Goldman Sachs shares jumped 2 percent after word it has lined up rival banks to take stakes in its three-year-old app devoted to selling complex investment products.
The Wall Street firm has been mulling a spinoff of the app, called Simon, for some time. J. P. Morgan Chase, Barclays, HSBC Holdings, Credit Suisse, Wells Fargo and Prudential Financial were in advanced talks to take stakes in the business, valuing Simon at about $100 million, a source familiar with the matter said. The Wall Street Journal first reported the talks Wednesday.
