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Goldman Sachs Said to Prohibit Bankers From Buying Stocks

Goldman Sachs Group Inc., the top adviser on corporate takeovers, is changing a policy addressing conflicts of interest to bar investment bankers from trading individual stocks and bonds, a person with direct knowledge of the matter said.

Employees at the New York-based firm were notified yesterday of the change, which takes effect immediately, said the person, who requested anonymity because the matter isn’t public. They also aren’t allowed to invest in activist or event-driven hedge funds, the person said. Previously, bankers needed approval before they could invest in individual stocks.