New York headquartered investment and financial services bank Goldman Sachs Group Inc. (GS) is willing to make any acquisition bid as long as it will bring substantial benefits to the company.
These sentiments were made by the bank’s Chief Financial Officer Stephen Scherr, who confirmed the bank openness to any acquisition deal as long as the deal will increase growth of the company’s ongoing businesses.
“We’re very open to the proposition of acquisitions that fill gaps or accelerate elements of our growth plan,” said Scherr during a conference call.
A month ago the bank’s fierce competitor, Morgan Stanley (MS) made public its plan of purchasing online trading platform E-Trade (ETFC). Following the announcement many started to speculate that Goldman Sachs will take a similar move so as to catch up with its industry peer.
In addition, the CFO said the bank is not looking for larger material transactions in the short term further stressing on the point that the bank will make an acquisition if and only when the deal will propel its growth.
“I think you’ll find us to be much more acquisitive in the context of accelerating and facilitating the growth of business initiatives that are there, none of which would necessarily present themselves as material to the firm overall,” said Scherr.
The CFO could not end his call without addressing the coronavirus issue which is turning out to be a global epidemic. He said so far the bank has not reported any coronavirus case among its employees.
Nonetheless, the bank will continue with taking the precautionary measures to minimize the chances of spreading the virus. Among these measures include dividing employees into multiple groups to work from separate locations and others to work from home.