Goldman Following Morgan in Ending Proprietary Trading
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Goldman Following Morgan in Ending Proprietary Trading
By Christine Harper and Saijel Kishan
Goldman Sachs Group Inc. is shutting its principal-strategies business, a group that makes bets with the firm’s own capital, to comply with new U.S. rules aimed at curbing risk, two people with knowledge of the decision said.
Wall Street’s most profitable investment bank plans to hold off on announcing the wind-down while the 65 to 70 members of the global unit seek new jobs, the people said, speaking anonymously because the internal discussions about the process are confidential. Some traders and support staff may get roles within the firm, while a team in Asia may raise money for a new hedge fund, the people said.
Ed Canaday, a spokesman for New York-based Goldman Sachs, said he couldn’t comment.
