World Economy

$1 Deposit

$1 Deposit$1 Deposit

For almost 150 years Goldman Sachs has been the go-to bank of the rich and powerful. But now the Wall Street titan is opening up to the masses on Main Street by offering online savings accounts for as little as $1 on deposit, Yahoo reported. Goldman’s shift down market comes as the bank is under pressure to develop new streams of funding. Weak first-quarter results from the big US banks have highlighted the challenges faced by their investment banking units, under pressure from volatile markets and tight regulations. Goldman posted the lowest quarterly return on equity—just 6.4%, on an annualized basis—of the past four years.