Wall St. Faces Specter of Lost Trading Units
By GRAHAM BOWLEY and ERIC DASH
NYT
They are the elite among the elite at Goldman Sachs, highfliers who are the envy of Wall Street.
But on Washington’s orders, Goldman is now considering a step that once would have been unthinkable: disbanding the corps of market wizards at the heart of its lucrative trading operation.
Under the new Dodd-Frank financial regulations, Goldman must break up its principal strategies group, the wildly successful trading unit that has helped power the bank’s profits. Goldman is considering several options, including moving the traders to another division or shutting the unit altogether, according to people briefed on the matter.
Across Wall Street, other financial giants are also embarking on the delicate task of complying with the new rules governing their trading and investments.
(More here.)
NYT
They are the elite among the elite at Goldman Sachs, highfliers who are the envy of Wall Street.
But on Washington’s orders, Goldman is now considering a step that once would have been unthinkable: disbanding the corps of market wizards at the heart of its lucrative trading operation.
Under the new Dodd-Frank financial regulations, Goldman must break up its principal strategies group, the wildly successful trading unit that has helped power the bank’s profits. Goldman is considering several options, including moving the traders to another division or shutting the unit altogether, according to people briefed on the matter.
Across Wall Street, other financial giants are also embarking on the delicate task of complying with the new rules governing their trading and investments.
(More here.)
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