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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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