Under the so-called Volcker rules – named after former US Treasury secretary Paul Volcker – enshrined within the recent Dodd-Frank legislation, Goldman has seen its lucrative proprietary investing curtailed. It has also suffered as a result of industry reductions in the use of leverage, or gearing, following the financial crisis, which was one of the ways it used to make money when trading from its own book. In addition, Goldman, like other banks, is also making the transition towards much more onerous global capital requirements under the new Basel III requirements.