Goldman Sachs Group Inc has sold its controversial metals warehousing business to Swiss private equity group Reuben Brothers, the Wall Street bank said on Monday.The deal for Metro International Trade Services comes months after Goldman formally put the business on the block. Goldman bought Metro for an estimated $550 million in 2010, capitalizing on a surge in demand for storing base metals such as aluminum as demand slumped.But the bank came under fierce political and regulatory pressure to divest the Detroit-based operation amid allegations it had encouraged hoarding supply, inflating metals prices. Goldman has denied it did anything wrong.Last month, Goldman executives testified before a Senate subcommittee on the matter, and reaffirmed the company's intention to sell the metals warehousing unit.
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.35% or $0.68/share to $193.96. In the past year, the shares have traded as low as $151.65 and as high as $198.06. On average, 3087100 shares of GS exchange hands on a given day and today's volume is recorded at 1346410.
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