Oct
15
Goldman Has Few Loans to Commodity Houses Who See Firm as Rival
ByGoldman Sachs Group Inc. has less than $200 million in credit exposure to commodity-trading firms, which view the bank more as a rival, Chief Financial Officer Harvey Schwartz said.
“They often tend to position themselves more as competitors than clients,” Schwartz said on a conference call with analysts Thursday after the New York-based company released third-quarter results. “We’re not a big lender. It’s not an important part of our business.”
Trading firms such as Glencore Plc face market scrutiny amid a sustained rout in commodity prices in the third quarter. Glencore has pledged to sell assets and cut debt in an effort to avoid a ratings downgrade…
Goldman Has Few Loans to Commodity Houses Who See Firm as Rival
