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Goldman is discussing pulling back in physical trading of iron ore, platinum and other metals, the WSJ report said, adding the reductions in the business will be presented to the board later this month.
The proposed cuts come after Goldman reported an 18 percent decline in its fourth-quarter fixed income, currency and commodities business, which used to be a bigger and more profitable part of the bank's central operations once upon a time.
Goldman Sachs was not immediately available for a comment.