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Goldman buys GE's deposits for $16B

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Wall Street's Goldman Sachs is helping General Electric whittle down its banking business by buying the firm's online deposit business for $16 billion, the companies announced yesterday.

Goldman agreed to buy $16 billion worth of deposits in the form of online savings accounts, online certificates of deposit and brokered CDs, according to USA Today.

The deal is subject to regulatory approvals.

Read more from USA Today.

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