Goldman Talking To Bidders About Controversial Metals Warehouse

Goldman Sachs Group Inc (NYSE:GS) is exiting the controversial metals warehousing operation amidst regulatory concerns and a political battle with large US beverage manufacturers.

Goldman exiting metals warehousing business

After four years in the business, the Wall Street bank is contacting potential buyers for its Detroit-based Metro International Trade Services, Reuters is reporting. While the bank is looking to exit the metals warehousing business it will remain in the metals trading business, retaining the J Aron trading division that is one of Wall Street’s largest commodity trading firms.

Beverage manufacturers had charged that the metals warehouses were artificially...