Tuesday, 7 July 2015
Last updated 3 min ago
Nov 12 2013 | 11:17am ET
Goldman Sachs CEO and chairman Lloyd Blankfein says his firm is set to comply with the Volcker rule and is winding down its hedge fund unit.
Speaking at the Bank of America conference on Tuesday, Blankfein said the firm will also begin harvesting private equity but that investment banking will remain its primary focus.
The Goldman CEO said clients would continue to demand some services prohibited under Volcker, reports CNBC, and that, while Goldman would still be permitted to co-invest with and provide liquidity to it investors, key businesses would no longer be as attractive as they once were.
The Volcker rule, named for former Federal Reserve chairman Paul Volcker, forbids banks from doing their regular business (loans, mortgages, etc.) while trading on their own behalf.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…