Goldman completes sale of commodities businesses
Reports highlight that with Goldman Sachs' sale of a Colombian coal mine, which we reported in this breifing last week, the bank has completed its exit from the commodities business. The article suggests that the move comes as the latest indication of how Wall Street banks have responded to regulatory pressure to divest themselves from commodities businesses; also noted is the low return being made in many off these businesses in recent years. The US Federal Reserve is currently working on new regulation that will force banks to sell off commodity assets, and Goldman's series of sales is likely in anticipation of that.
Goldman Sachs chief executive Lloyd Blankfein says trading remains at the core of the Wall Street bank. Photo: AP