Goldman Sachs Nears Deal To Sell Its Fintech App

0 0 Julius Choudhury September 20, 2018 Edit this post

The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange (NYSE). Photo: REUTERS/Brendan McDermid

By Aparajita Saxena, International Business Times

Goldman Sachs (GS.N) is in advanced talks with several financial companies to spin off "Simon," its three-year-old app that sells financial products to retail investors, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

JPMorgan Chase (JPM.N), Barclays (BARC.L), HSBC Holdings (HSBA.L), Credit Suisse (CSGN.S), Wells Fargo (WFC.N) and insurer Prudential Financial (PRU.N) have expressed interest for a stake in the business, the report said.

The deal, which would value the app at around $100 million, is likely to be finalized in the coming weeks.

Goldman Sachs did not immediately respond to a request for comment.