Goldman Sachs Should Split Into Three Units, Michael Price Says: Tom Keene
“Goldman should split up into three parts,” Price said today during a television interview on “Bloomberg Surveillance” with Tom Keene. “A banking business, a trading business and a money management business.”
The most profitable securities firm in Wall Street history could “free up some capital” and trade at the equivalent of $250 a share if it split itself into three entities, Price, president of MFP Investors LLC, said. David Wells, a spokesman for Goldman Sachs in New York, declined to comment.
Price made his reputation as a value investor in the 1980s by buying shares of beaten-down lenders and running some of the best-performing mutual funds in the U.S.
Goldman Sachs shares climbed 2.6 percent to $162.50 at 4 p.m. in New York. They have lost 3.8 percent this year, compared with a 9.5 percent gain in the Standard & Poor’s 500 Index and a 5 percent rise by financial stocks in the measure.
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org.