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Goldman +2.4% as new investment co-chief picked, investing app developments

Sep. 19, 2018 11:46 AM ETThe Goldman Sachs Group, Inc. (GS) StockJPM, GS, HSBC, WFC, PRU, CS, BCSBy: Liz Kiesche, SA News Editor
  • Goldman Sachs (NYSE:GS) gains 2.4% in midday trading amid news that it's  promoting Dan Dees to help run Wall Street's top investment-banking operation and that rivals are lining up to take stakes in its "Simon" investing app.
  • Dan Dees, who currently leads the bank's tech, media and telecom group, will join Gregg Lemkau and Marc Nachman in running Goldman's most profitable business, Bloomberg reports, citing people with knowledge of the matter.
  • The move continues management reshuffling as David Solomon prepares to take over as CEO.
  • Meanwhile, Goldman, which is considering spinning off its Simon app for selling complex investment products, is in talks with JPMorgan (JPM +2.6%), Barclays (BCS +2.5%), HSBC Holdings (HSBC +2%), Credit Suisse (CS +1.8%), Wells Fargo (WFC +1.6%), and Prudential Financial (PRU +2.6%) for stakes in the business, CNBC reports, citing a source familiar with the matter.
  • The potential deal is said to value Simon at about $100M.
  • Morgan Stanley and Bank of America said in July that they're backing Luma, a rival structured notes sales platform.
  • Previously: Goldman's incoming CEO getting team together - WSJ (Sept. 13)
  • Previously: BofAML, Morgan Stanley, Navian Capital start platform for structured products and annuities (July 31)

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