REUTERS: Goldman Sachs is in advanced talks with several financial companies to spin off its three-year-old app, Simon, which sells complex financial products to retail investors, a source familiar with the matter told Reuters.
Several companies, including JPMorgan Chase & Co, Barclays Plc, HSBC Holdings Plc, Credit Suisse, Wells Fargo & Co and insurer Prudential Financial Inc, have shown interest in the app, which is expected to be valued at about US$100 million, the source said.
Simon, or Structured Investment Marketplace and Online, is part of Goldman's web services platform, Marquee, which offers risk management and analytics tools to clients.
Goldman's shares were up 2.1 percent at US$223.71 in mid-day trading.
(Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)