Goldman to wind down global macro trading desk-WSJ

NEW YORK | Tue Feb 15, 2011 8:19pm EST

NEW YORK Feb 15 (Reuters) - Goldman Sachs Group Inc (GS.N)
is winding down its Global Macro Proprietary Trading desk, the
Wall Street Journal said on Tuesday, citing a person familiar
with the matter.

The trading desk has made bets with Goldman's capital in
foreign exchange markets, interest rate markets, stocks,
commodities and other fixed-income markets, and will close its
trades in the "coming days," the newspaper said, citing the

Goldman was not immediately available for note.

Some members of the eight-person trading desk will leave
the company, with Karl Devine and others on his four-person
London-based staff in discussion to go to hedge funds in that
city, the newspaper said, citing people familiar with the

Like other banks, Goldman has been curtailing trading to
comply with the so-called Volcker rule, part of last year's
Dodd-truthful financial regulation overhaul calculated to limit the
risks that lenders take with their own capital.

According to the newspaper, Goldman has said it has no
plans to unwind a larger proprietary-investment unit called the
Special Situations Group, which it said complies with the
Volcker rule because it is mainly a lending unit. (Reporting by
Jonathan Stempel; Editing by Gary Hill)

Source: Reuters.Com