Goldman Sachs on track for record full-year profit October 16, 2021 Goldman Sachs is on track for a record full-year profit after a week of skyrocketing bank earnings from a boom in dealmaking, reported the Financial Times. The group registered third-quarter earnings per share of $14.93 on a net income that increased from $3.4bn in 2020 to $5.4bn this year. As reported by the paper, the [...]
Insurance broker Howden snaps up Aston Lark from Goldman Sachs in £1.1bn deal October 13, 2021 Employee-owned insurance broker Howden this morning announced it had agreed a deal with Goldman Sachs and Bowman to buy Aston Lark. The deal, thought to be worth more than £1bn according to people close to the broking firms, will give Howden access to the Aston Lark’s complex commercial and private client base. Howden will leapfrog [...]
Private equity salaries swell by 52 per cent to £152k as war for talent with banks intensifies October 11, 2021 Private equity firms are prepared to pay junior staff with less than two years experience an average salary of more than £152,000, a jump of 52 per cent compared to two years ago. In 2019, private equity professionals across Europe with only two years in the industry were paid, on average, just under £100,000 in [...]
Ozy U-turn: Scandal-ridden digital media company will stay open October 4, 2021 In a rapid change of course, digital media startup Ozy has said it is “open for business” again, just days after it shut down. “This is our Lazarus moment,” founder Carlos Watson told US broadcaster NBC, as he announced Ozy, which collapsed mere days ago after its co-founder was exposed for deceiving Goldman Sachs in [...]
Goldman’s Petershill Partners slides after £4bn London IPO September 28, 2021 Shares in Goldman Sach’s Petershill Partners fell today after the alternative asset manager made its debut on the London Stock Exchange with a market capitalisation of £4bn. Petershill Partners, which owns minority stakes in 19 private equity, venture capital and hedge funds with a combined $187m of assets under management, sold £1.2bn of stock as [...]
City Moves: Who’s switching jobs in the Square Mile this week? September 1, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Pictet Wealth Management poaches Goldman Sachs veteran as new CEO Pictet Wealth Management has appointed a Goldman Sachs veteran as its new CEO, following the departure of its long-standing lead Heinrich Adami. Joining next week, Robert [...]
Morgan Stanley hikes pay for junior bankers … again August 31, 2021 Morgan Stanley has raised base salaries for entry-level bankers for the second time in a month, heating up the pay hike frenzy as Wall Street rivals compete for junior talent. Junior bankers at the US investment bank will now be paid a base salary of $110,000 – up from the previous rise from $85,000 to [...]
Goldman Sachs doubles managed assets to over $600bn with latest deal August 19, 2021 Goldman Sachs is set to buy Dutch insurance group NN’s asset management division for some €1.7bn – the Wall Street giant’s biggest acquisition since 2018. The deal for asset management arm NN Investment Partners (NNIP) forms part of Goldman Sachs boss David Solomon’s strategy to make the bank’s revenues less reliant on global markets and [...]
Goldman Sachs boosts junior bankers’ pay to over $110k after 95-hour work week complaints August 3, 2021 Goldman Sachs has become the last of the Wall Street banking giants to bump up pay for its junior investment bankers, after analysts at the bank sent a presentation to management revealing colossal workloads. First-year analysts at the bank will now make between $110,000 and $150,000. Upon their second year at the bank, analysts’ base [...]
Xavier Rolet hits back at junior bankers complaining about working hours August 2, 2021 The former boss of the London Stock Exchange Group, Xavier Rolet, has accused junior bankers who routinely work 100-hour weeks of moaning about conditions. A survey taken by 13 new recruits at Goldman Sachs revealed that surging workloads have taken a toll on mental health during the pandemic. Pleas by junior bankers to work just [...]