Goldman Sachs To Spin Off Proprietary Trading Business

Filed under: Major Movement, Management, Competitive Strategy, Market Matters

The new so called Volker rule is forcing banks to spin off their proprietary trading businesses. Goldman Sachs is following the lead of the other major banks and will spin off its proprietary trading unit. Goldman Sachs Group, Inc. (GS) stock rose 1.89% to $156.09.



Goldman has been at the center of of a firestorm for critics of financial sector violations leading up to the 2008 crisis. On July 16, Goldman paid $550 million to settle civil fraud charges brought against them by the Securities and Exchange Commission (SEC.) The new Volker rule, named after former Federal Reserve chairman Paul Volker,restricts banks from proprietary trading and has new limits on the size of private equity funds.

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Goldman Sachs To Spin Off Proprietary Trading Business originally appeared on BloggingStocks on Wed, 04 Aug 2010 18:30:00 EST. Please see our terms for use of feeds.

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