I-bank's wealth-management grp offers lending, deposit and payment services. Goldman Sachs has expanded the service menu of its Private Wealth Management (PWM) group to include private-banking services.

"The private-banking service adds the financing and advisory element to our private-wealth-management business," New York-based Goldman partner Andrew Kaiser told the Dallas Business Journal last week. "Prior to this we were more exclusively focused on investment management."

Evolution

In its 2006 annual report, Goldman said it planned to build "a private-banking capability" in order "to provide a full range of services to our private-wealth-management clients."

In July 2007, it hired Peter Scaturro as head of PWM, a new position. Scaturro's pre-Goldman experience in private banking includes a tenure as CEO of U.S. Trust and, before that, as chief executive of Citigroup Private Bank. Prior to this appointment, Goldman's private-wealth group was run by regional heads who reported to the chief of Goldman's investment-management division. Now they report to Scaturro.

Kirk Rimer, manager of Goldman PWM's southwest region, told the Business Journal that the firm's move to include lending and deposit services along with investment-management and financial and estate planning is in keeping with an industry trend of providing wealthy clients with a broad array of risk-management or wealth-preservation capabilities.

Goldman PWM caters to individuals and families with at least $10 million in liquid assets. It has offices in Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, Philadelphia, San Francisco, Seattle, Washington, D.C., West Palm Beach, Fla., Frankfurt, Geneva, London and Zurich.

In the U.S., Goldman's private-banking entity is Goldman Sachs Bank USA; in Europe it's Goldman Sachs Bank (Europe). -FWR

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