Market Update – Goldman Sachs Group (NYSE:GS), Citigroup Inc. (NYSE:C), JPMorgan Chase (NYSE:JPM), Barnes & Noble (NYSE:BKS), Wal-Mart Stores (NYSE:WMT)

Goldman Sachs Group (NYSE:GS) and Citigroup Inc. (NYSE:C)  are among banks that may have as much as a dozen years to cut stakes in in-house hedge funds and private-equity units under a regulatory revamp agreed to last week. Rules curbing bank investments in their own funds would take effect 15 months to two years after a law is passed, according to the bill. Banks would have two years to comply, with the potential for three one-year extensions afterwards. Banks could seek another five years for illiquid funds such as private equity or real estate, stated Lawrence Kaplan, an attorney at Paul, Hastings, Janofsky & Walker LLP in Washington. Giving banks until 2022 to fully implement the “Volcker Rule” is an accommodation for Wall Street in what U.S. President Barack Obama…