Opalesque – Wall Street banking giant Goldman Sachs is reported to be planning to wind down its proprietary trading unit, Principal Strategies, to comply with the new Dodd-Frank Act that bans banks from making bets using their own money, various media reports said.
The story, which was first reported by Bloomberg, indicated that Goldman has deferred formal announcement of the plan while between 65 and 70 staff of the global unit seek to find new jobs. The report quoted its source as a person knowledgeable with the issue, who asked not be named because he was not authorized to divulge these details.
