FRANKFURT, April 21 (Reuters) - German landesbank BayernLB [BAYB.UL] said on Wednesday it cut ties to Goldman Sachs GS.N in response to U.S. regulatory action against the Wall Street bank, the first sign of a loss of business in Germany.
A spokeswoman for Goldman Sachs declined to comment. BayernLB’s action comes days after the Securities and Exchange Commission accused Goldman Sachs of defrauding investors by failing to say that a prominent hedge fund manager bet against a Goldman subprime debt product that he helped design. [ID:nSGE63K01G] (Reporting by Christian Kraemer in Munich and Alexander Huebner in Frankfurt; writing by Edward Taylor, +49 69 7565 1187; firstname.lastname@example.org)
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