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Stock impact report

Goldman Sachs enlists American Express to take on cash management titans like Citigroup [CNBC]

American Express Company (AXP) 
Last american express company earnings: 4/24 07:00 am Check Earnings Report
US:NYSE Investor Relations: ir.americanexpress.com
Company Research Source: CNBC
The move could help Goldman accelerate growth in its nascent business because users of corporate AmEx cards – the dominant player with relationships with almost 60% of the Fortune Global 500 – will now have reason to switch to the Goldman product. Goldman reached $50 billion in commercial deposits by the third quarter this year, several years ahead of target, CEO David Solomon told analysts last week. Goldman Sachs is partnering with American Express to upgrade its digital cash management offering, CNBC has learned. The investment bank is leaning on the world’s biggest issuer of business charge cards in its quest to displace rivals that handle trillions of dollars in deposits and payments for corporations. By integrating virtual card technology from AmEx into its platform, Goldman has automated the cumbersome process of sorting and paying bills to vendors and suppliers, according to executives of the two firms. “This a one-stop solution to a highly fragmented business-to-business Show less Read more
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