Goldman Sachs to make another round of job cuts as dealmaking slump continues – reports May 31, 2023 Goldman Sachs is considering another round of job cuts over the next few weeks as the drought in dealmaking continues to weigh on performance. According to Reuters, the layoffs – which would total not more than 250 – could include senior figures like partners and managing directors. The news was first reported by the Wall [...]
‘Worst volatility is behind us’ after March’s mini-crisis, says Goldman’s David Solomon April 18, 2023 Goldman’s chair and chief executive David Solomon said the worst of March’s banking difficulties had passed, but stressed there were still dangers ahead. On an investor call following first quarter results, Solomon said “it appears the worst volatility is behind us thanks to prompt action from regulators.” Solomon said the quarter was “certainly volatile”, highlighting [...]
Goldman’s struggles continue as Bank of America boosted by higher interest rates April 18, 2023 Goldman Sachs’ struggles continued today after it reported a slowdown in its investment banking division, with overall revenues coming in below market expectations. Goldman Sachs’ revenue fell five per cent to $12.2bn, lower than market expectations, while its profit fell 18 per cent year-on-year to $3.1bn. Its investment banking revenue remained subdued amid the continued [...]
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
Deposits in focus as US banks line up to report amid banking volatility April 12, 2023 The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
The must-have accessory for global finance chief execs? A first class flight to Beijing April 3, 2023 A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping’s new term. Goldman Sachs CEO David Solomon, HSBC CEO Noel Quinn and Standard Chartered boss Bill Winters are among the [...]
‘Single largest heist in history of the world’: Ex Goldman banker jailed for 10 years over 1MDB Malaysia looting plot role March 10, 2023 A former Goldman Sachs banker has been sentenced to 10 years in prison for his role in looting a Malaysian development fund of billions of dollars used to finance lavish parties, a superyacht, premium real estate and even the 2013 film The Wolf Of Wall Street. Roger Ng was convicted last April by a US [...]
Goldman Sachs considers selling consumer platforms unit as it searches for stable revenue February 28, 2023 Goldman Sachs is considering selling its consumer platforms business but remains committed to wealth management as it searches for a more stable source of revenue, boss David Solomon said today. Speaking at an investor day on Tuesday, the bank’s chief executive said, according to reports, the bank was exploring “strategic alternatives” for parts of its [...]
Goldman Sachs boss admits job cull should have been made sooner when ‘slowdown’ was apparent February 13, 2023 David Solomon told a gathering of Goldman Sachs executives that he should have cut jobs and slowed the investment bank’s hiring of new staff earlier in 2022 . Solomon was reported by the Financial Times as telling colleagues he had been too slow to reduce Goldman’s headcount. “As the environment was growing more complicated in [...]
Big Four look to hire London’s laid-off bankers to bolster their M&A teams February 6, 2023 The Big Four accounting firms – Deloitte, EY, KPMG and PwC – are seeking to hire laid-off bankers to bolster the ranks of their M&A advisory arms in the City. Top execs told City A.M. the world’s biggest professional services firms are seeking to capitalise on the downturn in big M&A deals by poaching talent [...]