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 took the unusual step of counter-suing the tycoon - Benny Tjokrosaputro - for reputational damage. The hearing on Tuesday will give the retail-to-property businessman a chance to rebuff Goldman's assertion JAKARTA: Indonesia will hold a court hearing on Tuesday into a billion-dollar dispute between Goldman Sachs and a local tycoon, who says the Wall Street giant's unit unlawfully sold shares he owned, in the latest test for the country's legal system. Goldman took the ...
Trump singled out NAFTA as "the worst trade deal in the history of the country," and even went as far as saying he would withdraw the US from NAFTA if our partners (Canada and Mexico) refuse to negotiate a "fair deal." The Trump team has previously threatened a 20% tax on imports from Mexico in order to help pay for the border wall that Trump has promised since the beginning of his campaign. As this happened, the peso found itself in the crosshairs of traders everywhere, tumbling about 20% from...
On Thursday I wrote Some Random Concerns and Observations .... One of my observations was that after the election, many analysts thought the priorities of the new administration would be tax cuts, infrastructure spending, and deregulation. And the analysts thought that the negative economic policies on immigration and trade would be delayed until at least 2018. So far the new administration has delayed the policies with potential short term economic benefits - and pushed the negative policies. ...
TOKYO -- Goldman Sachs Asset Management is bringing an investment trust to Japan that uses artificial intelligence to make decisions. The product will be introduced on Feb. 24. Goldman's AI processor will sort through huge amounts of data to select promising investment targets, according to the U.S. asset manager. The move is expected to fuel competition in Japan, where asset managers, including Mitsubishi UFJ Kokusai Asset Management, are introducing similar products. The instrument, dubbed ...
Today analysts at Goldman Sachs reiterated Motorola Solutions’s (NYSE:MSI) shares as ‘Buy’ in a report released to investors. According to Goldman Sachss price target of 94 on the company’s stock this indicates the broker now believes there is an increase of 14.06% from Motorola Solutions’s current price of 82.41. The number of Motorola Solutions shares in issue is 165,963,000 which have a current share price of 82.41 bringing Motorola Solutions’s market capitalisation to 13.68B US...
Financial stocks look set to resume their gains in February, following a month in which two of the largest U.S. banks, JPMorgan Chase ( JPM) and Goldman Sachs ( GS) , helped drive the Dow to record highs. Those banks and their competitors are getting a boost from President Trump's promises to reduce corporate taxes, scale back regulation and boost government spending, all while benefiting from higher interest rates and a fourth-quarter surge in fixed-income trading. Now, Here's what you sh...
TOKYO -- Sony will sell a 5.34% stake in medical website operator M3 for 52 billion yen ($4.57 billion) to U.S. investment bank Goldman Sachs, the electronics maker announced Tuesday. The all cash transaction will take place Feb 2. M3, which operates a web portal for doctors, is a growing Japanese venture business. Its net profit for the nine months through December was 11.79 billion yen, 25.1% up on the year. It has a market capitalization of nearly 1 trillion yen. Sony will remain M3's...
Jan 30 (Reuters) - The chief executives of Goldman Sachs Group and Ford Motor Co joined the criticism of President Donald Trump's order to halt arrivals from several Muslim-majority countries, as equity markets fell and the dollar slipped on Monday. The initial response over the weekend from U.S. corporate leaders to Trump's order curtailing travel from seven Muslim-majority countries had been fragmented and muted outside the technology sector. However, on Monday, after a weekend of confusion ...
BlackRock, Goldman Sachs and J.P. Morgan Chase have told employees that the firms will support them in the face of President Trump’s executive order issued on Friday that temporarily bans people traveling from seven Muslim-majority countries from entering the U.S. On Sunday night, Lloyd Blankfein, CEO of Goldman Sachs, left a voicemail message to Goldman staffers saying the firm does not support Trump’s policy and pointing to challenges the executive order is already facing in federal court. ...
Goldman Sachs Group Inc Chief Executive Lloyd Blankfein became the first major Wall Street leader to speak out against President Donald Trump's order to halt arrivals from several Muslim-majority countries.In a voicemail to employees on Sunday, Blankfein said diversity was a hallmark of Goldman's success, and if the temporary freeze became permanent, it could create "disruption" for the bank and its staff."This is not a policy we support, and I would note that it has already been challenged in f...