New Goldman Sachs Push: Cash Management For Big Firms

Goldman Sachs Group Inc. GS, +1.31%   is quietly plotting a move into commercial banking, hiring a senior JPMorgan Chase & Co. engineer to build a suite of cash management tools, deposit accounts and other products for big companies, according to people familiar with the plans.

Hari Moorthy is joining as a partner from JPMorgan JPM, +1.37%  , where he was a managing director working on commercial-banking technology. He will be designing similar tools that Goldman could offer to corporate clients, as well as use to manage its own finances, according to the people.

It is a somewhat unorthodox move for Goldman, which is better known for its advice on mergers and capital raising. The business of helping companies manage and move their cash is generally the province of big commercial banks like JPMorgan and Citigroup Inc., which use giant balance sheets and global footprints to help companies manage their day-to-day finances.

An expanded version of this report appears at WSJ.com

Popular on WSJ.com

Mueller Probe Into U.A.E. Influence Broadens

U.S. Announces Tariffs on $50 Billion of China Imports

RECENT NEWS

When The Wave Turns

Why Retirement Investing Is Moving Towards Resilience Jeremy Grantham’s latest market warnings have revived an old tru... Read more

Gyrostat Capital Management: July Retirement Portfolio Resilience Assessment

The Market Is Currently Presenting an Opportunity to Strengthen Retirement Portfolio Resilienc... Read more

The Invisible Risk That Decides Your Retirement

Why how investors behave matters more than what markets do and what disciplined port... Read more

Gyrostat Capital Management: The Missing Allocation In Retirement Portfolio Construction?

For decades, retirement portfolios have largely been constructed using combinations of growth assets a... Read more

When The Gate Comes Down

A Stress Test Rather Than a ScandalApollo Debt Solutions is not a blow-up story. It is something arguably more instructi... Read more

What If The Investment Industry Is Benchmarking The Wrong Things?

  Investment management is built around benchmarking.  Fund managers compare themselves a... Read more