The head of the world’s second largest investment bank, Goldman Sachs, says the firm is mulling “contingency plans” to move some of its operations and some of its 6,500 staff based in the U.K. out of the country, depending on the outcome of the Brexit negotiations. Lloyd Blankfein told the British Broadcasting Corporation Friday that Goldman has opened discussions with continental European cities about relocating: most of its operations in the EU are currently based in London&#...
London’s progress as a financial center could stall because of the upheaval Brexit will bring to the industry, Goldman Sachs gs Chief Executive Officer Lloyd Blankfein was quoted as saying by the BBC. When asked whether London’s long-term expansion over the past three decades would go into reverse, Blankfein said: “I don’t think it will totally reverse.” “It will stall, it might backtrack a bit, it just depends on a lot ...
Wall Street isn’t necessarily known for being gay-friendly. Yet Goldman Sachs is now asking prospective employees to come out as lesbian, gay, bisexual or transgender right when they apply for the job. After the typical questions about a job applicant’s gender and race, Goldman Sachs gs asks candidates to indicate their sexual orientation via a drop-down menu including the choices bisexual, gay man, gay woman, heterosexual, lesbian, other, and &...
Goldman Sachs Group Inc.’s fixed-income revenue was so unexpectedly weak in the first quarter that last week’s earnings report left the stock tumbling and Wall Street buzzing over what happened. Part of the answer is now emerging. Traders got burned by a constellation of souring debts tied to a coal-mining giant and struggling mall retailers, as well as wagers linked to the U.S. dollar, according to people familiar with the matter. The bank incurred tens of millions of dollars in los...
Until Tuesday, Goldman Sachs stock was arguably the poster child for the Trump Bump: During the stock market rally since the President was elected, the bank had contributed more to the rise of the Dow Jones industrial average than any other company. But that changed when Goldman Sachs gs reported first-quarter earnings that missed Wall Street’s expectations Tuesday. Shares fell nearly 5% by the time the market closed in a selloff that knocked roughly...
Goldman Sachs may have disappointed investors in the most recent quarter, but its employees still have something to cheer about. In the first three months of the year, Goldman Sachs workers at the mega-bank saw their pay and benefits increased by roughly $23,578 since the same quarter last year, according to the bank’s first quarter earnings release. That came despite the fact Goldman failed to impress investors in its first quarter earnings Tuesday, posting trading revenue that was 2.4% l...
Goldman Sachs Group reported a lower-than-expected quarterly profit as gains in investment banking were offset by weak trading revenue. Total revenue from trading fell 2.4% to $3.36 billion, the lowest in five quarters. Revenue from fixed-income securities, currencies and commodities trading rose just 1.3% to $1.69 billion. “The operating environment was mixed, with client activity challenged in certain market-making businesses…,” Chief Executive Lloyd Blankfein said in a state...
CHINA'S economy is likely to remain solid in the first quarter of this year, growing 6.8 percent from a year earlier, Goldman Sachs forecast. The bank said in a research report that purchasing managers' index (PMI) readings from both official and private surveys have implied firm activity growth overall. It expected China's GDP growth to reach 6.6 percent for 2017.
Fred Wilson, the venture capitalist known for backing Twitter twtr and Tumblr, has made a big bet on blockchain cryptocurrencies including Bitcoin--and he thinks regular investors should buy some too. Speaking Thursday at a conference hosted by StockTwits, the social network for stock traders, Wilson said the equivalent of a Wall Street bank now exists for the digital currencies, in what is otherwise a Wild West: Coinbase, the Bitcoin and Ethereum brokerag...
Goldman Sachs sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm’s Europe CEO. British Prime Minister Theresa May triggered formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London’s place as a global financial center. The move will also mark the point when investmen...
Rising interest rates are usually the kill shot for dividend stocks. But there’s a category of high-yielding equities that have ducked it. It’s companies with big dividends that are also projected to raise them, according to data compiled by Bloomberg and Goldman Sachs Group Inc. Such stocks have surged more than 30 per cent since the start of July, beating the S&P 500 Index by the most in eight years over any comparable period. Flows into the iShares Core Dividend Growth ETF, wh...
Goldman Sachs, known for advising the world’s richest and most powerful, is building a so-called robo-adviser geared to mass affluent customers, according to a job listing posted Monday on the bank’s website. A Goldman spokesman declined to comment. The job posting for employees to help build the platform comes as Goldman gs is looking at ways to broaden its customer base outside the super wealthy, including making deeper inroads into new consu...
Goldman Sachs Group Inc. reduced Chief Executive Officer Lloyd Blankfein’s annual compensation 27 per cent, awarding him US$22 million for 2016 after eliminating a long-term incentive award. Blankfein, 62, received US$16 million in performance shares and a US$4 million cash bonus, in addition to his US$2 million salary, the New York-based firm said Friday in a filing. Unlike past years, all of the CEO’s equity-based awards were linked to performance. Bloomberg.com
Goldman Sachs will continue encouraging employees to take positions in government, according to the bank’s annual letter to shareholders Thursday. While space in the letter has usually been reserved for financial results and corporate responsibility initiatives, this year, CEO Lloyd Blankfein dedicated a half a page to defending the bank’s ties to the White House and Capitol Hill. “The charge is that Goldman Sachs is able to extract certain advantages that others cannot. In fac...
Investors will be looking at a widely expected interest rate hike Wednesday as a signal of the Federal Reserve's growing confidence in a healthier U.S. economy. But they should also see it as a signal to stop buying stocks, said a team of Goldman Sachs analysts. In a Tuesday note to clients, the team, led by Christian Mueller-Glissmann, downgraded its three-month outlook on global equities to “neutral,” while reiterating its “overweight,” or “buy,” rating on c...
Tesla Inc. fell 5 per cent after Goldman Sachs Group Inc. turned negative on the stock and cast doubt on Chairman Elon Musk’s ability to deliver the company’s new vehicle on time. Analyst David Tamberrino downgraded the shares to sell from neutral and trimmed his six-month price target to US$185 from US$190. That sent shares 5 per cent in early morning trade, before a slight recovery to 4.3% down to US$246.01 at 11am ET. Tesla closed at US$257 on Feb. 24. “Ultimately we se...
Goldman Sachs, JP Morgan and Citigroup have agreed to pay $39.25 million to settle a Canadian currency market manipulation class action.   “We alleged that traders from various financial institutions communicated to manipulate the spread by widening it when they effected currency transactions,” says Daniel Bach of Siskinds LLP, who represents the class. “The also took certain actions to collude to make other impermissible profits.”   Citigroup will pay $21 million, JP Morgan wi...
Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group Inc., which expects such evidence to emerge in the second quarter. “Market positioning is now extremely long across the commodity complex, as markets have priced in robust expectations on forward demand and inventory draws,” analysts led by Jeff Currie wrote in a report receiv...
Goldman Sachs Group Inc. handed a surprise gift to bondholders in Canada this week by redeeming debt sooner than investors had expected, and some money managers are betting that other banks will follow its lead. The New York-based bank said Tuesday that it was redeeming all of its $500 million in subordinated notes maturing in April 2022 for a price equal to principal plus accrued interest. The bonds jumped by about 1.76 cents to as much as 100.376 cents on the news. The move was unexpected afte...
Goldman Sachs investors seem certain that President Donald Trump will be a huge friend to Wall Street. Shares of the investment banking giant reached an all-time high early Tuesday, it’s first since before the financial crisis. Goldman’s shares were up again on Wednesday. In all, Goldman gs has added nearly $29 billion to its market cap, making the company worth more than $100 billion for the first time. The shares are now at $251.59. Goldman&#...