Goldman near deal to spin off ‘Simon’ app: WSJ
Goldman Sachs Group Inc. GS, +2.40% is nearing a deal to spin off its "Simon" app, which sells investment productions to retail brokers, The Wall Street Journal reported on Wednesday. JPMorgan JPM, +2.43% Barclays BARC, +1.88% HSBC HSBC, +1.94% Credit Suisse, Wells Fargo WFC, +1.50% and insurer Prudential PRU, +2.93% are in advanced talks with Goldman on buying stakes in the business, the paper reported. The deal under review values Simon at about $100 million and is expected to be finalized in the coming weeks. Goldman has started to open up its software to clients and rivals, licensing outs its trading and risk management system and spinning out internal chat rooms. Shares were up 1.6% Wednesday, but have fallen 9% in 2018, while the S&P 500 SPX, +0.13% has gained 9%.
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