Finance: A Yen for Wall Street

A Yen for Wall Street

In their quest for more capital, nearly a dozen of Wall Street's venerable private investment-banking firms have either gone public or sold out to large companies in the past six months. Last week the only remaining major private partnership, Goldman Sachs, announced that it too plans to team up with an outside investor: Japan's Sumitomo Bank. Sumitomo, the world's third largest bank, will invest $500 million to become a limited partner, entitling it to 12.5% of Goldman's pretax income but no role in managing the firm.

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