Musk’s $44bn u-turn on Twitter hits City advisor fees hard July 14, 2022 Twitter and Elon Musk’s financial advisors could lose big bucks after the eccentric entrepreneur walked away from the $44bn mega deal. According to an earlier regulatory filing, the social media firm’s financial advisors Goldman Sachs and JP Morgan Chase could have nabbed fees totalling to $133m, while Refinitiv suggested that Morgan Stanley and the other [...]
Goldman Sachs cuts Coinbase price target and downgrades it to ‘sell’ June 27, 2022 Goldman Sachs reduced Coinbase’s price target from $75 to $40 and cut its rating to “sell” from “neutral” as the crypto market experiences a severe rout. In a report today, the banking giant cited falling cryptocurrency prices and lower industry activity for the downgrade. “We believe current crypto asset levels and trading volumes imply further [...]
Interest rate hikes could trigger chain of bankruptcies in shadow banks June 27, 2022 Interest rate hikes from central banks across the globe could trigger a chain of bankruptcies in the global “shadow banking” industry, the Bank for International Settlements (BIS) has warned. In an interview with The Times, Claudio Borio, head of the BIS’ monetary and economic department, said “shadow banks” – including hedge funds, pension funds, and [...]
EY partners could get $8m in shares each following Big Four firm’s split June 21, 2022 Partners at EY could be in line to receive windfalls worth $8m (£6.5m) each, if the accountancy firm pushes forwards with plans to split out its audit and advisory operations into two separate firms. Thousands of the Big Four firm’s partners could receive millions in windfall payments each, as part of EY’s plans to break [...]
Deloitte denies claims it is set to follow EY by splitting its business in two June 9, 2022 Deloitte has said claims it is considering splitting itself up, and spinning off its consulting business, are “categorically untrue”. The Big Four accountancy firm denied claims it is mulling over a split, after the Wall Street Journal yesterday reported that Deloitte is exploring the options of separating out its global audit and consulting practices. Instead, [...]
Heyday: Goldman Sachs traders reap rewards of volatile global markets May 3, 2022 Turbulent markets have forged a heyday for Goldman Sachs, after the Wall Street trader generated revenue of more than $100m on 32 separate days in the first quarter of this year. Net revenues topped $50m on 45 days out of a total of 62 in the three months to March, within the US investment bank’s [...]
1MDB: Ex-Goldman Sachs banker found guilty for role in world’s biggest financial scandal April 10, 2022 Former Goldman Sachs banker Roger Ng faces up to 30 years in prison after being found guilty on two separate counts of bribery and money laundering for his role in the multi-billion-dollar 1MBD scandal. A New York jury convicted Ng on two separate charges of conspiracy, after finding the banker guilty of taking part in [...]
Goldman Sachs and JPMorgan to raise investment banker bonuses after deal-making frenzy December 15, 2021 JPMorgan Chase & Co and Goldman Sachs may reward investment bankers by increasing bonus pools by as much as 50 per cent, following a boom in deal-making this year. Following recent meetings to discuss and set pay for the year JPMorgan is considering upping the bonus pool by 40 per cent while Goldman Sachs is mulling [...]
Goldman Sachs under pressure for its handling of harassment cases December 13, 2021 Goldman Sachs is reportedly under pressure over its handling of employee harassment and discrimination cases. Private institution the Nathan Cummings Foundation has filed a shareholder proposal, asking the bank to make public the arbitration process used to settle harassment claims after employees said the process silenced victims, the Financial Times reported. Following a series of [...]
Deliveroo to name Goldman as broker despite disastrous IPO debut November 28, 2021 Goldman Sachs and Barclays are close to being picked as Deliveroo’s joint brokers, Sky News reported today. A source close to Deliveroo said the London-listed food delivery app will finalise the appointments of the two US investment bank behemoths as joint corporate brokers – a key role for investment banks as they seek to advise [...]