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[1/3] Former Goldman Sachs CEO Lloyd Blankfein and Goldman Sachs chairman and CEO David Solomon speak together during Goldman Sachs analyst impact fund competition at Goldman Sachs Headquarters in New York City, U.S., November 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Goldman Sachs Group Inc FollowNEW YORK, Nov 14 (Reuters) - Goldman Sachs (GS.N) Chief Executive Officer David Solomon and his predecessor gave career advice to about 4,000 analysts as junior bankers pitched for grants to be given to charity on Tuesday. Solomon interviewed former CEO Lloyd Blankfein, who handed over the reins in 2018, for an audience of junior employees and senior partners that drew laughter and smiles in the auditorium at its New York headquarters. Goldman partners awarded the $250,000 first-place prize to TalkingPoints, an education nonprofit, after a successful pitch from four analysts from its London office. Solomon and Blankfein addressed the junior employees a day after they attended a dinner for retired partners in New York.

Persons: Goldman Sachs, Lloyd Blankfein, David Solomon, Brendan McDermid, Solomon, Winston, Blankfein, underused, Dan Dees, Goldman, Saeed Azhar, Lananh Nguyen, Matthew Lewis Organizations: Goldman, REUTERS, Goldman Sachs, CNBC, Thomson Locations: New York City, U.S, New York, London

New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock

[1/5] Stephan Feldgoise, co-head of global M&A for of Goldman Sachs, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. This has fueled soul-searching among investment bankers about the prospects for their business. "I'm reasonably bullish that this will return, but obviously it will be in fits and starts." "Our (deal pipelines) are at one of the largest levels that you've seen in five-six years. Reporting by Anirban Sen in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephan Feldgoise, Goldman Sachs, Brendan McDermid, Goldman, Steven Baronoff, Anu Aiyengar, Aiyengar, Anthony Kim, Kim, Michal Katz, Katz, Anirban Sen, Chizu Organizations: REUTERS, Goldman Sachs Group Inc, Reuters NEXT, Federal Reserve, Bank of America, Chevron Corp, Hess Corp, Exxon Mobil Corp, Natural Resources, JPMorgan Chase &, Microsoft Corp, Illumina Inc, Centerview Partners, Greenhill, Co Inc, Thomson Locations: New York City , New York, U.S, East, Ukraine, Americas, United States, New York

☆ Hedge funds caught in crowded trades suffered in Thursday's stock rally -Goldman Sachs
▼ + stars: | 2023-11-03 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Systematic fund managers, particularly those which had short bets on highly traded stock names, got caught trying to get out of crowded trades and found themselves stuck in losing positions, Goldman Sachs (GS.N) said. A short stock position bets its price will decline. An index of these funds tracked by Goldman Sachs had their "third worst single day this year," the investment bank said in a note to clients. The hedge fund strategies Goldman Sachs tracked included "market neutral" hedge funds which try not to hold an overwhelmingly long or short view on the market, as well as "arbitrage" funds, which profit from the difference in company stock prices in related sectors.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Jerome Powell, Nell Mackenzie, Mark Heinrich Our Organizations: REUTERS, Goldman Sachs, Global, U.S . Federal Reserve, Fed, Treasury, Thomson Locations: Manhattan , New York, U.S

☆ Goldman names Kamo as global head of dealmaking for financial sponsors
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +1 min

[1/2] People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 24 (Reuters) - Goldman Sachs Group Inc (GS.N) has appointed David Kamo as its global head of financial sponsor mergers and acquisitions within its investment bank, according to a memo seen by Reuters on Tuesday. As well as assuming his new global role with financial sponsors, Kamo will continue heading cross markets M&A for Goldman, the memo added. The cross markets group is the bank's unit which focuses on advising middle-market businesses. Kamo joined Goldman in 2016 and became a partner at the Wall Street giant in 2020.

Persons: Goldman Sachs, Andrew Kelly, David Kamo, Goldman, Kamo, David French, Nick Zieminski Organizations: REUTERS, Goldman Sachs Group Inc, Reuters, Lehman Brothers, Barclays, Thomson Locations: Manhattan , New York, U.S, New York

☆ Goldman Sachs is set to report third-quarter earnings — here's what Wall Street expects
▼ + stars: | 2023-10-17 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, chief executive officer of Goldman Sachs Group Inc., at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs is scheduled to report third-quarter earnings before the opening bell Tuesday. Here's what Wall Street expects:Earnings: $5.31 a share, according to LSEG, formerly known as RefinitivRevenue: $11.19 billionTrading revenue: fixed income $2.8 billion, equities $2.73 billion, per StreetAccountInvestment banking revenue: $1.48 billionIs Wall Street deal-making on the mend? Among its big bank peers, Goldman Sachs is the most reliant on investment banking and trading revenue. Last week, Goldman said that its sale of lending business GreenSky will result in a 19 cents per share hit to third-quarter results.

Persons: David Solomon, Goldman Sachs, it's, That's, Goldman, Wells, Morgan Stanley Organizations: Goldman Sachs, Inc, Goldman Sachs Financial Services, Investment, Federal Reserve, Apple Card, KBW, JPMorgan, Citigroup Locations: New York, Wells Fargo

☆ This trade is where big investors are hiding out amid choppy markets, Goldman Sachs says
▼ + stars: | 2023-10-06 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A Goldman Sachs Group Inc. logo hangs on the floor of the New York Stock Exchange in New York, U.S., on Wednesday, May 19, 2010. Investors have piled into short-term U.S. government bonds in a bid to wait out the upheaval caused by a blowout in longer-term yields, according to a Goldman Sachs executive. The trade is a key way that institutions and wealthy investors are adjusting to the surge in long-term interest rates that have roiled markets lately. The 10-year Treasury yield has been climbing for weeks, reaching a 16-year high of 4.89% Friday after the September jobs report showed that employers were still hiring aggressively. Investors poured more than $1 trillion into new T-bills last quarter, according to Bloomberg.

Persons: Goldman Sachs, Lindsay Rosner, Rosner Organizations: Goldman Sachs, Inc, New York Stock Exchange, Goldman, CNBC, Treasury, Investors, Bloomberg Locations: New York, U.S, Goldman Sachs

☆ Bond rout won't end Fed balance sheet cuts, but endgame bubbling into view
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

Since June 2022, the Fed has allowed more than $1 trillion of bonds to mature from its portfolio, including roughly $840 billion of Treasuries. QT drains liquidity from the banking system, reducing bank reserves parked at the Fed and cash stashed in its reverse repo facility. Others believe money market rates will start to move up in ways suggesting the system is short of cash. A New York Fed report in April projected an end to QT around the middle of 2025. A survey of major banks by the New York Fed released in August eyed an end to QT in mid-2024.

Persons: it's, ”, Kathy Bostjancic, Bostjancic, Goldman Sachs, Loretta Mester, “, Austan Goolsbee, Mary Daly, Michael Barr, Michael Cloherty, Mark Cabana, ” Cabana, Cabana, Michael S, Ann Saphir, Dan Burns, Andrea Ricci Organizations: Goldman Sachs, Federal Reserve, Silicon Valley Bank, Fed, Treasury, Reuters Graphics Reuters, Cleveland Fed, Bloomberg, Chicago Fed, San Francisco Fed, UBS, Bank Policy Institute, New York Fed, Bank of America, Daily, Derby, Thomson Locations: Silicon, Washington

Oct 5 (Reuters) - Private equity firm General Atlantic LLC is exploring a sale of EngageSmart Inc (ESMT.N), a payments software vendor that has a market value of $3.3 billion, according to people familiar with the matter. Spokespeople for General Atlantic and Goldman Sachs declined to comment. EngageSmart software simplifies customer activities for companies such as paying a bill and going paperless. General Atlantic acquired a majority stake in the company, previously known as Invoice Cloud, in 2018. Summit Partners, a private equity firm that was already an investor in EngageSmart, retains an approximately 15% stake.

Persons: EngageSmart, Spokespeople, Goldman Sachs, Evercore, Milana Vinn, David Gregorio, Chris Reese Organizations: Atlantic LLC, EngageSmart Inc, Goldman Sachs Group Inc, Evercore Inc, General Atlantic, Summit Partners, Thomson Locations: New York, The Braintree , Massachusetts, EngageSmart

Overall, up to 300 employees may lose their positions in this round of layoffs across the bank, the sources added. Venkatakrishnan has been seeking to stabilize Barclays' investment banking franchise after a shakeup in the division's leadership in January led to an exodus of dozens of bankers. Barclays has also hired more than 30 investment bankers and promoted another 20 bankers in various positions since then. Barclays ranked 6th in LSEG's global investment banking league table for the first nine months of the year. Barclays warned in July that its profit margins were being squeezed by consumers repaying debt in the wake of high interest rates.

Persons: C.S, Venkatakrishnan, Morgan Stanley, Anirban Sen, Milana, Greg Roumeliotis, Nick Macfie 私 Organizations: Barclays Plc, Barclays, Goldman Sachs Group Inc Locations: San Francisco, New York

(Reuters) - EquiLend Holdings LLC, the securities lending platform owned by 10 of the biggest Wall Street firms, including Goldman Sachs Group Inc and BlackRock Inc, is exploring a sale following settlement of a major collusion lawsuit, people familiar with the matter said. Euronext NV is one of the parties interested in EquiLend, one of the sources added. EquiLend generates 12-month earnings before interest, taxes, depreciation and amortization of more than $25 million, two of the sources said. One of the sources added that EquiLend may fetch about $700 million in a sale. Goldman Sachs, JPMorgan, Morgan Stanley and UBS agreed to pay $499 million last month to settle the lawsuit that accused them of conspiring to stifle competition in the stock lending market using EquiLend.

Persons: Amr Alfiky, Broadhaven, Morgan Stanley, EquiLend, Goldman Sachs Organizations: Reuters, EquiLend Holdings, Goldman Sachs Group Inc, BlackRock Inc, Trade Center, REUTERS, Broadhaven Capital Partners, Wall Street, Bank of America Corp, UBS Group AG, JPMorgan Chase &, JPMorgan, UBS Locations: Manhattan, New York City, U.S, EquiLend

☆ Goldman names head of wealth investment solutions for asset management
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Goldman Sachs Group Inc FollowSept 15 (Reuters) - Wall Street giant Goldman Sachs (GS.N) has named Monali Vora as its head of wealth investment solutions for asset management, according to an internal memo seen by Reuters on Friday. Vora is a 23-year Goldman veteran who joined as an analyst within the quantitative investment team. The unit Vora will head caters to affluent clients who fall under the ultra-high net worth and high-net worth categories, with personalized investment portfolios across both stocks and bonds. "(She) has spent her entire career at the firm as a quantitative investor, ultimately building the Quantitative Equity Solutions business which she leads today," the memo said.

Persons: Goldman Sachs, Brendan McDermid, Vora, Goldman, Manya Saini, Saeed Azhar Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Reuters, Equity Solutions, Thomson Locations: New York City, U.S, Bengaluru, New York

Aug 25 (Reuters) - Barclays Plc (BARC.L) has hired Emma Taylor, a Goldman Sachs Group Inc (GS.N) technology banker, as global head of internet investment banking, according to an internal memo seen by Reuters. Taylor, a 20-year investment banking veteran, will be based in New York and report to Barclays global head of technology investment banking Kristin Roth DeClark, according to the memo, which was confirmed by a Barclays spokesperson. Taylor and Chan will join three other managing directors at Barclays who cover internet investment banking out of the United States and two managing directors who focus on the internet out of Europe. Last week, Barclays announced it had hired Lee Counselman from Moelis & Co (MC.N) as a managing director in its technology investment banking group focused on software transactions. She previously spent five years at Goldman Sachs, where she worked alongside Taylor on the internet team as head of global e-commerce coverage.

Persons: Emma Taylor, Taylor, Kristin Roth DeClark, Carmen Chan, Chan, Lee Counselman, Goldman Sachs, Milana Vinn, Jonathan Oatis Organizations: Barclays Plc, Goldman Sachs Group Inc, Reuters, Barclays, Thomson Locations: New York, United States, Europe, Moelis

A Subway sandwich shop logo is pictured in the Manhattan borough of New York February 14, 2014. These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources said. The Wall Street Journal reported on Monday that Roark Capital was nearing a deal to buy Subway for about $9.6 billion. A spokesperson for Subway declined to comment, while representatives for Roark and TDR did not immediately respond to requests for comment. Roark controls Inspire Brands, owner of the Jimmy John's, Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Rusty Taco and SONIC Drive-In chains.

Persons: Carlo Allegri, Roark, DeLuca, Buck, John's, TDR, Sycamore, Goldman Sachs, Fred DeLuca, Peter Buck, Jimmy John's, Dunkin ’, Rusty Taco, Jimmy John’s, Abigail Summerville, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, TDR, Sycamore Partners, Goldman Sachs, Subway, Street, Roark Capital, Goldman, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, Thomson Locations: Manhattan, New York, TDR Capital, Bridgeport , Connecticut, The Milford , Connecticut, U.S, Champaign , Illinois

☆ Goldman says oil stock draws cut bearish risk to Brent price
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. Brent oil prices held near $84 a barrel on Wednesday after touching their highest since January earlier in the month on the back of a more than 14% rally in July. Goldman said higher refinery runs slashed U.S. and Asia crude stocks by 21 million and 11 million barrels, respectively, since the end of June. Together with a China-driven fall in non-OECD stocks by 50 million barrels this month, and a Saudi Arabia-led draw of 20 million barrels from stocks on water, global oil stocks saw a month-to-date decline of 80 million barrels. "Saudi production could well stay its current low 9 million barrels per day (bpd) level for longer if Saudi Arabia envisions a more aggressive price target."

Persons: Goldman Sachs, Andrew Kelly, Brent, Goldman, Saudi's Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, OECD, Wall, Thomson Locations: New York City , New York, U.S, Asia, China, Saudi Arabia, Saudi, Bengaluru

The IPO could come later this year or early next year, subject to market conditions, the sources added, requesting anonymity because the matter is confidential. The valuation attained will also be subject to market conditions, the sources added. EQT, CPPIB and Goldman Sachs declined to comment. The company develops payment software helping clients such as large hospital systems with the collection of bills from patients. The company now works with 1 million healthcare providers and handles more than 2.5 billion transactions annually, according to its website.

Persons: Goldman Sachs, Waystar, CPPIB, Echo Wang, David Carnevali, Stephen Coates Organizations: EQT, Plan Investment, Goldman Sachs Group Inc, JPMorgan Chase &, JPMorgan, Bain Capital, Fitch, Medicare, Medicaid Services, Thomson Locations: Canada, Navicure, New York

☆ Goldman upgrades oil demand outlook as market tempers growth pessimism
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

Companies Goldman Sachs Group Inc FollowJuly 30 (Reuters) - Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 million barrels per day (bpd) in July and see solid demand driving a larger-than-expected 1.8 million bpd deficit in the second half this year and a 0.6 million bpd deficit in 2024. A reduced recession risk and a strong effort by the Organization of the Petroleum Exporting Countries (OPEC) to push up prices support Goldman's view on higher oil prices and an outlook for less volatility, the analysts wrote in a note. Oil prices hovered near three-month highs on Monday, set to post their biggest monthly gains in over a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tighten global supply. The Wall-Street bank upgraded its oil demand estimate by around 550,000 bpd and sees 2023 supply higher by around 175,000 bpd.

Persons: Goldman Sachs, Brent, Goldman, Ananya Bajpai, Swati Verma, Tom Hogue Organizations: Goldman Sachs, Organization of, Petroleum, Goldman, Saudi, West Texas, Thomson Locations: Saudi Arabia, Saudi, Bengaluru

☆ Factbox: U.S. banks increase reserves for commercial real estate exposure
▼ + stars: | 2023-07-21 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

While regional banks carry the greatest exposure to the commercial real estate (CRE) sector, second quarter earnings show that a number of big banks have prepared for potential defaults, primarily on office loans. However, Borthwick noted the bank's office CRE exposure was low relative to its overall loan portfolio, at 2%. CRE loans represented just 15% of the bank's overall lending book, while only 1% of the CRE loan portfolio was office-related. WELLS FARGO (WFC.N)The bank said it had a $949 million increase in its allowance for credit losses, primarily CRE office loans. WEBSTER FINANCIAL CORP (WBS.N)The regional bank's nonperforming CRE loans ticked up to $47.9 million last quarter from $35.8 million in the first quarter.

Persons: Goldman Sachs, Andrew Kelly, Alastair Borthwick, Borthwick, GOLDMAN SACHS, markdowns, Denis Coleman, Jeremy Barnum, WELLS, Charlie Scharf, Bruce Van Saun, Dominic Ng, East, James Leonard, MORGAN STANLEY, Webster, Glenn MacInnes, John Ciulla, Matt Tracy, Michelle Price, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, U.S, AMERICA CORP, GOLDMAN SACHS GROUP INC, Goldman, JPMORGAN CHASE &, JPMorgan, Citizens, EAST WEST BANCORP, East, BANCORP, WEBSTER FINANCIAL, Thomson Locations: New York City , New York, U.S, California, CRE

☆ US stocks rise on earnings outlook, global shares dip on China data
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple, Nvidia and Tesla, ahead of quarterly results from industry heavyweights later this week. Second-quarter earnings are expected to decline 8.1%, according to Refinitiv data, down further than the 5.7% decline expected at the start of the month. Data on U.S. retail sales are expected to show a rise of 0.3% ex-autos, continuing the slower trend but solid enough to fit into the market's soft-landing theme. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Wall, Nasdaq, Apple, Nvidia, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Oil, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ Global shares dip after China data; US stocks gain
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple and Tesla, ahead of quarterly results from industry heavyweights later this week. Stocks in Europe closed lower, with the pan-regional STOXX 600 index (.STOXX) down 0.63% while MSCI's gauge of stocks across the globe (.MIWD00000PUS), which is heavily weighted to U.S. megacap stocks, edged higher by 0.14%. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November. U.S. crude fell $1.27 to settle at $74.15 per barrel and Brent settled down $1.37 at $78.50.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis Organizations: New York Stock Exchange, REUTERS, YORK, Nasdaq, Apple, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Sterling, Bank of England, CBA, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ US banks lose favor with European hedge funds, Goldman says
▼ + stars: | 2023-07-06 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Overall, shares in European banks are outperforming U.S. peers as they did not face the deposit flight experienced in the United States. "In Europe, hedge funds have rotated out of banks and insurance into financial services in the past couple of months, but still positioning in European banks remains stronger than in U.S. banks," Goldman Sachs said in the report obtained by Reuters. The data shows European investors are more bullish about banks on their own continent, while they have a more neutral approach to U.S. banks. The gap between European hedge funds' positioning in European and U.S. banks has widened mainly after a crisis this year in which U.S.-based bank Silicon Valley Bank and two other lenders failed. Short interest as a share of free float in U.S. banks grew to 2.3% in June from 1.8% in January, while staying stable for European banks, at 0.6%.

Persons: Goldman Sachs, Wells, Goldman, Morgan Stanley, Carolina Mandl, David Holmes, Clarence Fernandez Organizations: YORK, Dow Jones, Banks, Reuters, Silicon Valley Bank, UBS, Credit Suisse, Bridgewater Associates, JPMorgan & Co, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Thomson Locations: U.S, United States, Europe, Silicon, Swiss

☆ US banks out of favor with European hedge funds, Goldman tells clients
▼ + stars: | 2023-07-05 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

NEW YORK, July 5 (Reuters) - European hedge funds have reduced their exposure to U.S. banks at a fast pace since the beginning of the year, while roughly keeping their positioning in European banks, Goldman Sachs (GS.N) said in a recent report sent to clients. Overall, shares in European banks are outperforming U.S. peers as they did not face a deposit flight as happened in the U.S. "In Europe, hedge funds have rotated out of banks and insurance into financial services in the past couple of months, but still positioning in European banks remains stronger than in U.S. banks," Goldman Sachs wrote in the report obtained by Reuters. The data show that European investors are more bullish about banks on their own continent, while they have a more neutral approach to U.S. banks. The gap between European hedge funds' positioning in European and U.S. banks has widened mainly after the banking crisis in which U.S.-based bank Silicon Valley Bank and two other lenders failed earlier this year.

Persons: Goldman Sachs, Wells, Goldman, Morgan Stanley, Carolina Mandl, David Holmes Organizations: YORK, U.S, Dow Jones, Banks, Reuters, Silicon Valley Bank, UBS, Credit Suisse, Bridgewater Associates, JPMorgan, Co, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Thomson Locations: U.S, Europe, Silicon, Swiss

NEW YORK, June 26 (Reuters) - Goldman Sachs Group Inc (GS.N) plans to add former Bank of America executive Tom Montag to its board, a person familiar with the matter said on Monday, as Goldman's leadership faces challenges over its strategy. The bank's board is gathering in India this week, a second source said. Montag, who has previously worked at Goldman Sachs, is currently CEO of Rubicon Carbon, a carbon-market venture backed by asset manager TPG. The planned appointment was first reported by Bloomberg News, which said that Montag is an ally of CEO David Solomon. Montag, described by his peers as a hard-charging executive, was formerly a partner at Goldman Sachs and jointly led its securities division until late 2007.

Persons: Tom Montag, Montag, Goldman Sachs, David Solomon, Goldman, Merrill Lynch, Solomon, Saeed Azhar, Manya, Arun Koyyur, Emelia Organizations: YORK, Goldman Sachs Group Inc, of America, Rubicon, TPG, Bloomberg News, Bank of America, Manya Saini, Thomson Locations: India, New York, Bengaluru

This spike bodes well for the IPO market, bankers say, because both new listings and secondary stock sales rely on strong demand from equity investors. "Historically, follow-on activity of this magnitude should lead to animal spirits in the IPO market," said Daniel Burton-Morgan, head of Americas syndicate for equity capital markets at Bank of America Corp (BAC.N). The IPO market has been in the doldrums since the start of 2022, when Russia's invasion of Ukraine and a spike in inflation fueled a bout of market volatility as investors fretted over U.S. interest rate hikes. The week of June 5 saw 19 follow-on and secondary stock sales in the United States, totaling proceeds of $6.6 billion, one of the highest weekly tallies since the end of 2021. IPO HOPEFULSMajor companies are waiting in the wings to launch their market debut come September, when the IPO window traditionally opens after a summer lull.

Persons: Daniel Burton, Morgan, Goldman Sachs, Electric's, Alex Wellins, Keith Townsend, Echo Wang, Lance Tupper, Greg Roumeliotis, Sam Holmes Organizations: YORK, LSEG, Intelligence, Bank of America Corp, Dealogic, Reuters Graphics, Federal, Goldman, Intel Corp, GE Healthcare Technologies, SoftBank Group Corp, chipmaker, Holdings, Blueshirt, King, Spalding, Thomson Locations: United States, Ukraine, Cava, New York

[1/2] A view of the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. The latest round of penny-pinching comes as Goldman Sachs management grew more pessimistic about an economic recovery and dealmaking this year. Goldman Sachs investment banking revenue is down 52% in that same period, the Dealogic data showed. Goldman Sachs trades at 0.97 times its book value, lagging rivals Morgan Stanley and JPMorgan Chase & Co (JPM.N) which trade at 1.45 times and 1.33 times, respectively, according to Refintiv data. Reuters GraphicsThe headcount reductions and cost cutting do not solve Goldman's fundamental challenges: its reliance on investment banking and trading.

Persons: Goldman Sachs, Andrew Kelly NEW, Goldman, David Solomon, John Waldron, Morgan Stanley, pare, Brennan Hawken, Waldron, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Andrea Januta, Anna Driver Organizations: REUTERS, Andrew Kelly NEW YORK, Goldman Sachs, Investment, Lazard Ltd, Citigroup Inc, JPMorgan Chase &, Reuters, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

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