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Exclusive - Goldman puts Metro metals warehousing unit up for sale: sources
May 20, 2014 / 4:48 PM / 3 years ago

Exclusive - Goldman puts Metro metals warehousing unit up for sale: sources

NEW YORK (Reuters) - Goldman Sachs Group Inc began seeking potential buyers of its metals warehousing business this week, two sources familiar with the matter said, the most definitive sign yet that it is moving to shed the operation amid regulatory and political pressure.

Goldman Sachs trader Dennis Maguire works in his company's stall on the floor of the New York Stock Exchange January 15, 2014. REUTERS/Brendan McDermid

The Wall Street titan, one of the few major global banks that has not pulled back from commodity markets in recent months, contacted possible bidders about buying Detroit-based Metro International Trade Services on Monday, a source familiar with the matter told Reuters on Tuesday.

The initial discussions suggest Goldman is making a clear effort to move forward after a year of on-and-off talks over the fate of Metro, a cash cow for the bank amid soaring global metal inventories but a business that has more recently become the focus of lawsuits, regulatory scrutiny and public outrage.

Reporting by Josephine Mason; Editing by Jonathan Leff

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