Goldman Sachs puts uranium unit up for sale

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Goldman Sachs put its uranium trading unit up for sale as prices for the radioactive metal fall and regulatory scrutiny of banks’ commodity activities increases, a person briefed on the matter said.

Bloomberg reports that the person asked not to be identified because the decision hasn’t been made public. SparkSpread, an online energy publication, reported the move earlier today.

Prices for uranium have declined since Japan’s Fukushima nuclear disaster, which eroded demand for the metal as nations shuttered reactors. Banks from JPMorgan to UBS have cut their price outlooks for next year as the radiation leaks fan speculation that the restart of Japan’s idled plants will take longer than expected.

The Federal Reserve is reviewing companies including Goldman Sachs as U.S. lawmakers and regulators raise concerns that banks might abuse their various roles in physical commodities markets for their own benefit, or that the businesses pose risks to the firms’ financial stability.

To access the complete Bloomberg article hit the link below

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