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Finance

Goldman wins banking license to help multinationals in Japan

Stable commercial and consumer services supplement volatile trading profits

Goldman Sachs is bringing its new transaction banking services to Japanese multinationals.   © Reuters

NEW YORK/TOKYO -- Goldman Sachs on Wednesday received a license to operate banks in Japan, expanding the burgeoning business into a new market as its trading desk becomes less reliable as a cash cow.

Subsidiary Goldman Sachs Bank USA, which handles consumer and corporate banking, will offer services such as helping Japan-based multinationals with dollar funding. It is set to open a location in Tokyo in September.

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