Saturday Special: The biggest money laundering scandals in banking Weekend read Financial watchdog the FCA warned challenger banks last week to stop cutting corners in combating financial crime so that customers can set up accounts quickly and easily. Sarah Pritchard, who heads the market division of the City regulator, said that there cannot be a “trade-off” between getting customers to come into the fold and the [...]
Heyday: Goldman Sachs traders reap rewards of volatile global markets across the pond 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 1MDB Scandal 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 [...]
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 [...]