Goldman's trading revamp plan takes back seat to lending
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New York
INVESTORS have been waiting for Goldman Sachs Group Inc's strategy to turn around its fixed-income trading operation. What overshadowed that on Tuesday was a plan to expand in a business that's been mostly a sideline.
Lending to wealthy clients and consumers through an online bank, as well as other loans, could bring in US$2 billion of new revenue over the next three years, twice as much as a revamp of the firm's storied bond-trading business, co-president Harvey Schwartz said in a presentation.
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