![Merchant banking: Goldman Sachs's $2.7bn question](https://assets.fnlondon.com/2016/09/IMG012770_full4x3.jpg)
The Federal Reserve’s recommendation earlier in September to restrict merchant banking – equity investments by banks, generally in non-financial companies – may go nowhere given the current political slog.
But if Congress does act, Goldman Sachs has the most to lose among big banks, according to one high-profile analyst.