Goldman Joins Retreat From Texas Muni Business After Gun Law
- Goldman replaced by Texas agency as lead on upcoming bond sale
- Official cites bank’s decision to pause underwriting in state
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Goldman Sachs Group Inc. is said to be pulling back from public-finance business in Texas because of new state laws that seek to punish Wall Street banks for wading into the debates over gun control and global warming.
The bank, which is ranked as the sixth biggest municipal-bond underwriter in 2021, is joining rivals Citigroup Inc. and JPMorgan Chase & Co. in halting such business in Texas, at least temporarily, since the Republican-backed laws took effect Sept. 1, according to a state agency that had planned to have Goldman lead an upcoming sale. Bank of America Corp. also hasn’t handled any new Texas bond deals since the start of last month.