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Dec

07

CBA to Shut Institutional Equities, Ties Up With Goldman

By Tony Seruga

Certain roles will be affected, Commonwealth Bank says
Goldman deal gives CBA clients access to global equity markets

Commonwealth Bank of Australia will start to “wind down” its proprietary institutional equities team from Dec. 16 and the lender has entered an alliance with Goldman Sachs Group Inc. to offer clients access to global equity markets.

Certain jobs will be affected due to the closure of the unit, Commonwealth Bank said without giving a number. CommSec, the lender’s online trading platform, and private-bank customers will have access to Goldman Sachs’s research and pipeline of equity offerings including initial share sales, the banks said in a joint statement Monday…

CBA to Shut Institutional Equities, Ties Up With Goldman

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