Goldman Sachs to slash jobs as profits drop
The "challenging operating environment" is forcing the company to reduce costs
Company
Goldman Sachs Group Inc
NYSE:GS
The Goldman Sachs Group Inc is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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Investments and investor services
FTX to invest in ex-Trump ally Anthony ‘The Mooch’ Scaramucci
US$40mln investment will go towards buying cryptocurrencies
Investments and investor services
Many 'dark green' sustainable funds may not be investing in enough sustainable investments
Funds labelling themselves as complying with Article 9, the darkest-green European regulatory designation, could be stripped of their status
FIVE at FIVE: Nation in mourning; Britain’s longest reigning monarch, an obituary; Terra Luna Classic (LUNC) revival; Centrica on Goldman’s buy list
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
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FIVE at FIVE: Pound plunges; Lloyds, Barclays in Goldman’s favour; Russia hits the gas; Sainsbury’s to ease pressure on consumers
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Gilt yield and prices: Everything you need to know as returns surpass 3% for first time since 2008
Although prices, which have an inverse relationship to returns, have been plummeting on inflation concerns, which has put both the five-year and 20-year issues on track for their biggest monthly falls since records began
US stocks tank after Fed signals hawkish tone in inflation fight
At the close, the S&P dropped 3.4% at 4,058 points, the Dow hit 32,283 points for a 3% loss, and the Nasdaq finished 4% lower at 12,141 points
Hedge funds investors withdrew big bucks in second quarter, data shows
Large investors have been pulling more money out than they have been adding to hedge funds, ending an 18-month investment trend
Goldman Sachs' second-quarter earnings almost halve but beat expectations
The investment bank cautioned that it is looking at slowing hiring and cutting costs in view of the challenging market conditions
FIVE at FIVE: Haleon spins off, Trump’s SPAC soars after Musk fallout, Goldman bonuses plummet and Lloyds Citi's favourite UK bank
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Goldman Sachs bankers' pay sinks 40% on lower profits
Net revenues for the lender declined 23% to US$11.9bn compared with the same period last year
Celsius’ user funds remain in the balance as partial debt repaid
UK-registered entity remains tightlipped on its plans
Tide goes out for fintech firms as valuations fall and headcounts dwindle
A swathe of fintech firms announced job cuts this year as unicorn valuations struggle to stay afloat
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RFC Ambrian - Where are we now?
Natural Resources27 June 2022CommentWhere are we now?Uncertainty and fear seem to be the current sentiments ruling markets and driving huge volatility across all asset classes. Multi-decade high inflation rates and the fallout from geopolit
Elon Musk says US 'recession is inevitable'
Musk is the latest in a growing chorus of commentators warning the US economy is set for a recession
Five at Five: Sachs backs flat packs, Fidelity warns against Central Banks and easyJet safe for now…
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Goldman Sachs-backed homebuilder's megafactory could help address housing crisis
House prices grew 1% in May and have increased 74% in the past decade, according to the Halifax price index
Crude to hit US$150 a barrel this year, warns oil trader
“I really think we have a problem for the next six months,” said Trafigura's Jeremy Weir
London Metal Exchange sued by Elliott Associates over nickel trading suspension
The HKEX says the claim is without merit and LME will contest it
Investments and investor services
Investment company secures £215mln backing for northern university spin-offs
The fund's first close is to be followed by announcements about its first investments in its proprietary pipeline of science and technology based businesses in the North of England
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Goldman Sachs and Barclays invest in UK-based Elwood crypto trading platform
Goldman Sachs' global head of digital assets says institutional demand for cryptocurrency is growing, and the company has been "actively broadening" its capabilities to meet that demand
Goldman Sachs' bosses permitted to take unlimited vacation, says report
In a workplace where even junior employees are paid more than US$120,000, the new policy aims to help offset the long hours most workers put in
Goldman Sachs turns its back on SPACs
The investment bank is cutting ties with some SPAC sponsors and has suspended any issuance of new SPACs
London miners take the stage in coming week but US tech giants Tesla and Netflix likely to hog spotlight
Others reporting in the week include Centamin, THG, Rentokil and Meggitt
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RFC Ambrian: The Copper Problem
Natural Resources4 April 2021CommentHouston, we have a problem.Last week members of the copper world gathered in Santiago for CRU’s 2022 World Copper Conference. For consumers of copper, and ultimately that’s pretty much everyone, the headl
Robo-advisors: What are they, why do we care and what are the pros and cons
More than 90% of 18 to 34-year-olds are willing to switch financial advisors
Record-high US$257,500 per worker in bonuses was paid out to Wall Street securities employees last year
New York State Comptroller's office says payouts are up 20% over the previous record in 2020
M&G starts £500mln share buyback programme
The savings and investments business spun out from insurance giant Prudential announced its buyback programme on March 8
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Fuller Treacy Comment of the Day - Living With Yield Curve Inversion, Why Inflation Benefits Japan and more...
Comment of the DayLiving With Yield Curve InversionThanks to a subscriber for this report from Morgan Stanley which may be of interest. Here is a section:US Rates | An inverted curve by design, not by conundrum We expect 2y,5y, and 10y yiel
Goldman Sachs says sanctions could "meaningfully and sustainably" reduce Russian oil exports
Broker updated its oil spot price outlook to US$135 this year, predicting base case disruption of 1.6mln barrels a day
Crude price eases as European leaders play down Russian ban talk
UK prime minister Boris Johnson said that Europe could not just shut down oil and gas supplies from Russia overnight.
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Goldman Sees 'Reverse Currency Wars' as Inflation Gathers Pace
Mounting inflationary pressures are likely to make central banks more sensitive about weakness in their currencies, which could add fuel to the global tightening cycle, Goldman Sachs strategists George Cole and Michael Cahill wrote in a cli
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U.S. Inflation Charges Higher With Larger-Than-Forecast Gain
The data reinforce the Fed’s intentions to begin raising rates next month to combat broad-based inflationary pressures and could lead markets to expect even more aggressive action from the central bank.
Goldman Sachs now expects seven US interest rate rises this year
Hawkish upgrade from previous forecast follows increased fears of wage-price spiral
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Credit Card Delinquencies
My view - Credit delinquencies were one of the first symptoms of stress in the US economy ahead of the financial crisis. The 300+ day delinquent figure was trending higher from mid-2007. Today it is still close to a record low which suggest
Federal Reserve interest rate hike: What it means for global markets
The Fed’s increase in short-term interest rates makes borrowing for consumers and businesses more expensive but makes saving more attractive, with the hope this slows down the economy
Federal Reserve starts debate on potential US digital currency
The central bank said the paper is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system
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Shops and pubs cheer as banks tell staff in UK to return to offices
The retail and hospitality sectors hope the return of office workers will bring a much-needed boost to their COVID-hit businesses
Investments and investor services
FIVE at FIVE: Microsoft lands US$69bn Activision takeover, THG regrets London listing, Airlines fear “catastrophic” 5G interference and Goldman sees final quarter slip...
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Goldman Sachs quarterly profits hit by bonuses after bank's biggest year
Full-year net profits more than doubled to US$21.2bn with pay costs jumping 33% to US$17.7bn
Oil price to hit US$100 this year predicts Goldman Sachs
Oil stocks will drop to their lowest level since 2000 by the middle of the year
US stocks rebound from losing streak to start the year as all major indices close Tuesday in the green
At noon, the Dow Jones Industrial Average was up 14 points, or 0.1% at 36,083, while the broader S&P 500 index and the tech-heavy Nasdaq Composite gained 0.5% and 1.3%, respectively
Bitcoin can hit US$100,000 as it rivals gold as a store of value, say Goldman Sachs
Analysts at the investment bank believe the price could soar in the next five years
The Mining Sector: 4 key trends for 2022
All told, 2022 ought to be a year of recovery. But 12 months is a long time in the global economic cycle
Investments and investor services
Anchorage attracts Wall St big beasts as value soars to US$3bn
KKR led a Series D funding round that raised US$350mln
Oil market volatility continues as Biden asks Asian consuming nations to tap their reserves
Despite OPEC and friends declaring that the market is well supplied with oil, the US administration is urging the release of strategic reserves to calm the price
Deltic Energy appoints former Goldman Sachs and ABN Amro man as non-executive director
He brings over 40 years of experience in oil and gas research as well as with small and mid-cap companies
Ethereum hits all-time high following Bitcoin’s rally
The continued strength of Ethereum comes as cryptocurrencies are increasingly being adopted by banks, alongside the growth of NFTs.
Goldman Sachs predicts Ethereum will almost double by end-of-year
Goldman analysts have previous identified ETH as the cryptocurrency with the "highest real-use potential"
Fashion rental firm Rent the Runway seeks to raise US$315mln in IPO
The company would have a market value of almost US$1.5bn
US stocks end lower as inflation concerns linger
At the close, the Dow eased 118 points to 34,378, while the S&P 500 gave back 11 points at 4,351 and the tech-heavy Nasdaq slipped 20 points to 14,466
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Small Cap Wrap - Zephyr Energy, The Property Franchise Group, Solid State and more...
The Rocky Mountain oil and gas company focused on responsible resource development announced the acquisition of two additional non-operated near-term production portfolios in the Williston Basin, and a JV with Purified Resource Partners LLC
Goldman Sachs unit Petershill to IPO in London valued at US$5bn
The business will be a standalone company operated by the Goldman Sachs Asset Management team
Spread of Delta variant in Asia raising inflation and supply chain risks, says Goldman Sachs
Any setbacks in the Asia Pacific region could also pose an upside inflation risk
Goldman Sachs to raise salary of junior staff amid surge in dealmaking
Other banks have upgraded the salaries of junior staff this summer to compensate them for the extra work done in a particularly busy season
Goldman Sachs files application for DeFi and Blockchain ETF
In an SEC filing, the investment bank said the ETF will aim to provide exposure to companies that are aligned with “the implementation of Blockchain Technology and the Digitalization of Finance” and will have at least 80% of its assets inve
Nasdaq launches dealing platform for private companies
The new market will be open to private companies, brokers and investors
Goldman Sachs and JP Morgan bumper profits fail to impress
Goldman reported the second-best quarterly outturn in its history
Goldman Sachs tips Ethereum to emerge as crypto kingpin
Ether can become the development platform of choice for smart contracts
Archive
What is a transaction bank – a two-minute explainer
It is a low risk, high profit business for big banks
Goldman Sachs launches £35bn UK transaction bank
The banking giant set up a similar service in the US a year ago
Nutmeg owners set for windfall as JP Morgan snaps up robo-adviser for £700mln
JP Morgan’s purchase means big gains for 2,100 customers who backed a crowdfunding round
Summer demand and low US dollar expected to support strengthening crude market
With prices back at 2018 and 2019 levels, investment bank Goldman Sachs says it expects Brent crude to hit US$80 a barrel this summer
SEC reiterates cautious stance on Bitcoin futures
In a bulletin, the regulator urged investors to “weigh carefully the potential risks and benefits” of investing in funds with exposure to Bitcoin, warning that crypto investments are “highly speculative”
Bitcoin capital rules to be set at toughest level under new proposals
The Basel Committee on Banking Supervision, made up of regulators from across the global financial sector, has proposed new rules for crypto held by banks, saying the growth in digital assets “could increase global financial stability conce
Crypto firms still flouting anti-money laundering rules, says FCA
The UK regulator said it has extended the registration deadline for crypto asset firms until next March, however it said a “significantly high number of businesses” were not meeting the required standards
Bitcoin not comparable to gold says Goldman Sachs guru
Over the past four weeks, bitcoin has shed around US$20,000 to US36,762 while gold has risen by 1% to US$1,837 per oz.
Doge dosh: Goldman Sachs exec quits after raking in millions from memecoin’s surge
A managing director and head of Goldman’s emerging market sales division in London has reportedly resigned from the bank after landing a huge payday from the joke crypto's sudden jump in value this year
Soho House Group to change its name as part of NYSE listing plans
"Membership Collective Group" makes it sound like an anarcho-Marxist syndicate rather than a bunch of luvvies bitching about their colleagues or, for that matter, a house of ill repute
Ex-Goldman Sachs chair calls for Manchester United to simplify share structure
Jim O'Neill led the 'Red Knights' consortium in 2010 to sound out a takeover, and, he now calls for reform and divestment from the Glazer family.
Archive
ECB's Lagarde: Economic Support Needed "Well Into the Recovery"
Here are a couple of soundbites from Christine Lagarde’s statements today. “We consider that both fiscal and monetary support are needed and will be needed until the pandemic crisis is over” and “will be needed well into the recovery,” ECB
Goldman Sachs, JP Morgan blow estimates with stellar results
The banks are benefitting from the economic recovery and weak comparatives last year
Goldman Sachs to open office in Birmingham later this year
“We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients,” said Richard Gnodde, the chief executive officer for Goldman Sachs International.
Oil prices muted as demand remains under pressure and world awaits staggered economic recovery
In Friday trading, Brent crude was priced above US$62 with WTI falling below US$60 a barrel.
US SEC opens inquiry into SPAC deals on Wall Street, report says
The regulator sent letters to Wall Street banks seeking information on their SPAC dealings, the four people said
Oil prices on the slide as "pandemic panic" resurfaces in Europe but Goldman Sachs sees buying opportunity
Sentiment turned gloomy as the oil price fell nearly 10%. In Friday trading, Brent crude was priced below US$63 with West Texas Intermediate (WTI) down lower than US$60 a barrel
Archive
Giant clean energy ETF to track broader range of companies
S&P is planning to more than double the number of companies that make up its clean energy benchmark to include those with “significant” and “moderate” clean energy exposure, rather than it being the primary business
How Saudi Arabia steers the crude price - two-minute explainer
A two-minute explainer on what it means when Goldman Sachs and others say Saudi is pursuing a tight oil market strategy
Brent crude price advances higher in wake of drone attack on Saudi Arabia oil port
Brent crude was up around 3%, trading up to a high of US$71.38 in Monday's early deals.
Crude prices hold firm as OPEC and friends opt against production rise
In Friday trading, Brent crude was priced above US$68 with West Texas Intermediate (WTI) holding above US$65 a barrel
Goldman Sachs lifts crude price forecast as it sees OPEC driving a ‘tight market strategy’
Goldman now sees Brent crude prices rising to around US$80 per barrel in 2021
Oil prices could spike to $100, analysts reckon
Ahead of a big Opec+ meeting, Saudi Arabia is said to want to hold output steady, while Russia apparently is keen to step things up
Russian discounter Fix Price confirms plans to float on London’s main market in March
The IPO price will be determined following a book-building process
Archive
Peak oil demand is coming - but first brace for an almighty supply crunch
The world has turned its back on austerity. Keynesian reflation doctrines are triumphant. The Biden administration explicitly aims to run the US economy hot, with the help of the Federal Reserve. Global "green deals" amount to $16 trillion.
Russian discount retailer eyes London IPO and US$6bn price tag
Fix Price said London will be the primary market for its shares with a secondary listing in Moscow.
UBS quits Darktrace IPO
Jefferies is now solely running the proposed £4bn stock market float which is claimed to be “firmly on-track”
Goldman Sachs challenges UK banks as it reopens applications for Marcus accounts
The Wall Street bank said market conditions had changed since last summer, when it suspended applications for the savings accounts amid a surge in demand from customers wanting to stash their cash during lockdown
Oil expected to remain range-bound as pandemic continues to keep lid on demand
Oil demand remains static as fewer people travel and global activity remains curtailed
Archive
US stocks on the up as Yellen speaks; Joe Biden prepares for inauguration
Janet Yellen is Biden's nominee to replace US Treasury Secretary Steven Mnuchin
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Vaccine To Extend Rebound in FY22 and more...
Email of the day on the risk of dilution On the weekend review you highlighted Norwegian Cruiselines as one of the deeply impacted stocks along with the likes of Rolls Royce. At what point though should you be considering what has happened
US stocks close lower after Treasury Secretary dampens expectations for stimulus deal being reached before election
Despite two days of declines, stocks are higher for October with the Dow, S&P 500 and Nasdaq up 3%, 4% and 5.7%, respectively
US stocks close down on Trump's coronavirus diagnosis, slowing job creation
Shares of airlines jumped higher after House Speaker Nancy Pelosi called on the industry to delay furloughs
Archive
Turkey's Lira Hits Record Low as Interventions Fail to Stem Drop
In the view of analysts from Goldman Sachs Group Inc. and Oxford Economics, rate increases may be warranted soon. Others are less bearish, citing a shortage of liquidity in the offshore money-market engineered by authorities. The cost of ov
Archive
Gold ETFs Top German Holdings to Become World's No. 2 Stash
Investors are so concerned about the global outlook that worldwide holdings in gold-backed exchange-traded funds now stand behind only the official U.S. reserves of bullion after they surpassed Germany’s holdings. Gold has rallied to a reco
GlobeX Data embraces Goldman Sachs report recommending US tech stocks with foreign exposure
Over the last year, GlobeX has signed distribution agreements in more than 20 countries on five continents
Goldman Sachs forks out US$3.9bn to settle Malaysian fraud case
Goldman Sachs was accused of fraudulently promoting the bonds and misdirecting the proceeds
Oil demand to take two years to recover suggests Goldman Sachs
Air travel will stay subdued though car usage is set to bounce back
Archive
Gold Climbs Above $1,800 for the First Time Since 2011
Goldman Sachs Group Inc. said gold could climb to a record $2,000 an ounce over the next 12 months, while JPMorgan Chase & Co. recommended investors stick with bullion. “The Fed is being extremely accommodative and because these shutdowns a
Goldman Sachs says crude oil will fall again this year
Goldman predicts Brent will drop back to around US$35 per barrel.
Bitcoin investors prepare for imminent halving
A halving takes place every four years and results in the number of new Bitcoins issued every 10 minutes by the Bitcoin blockchain being cut in half