Goldman Sachs (NYSE: GS – news) is seeking changes to the Volcker rule, which keeps banks from speculative trades in their own accounts, to protect its merchant-banking unit, The Wall Street Journal reported.
The rule, named after former Federal Reserve chairman Paul Volcker, was part of the sweeping reforms introduced in the wake of the 2008 recession and aimed at preventing another meltdown of the financial sector.
It forbids banks from actively trading in their own accounts to boost profits, what is known as proprietary trade.
Goldman Sachs"in bid to change" Volcker rule
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