(Reuters) – 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.
FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo
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 finalised in the coming weeks.
Goldman Sachs did not immediately respond to a request for comment.
Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur