Goldman Sachs eyes JB Were
New York-based Goldman Sachs is poised to take a 50 per cent stake in JB Were for several hundred million dollars. Senior Goldman executives are involved in the talks and JB Were partners will discuss the negotiations over the coming weekend at a management retreat.
JB Were, which has remained independent for 164 years, has come under increased pressure over recent years due to a decline in investor interest in shares and the downturn in international stockmarkets. The broker's 1,400 staff are nervously expecting a large number of retrenchments if the partial sale takes place.