Wednesday, 22 October 2014
Last updated 7 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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