Goldman exec: Volcker rule hits 10 percent of revenue

on February 04 2010 1:48 PM

A senior executive of Goldman Sachs told a Senate committee on Thursday that the Obama administration's proposed Volcker rule could impact about 10 percent of the Wall Street giant's net revenues.

Gerald Corrigan, a Goldman managing director, said: If you took net revenues associated with ... proprietary trading and hedge fund and private equity funds, we are in net revenues talking about something over the cycle in the broad order of magnitude of 10 percent.

He said that the impact on Goldman would be not as much as some people tend to think.

(Editing by Theodore d'Afflisio)

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