Goldman Sachs Group Inc. GS, +1.31% is quietly plotting a move into commercial banking, hiring a senior JPMorgan Chase & Co. engineer to build a suite of cash management tools, deposit accounts and other products for big companies, according to people familiar with the plans.
Hari Moorthy is joining as a partner from JPMorgan JPM, +1.37% , where he was a managing director working on commercial-banking technology. He will be designing similar tools that Goldman could offer to corporate clients, as well as use to manage its own finances, according to the people.
It is a somewhat unorthodox move for Goldman, which is better known for its advice on mergers and capital raising. The business of helping companies manage and move their cash is generally the province of big commercial banks like JPMorgan and Citigroup Inc., which use giant balance sheets and global footprints to help companies manage their day-to-day finances.
An expanded version of this report appears at WSJ.com
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