Wall Street's Goldman Sachs is helping GE whittle down its banking business by buying the firm's online deposit business for $16 billion, the companies said Thursday.
GE will sell Goldman $16 billion worth of deposits in the form of online savings accounts, online certificates of deposit (CDs) and brokered CDs, the company said in a press release. The transaction includes $8 billion in online deposit accounts and $8 billion in CDs, Goldman said.
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