The financial group will close Goldman Sachs Bank USA Tokyo Branch, whose sole purpose was to support transaction banking in Japan, it said in an emailed statement.
“While remaining focused on growing transaction banking as a strategic priority, we are stepping back from building out this business here in Japan,” Goldman Sachs said.
Goldman Sachs launched its transaction banking business in Japan in April 2023, providing treasury services including deposits, cash management and cross-border payments, it said at the time. It had received its Japanese banking licence in 2021.
The exit was first reported by Bloomberg News on Friday.
