were “limits on what we can do from a lending perspective today”.