Commonwealth Bank of Australia will start scale down its proprietary institutional equities team from December 2016 and the bank has entered into an alliance with Goldman Sachs Group to offer clients access to global equity markets. The bank said some jobs will be affected by the closure. CommSec, the bank’s online trading platform, and private-bank customers will have access to Goldman Sachs’s research and pipeline of equity offerings including initial share sales, the banks said in a joint statement. Commonwealth Bank had said it trimmed 20 roles in its global markets business, which focuses on fixed income, foreign exchange, commodities and interest rates.
