Goldman Sachs to hive off risk managers to separate outfit

New York

GOLDMAN Sachs Group Inc plans to move its risk management team into an independent unit, people familiar with the matter said, a move that is largely symbolic but signals its growing importance.

Headed by chief risk officer Craig Broderick, the group will be carved out from the finance division, where risk managers have long sat alongside accountants, technologists and those responsible for managing Goldman's idle cash.