Goldman Gets Bank License for German Unit

FRANKFURT - Goldman, Sachs & Co. said it has obtained a German banking license and opened a subsidiary in Frankfurt.

The subsidiary, Goldman, Sachs & Co. OHG, also became a member of the Frankfurt Stock Exchange and is already active in the German futures and options market.

The company said it plans to employ 60 people by yearend and plans to be involved in equities dealing, fixed-income sales and trading, mergers and acquisitions, debt and equity financing, real estate sales and advisory services, and private banking.

Arthur Walter is in charge of the office.

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