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UPDATE 2-Goldman Sachs to buy mortgage lender Genesis Capital

UPDATE 2-Goldman Sachs to buy mortgage lender Genesis Capital
From Reuters - October 12, 2017

(Reuters) - Goldman Sachs Group Inc (GS.N) has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish.

Los Angeles-based Genesis, which had been backed by private equity firm Oaktree Capital Management LP, provides financing for real estate developers looking to buy, renovate and sell single-family homes.

Terms of the deal, announced by Genesis on Thursday, were not disclosed.

Goldman is grappling with ways to boost revenue as trading, its traditional profit engine, has slowed amid post-financial crisis regulations.

Pushing more deeply into lending to both large corporations and consumers, Goldman purchased $17 billion worth of online retail deposits last year from GE Capital Bank.

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