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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: LPS5 who wrote (8115)	4/9/2000 7:58:00 PM
From: TFF	Read Replies (1) of 12617

Goldman Sachs Set to Introduce Online Brokerage, Crain's Says New York, April 9 (Bloomberg) -- Goldman Sachs Group Inc., the fifth-largest U.S. investment bank, plans to launch an online brokerage unit this fall, according to a report in Crain's New York Business citing unidentified sources. The unit would begin operations as a trading service for the New York firm's high net- worth customers, though later it could give Goldman a way to recruit clients who can't afford its current $5 million minimum investment, the magazine said. To help get the Internet-based service running, Goldman hired Timothy Foley, the head of product development at Donaldson Lufkin & Jenrette Inc.'s DLJdirect division, Crain's said. Goldman, which ended the first quarter as Europe's biggest investment bank in mergers and stock sales, has since seen three of the transactions that propelled it to that position go awry, including Deutsche Bank AG's $29 billion purchase of Goldman client Dresdner Bank AG.

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