North Carolina (Reuters) - Goldman Sachs Group Inc plans to spin off its proprietary trading business as early as this month to comply with the so-called Volcker Rule, CNBC reported on Wednesday.
The rule, named for former Federal Reserve chairman Paul Volcker, is a key component of the financial reform legislation passed in July.
It restricts proprietary trading that has been a key source of Wall Street investment bank profits, but has become the focus of mounting criticism in the wake of the financial crisis.
A Goldman spokesman was not immediately available for comment.
Goldman shares were up 2.4 percent to $156.87 in early afternoon trading.
(Reporting by Joe Rauch; Editing by Tim Dobbyn)
