Goldman Sachs Group Inc. , the fifth-biggest U.S. bank by assets, will continue making principal investments with the firm’s own money because executives don’t think the so-called Volcker rule prevents the practice, a Bank of America Corp. analyst said.
On Jan. 2, Jim Clark , a founder of such technology icons as Netscape Communications Corp. and Silicon Graphics Inc. , was at home in Palm Beach, Florida, when he got an e-mail from an executive at Goldman Sachs Group Inc. ’s private wealth management division. Goldman was offering Clark a chance to invest in the closely held social-networking company Facebook Inc. The deal -- through a fund overseen by Goldman Sachs Asset Management -- was being offered to other Goldman investors at the same time, Bloomberg Markets magazine reports in its March issue.
Richard Perrott, an analyst covering exchanges and inter-dealer brokers at Berenberg Bank, left to join Autonomous Research LLP, the independent research firm founded by former Merrill Lynch & Co. executives.
The biggest U.S. banks captured the highest share of global trading revenue in at least two years as their counterparts across the Atlantic reduced risk in the fourth quarter amid a worsening sovereign-debt crisis.
Goldman Sachs Group Inc., Citigroup Inc. and Morgan Stanley were among Wall Street banks whose second-quarter profit estimates were cut by analysts, who said the companies’ trading revenue was likely to tumble.