Sumitomo will have no control in Goldman, Sachs.

Hiroshi Mineoka, senior managing director of Sumitomo Bank, told a Federal Reserve Board hearing that “any business between the parties will be at arm’s length.” The Fed is conducting the hearing to determine if Sumitomo’s bid to buy a 12.5% stake in Goldman, Sachs & Co. is in line with regulatory requirements. Executives of both firms said Sumitomo’s interest would not give the firm any control over Goldman Sachs.