Deals
Cohn Offers Plan to Sell China Bank Stake to Avoid Conflict
- Former Goldman president owns 23.4 million shares of ICBC
- Stake is valued at more than $15 million, disclosure shows
Gary Cohn, director of the U.S. National Economic Council.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Gary Cohn, President Donald Trump’s top economic adviser, disclosed a plan to sell his stake in the world’s largest bank by assets to comply with federal ethics laws and reduce conflicts of interest.
Cohn, the director of the National Economic Council, owned almost 23.4 million shares of Beijing-based Industrial & Commercial Bank of China Ltd., according to a two-page disclosure dated March 8 and obtained by Bloomberg using public-records laws. The stake is valued at more than $15 million and probably was acquired as part of January 2006 investment by Goldman Sachs Group Inc. and its private-equity funds.