WFC - Goldman Sachs steps back from Texas municipal business after gun law - Bloomberg

A slate of new Texas laws that aim to punish Wall Street banks for taking stands on such issues as gun control and global warming is putting a dent in Goldman Sachs's (GS -1.3%) public finance business, Bloomberg reports. Goldman (NYSE:GS), the sixth-biggest municipal bond underwriter in 2021, is following peers Citigroup (C -0.4%) and JPMorgan Chase (JPM -1.8%) in suspending such business in Texas, Bloomberg said, citing a state agency that had planned to have Goldman lead an upcoming issue. Bank of America (NYSE:BAC) also hasn't taken on any new municipal bond deals in the Lone Start state since Sept. 1, when the new Republican-backed laws took effect. The board for the Texas Public Finance Authority voted to appoint a bank to replace Goldman (GS) as senior manager in an upcoming general-obligation bond sale, because the bank is halting underwriting issues in the state, Bloomberg reported, citing an audio

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Goldman Sachs steps back from Texas municipal business after gun law - Bloomberg