Bloomberg on Goldman Sachs:
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 New York-based firm, while a team in Asia may raise money for a new hedge fund, the people said.
American Banking News on JP Morgan Chase:
As reported in Money Morning, the bank eventually will close all in-house trading to comply with new U.S. curbs on investment banks, said the person, who asked not to be identified because New York-based JPM’s decision hasn’t been made public.
But what about the other large Wall Street banks? Other banks are trying to find a wat to comply with rules with dismantling their proprietary trading and private-equity activities.
American Banking news on Citgroup and Morgan Stanley:
Citigroup Inc. (C) is looking at three options to meet the new rule, including moving a team of proprietary traders into its hedge-fund unit, people briefed on the matter told Bloomberg. The bank would bankroll the unit and set up the traders as hedge-fund managers, then raise money from outside investors to reclaim the seed money, the people said.
Morgan Stanley’s trading unit might be spun off over several years, while Bank of America might sell its main $3 billion proprietary-trading desk to a private-equity firm or hedge fund, people familiar with the situation told The Journal.
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