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☆ Ex-Goldman Sachs analyst found guilty of insider dealing
▼ + stars: | 2024-02-15 | by ( ) edition.cnn.com time to read: +2 min

London — A former Goldman Sachs analyst was convicted Thursday of using inside information to buy shares in listed companies and make more than 140,000 pounds ($175,650). Mohammed Zina, 35, was employed by Goldman Sachs International, a subsidiary of the bank, in London. A Goldman Sachs spokesperson said: “Mohammed Zina betrayed the trust we placed in him, and his misuse of client information was in direct contradiction of our values. Prosecutor Peter Carter told jurors at the start of the trial that Mohammed Zina had used “private, confidential, price-sensitive information” to invest on the stock exchange. He said the internal policies of Goldman Sachs strictly forbid any use of confidential information acquired by the investment bank or its employees.

Persons: Goldman Sachs, Mohammed Zina, SoftBank, Zina, “ Mohammed Zina, Steve Smart, Suhail Zina, Clifford Chance, Peter Carter Organizations: London, Goldman, Goldman Sachs International, Prosecutors, Tesco Bank, UK Financial, Authority, Southwark Crown Locations: London, British, Southwark

☆ Goldman Sachs analyst used inside information for profit, London court told
▼ + stars: | 2023-11-30 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Nov 30 (Reuters) - A former Goldman Sachs (GS.N) analyst used confidential information to make more than 140,000 pounds ($176,800) from shares in listed companies, prosecutors told a London court on Thursday. Prosecutor Peter Carter said the brothers "used information which they should not have used – because it was private, confidential, price-sensitive information – to gamble effectively, to invest on the stock exchange". He told the jury that Goldman Sachs' internal policies strictly forbid any use of confidential information acquired by the investment bank or its employees. "To breach a confidence or to use confidential information improperly or carelessly would be unthinkable," the policy says. Carter said the policy was clear that employees are not allowed to use confidential information "other than for your work at (Goldman Sachs) and nothing else".

Persons: Goldman Sachs, Mohammed Zina, Zina, Suhail Zina, Clifford Chance, Mohammed, Peter Carter, Carter, Sam Tobin, Bill Berkrot Organizations: Goldman, Goldman Sachs International, Arm Holdings, Southwark Crown, Tesco Bank, Thomson Locations: London, Southwark

☆ Bankrupt WeWork enters financing agreements with certain lenders
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. WeWork, once the most valuable U.S. startup, struggled to achieve profitability as a rise in work-from-home trends following the pandemic soured demand for its shared office spaces. The financing could be as much as $682.5 million but it could also be smaller than that depending on other conditions, WeWork said, adding that the parties have agreed to provide the financing individually and not jointly. The company also said the financing agreement was dependent on fulfilling certain conditions, including the approval of the Bankruptcy Court. WeWork entered bankruptcy with about $164 million of cash on hand, according to court filings.

Persons: Shannon Stapleton, WeWork, Bhanvi, Devika Organizations: REUTERS, Goldman Sachs International Bank, JPMorgan Chase Bank, SoftBank, Thomson Locations: Queens, New York City, U.S, Bengaluru

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

☆ The US stock market rally is unsustainable, but making these 20 international investments can lead to long-term profits, according to 3 fund managers with over $43 billion in combined assets
▼ + stars: | 2023-06-30 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

International stocks have underperformed for over a decade, while US growth names took off. However, foreign companies have attractive relative valuations and earnings growth. Why foreign stocks are more than just a good dealAnyone bullish on international stocks will almost always point to their valuations relative to US companies. Investors can get downside protection in this uncertain environment by buying international stocks that are high quality and can generate their own growth, Deladerriere said. And in addition to their rising earnings growth, the fund manager noted that the two pay sizable dividends.

Persons: they've, Nick Paul, Paul, Steve Gorham, who's, Gorham, Wes Crill, Crill, isn't, Alexis Deladerriere, Deladerriere, there's, Goldman, haven't, He's, it's Organizations: MFS Investment Management, Value, Vanguard, Index, Yahoo Finance, Dimensional Fund Advisors, Fund, Goldman Sachs International Equity Income, Goldman, Asset Management, Goldman Sachs, Management, HSBC, BNP, Schneider, MFS, Hitachi Locations: Europe, Asia, BlackRock, weightings, Gorham, Japan, London, Paris, Spanish, Ukraine, France, Australia, Taiwan

☆ Shares in yacht maker Ferretti bob higher on Milan market debut
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

MILAN, June 27 (Reuters) - Shares in Italian yacht maker Ferretti , rose more than 4% in an initial spike on their debut on Euronext Milan on Tuesday as the company embarked on a dual listing. The shares traded as high as 3.14 euros, with an automatic halt applied for excess volatility before dropping back towards the offer price. Ferretti's main shareholder, Chinese conglomerate Weichai, sold shares accounting for 26.1% of the company capital, generating 265 million euros. Ferretti shares in Hong Kong rose 1% to HK$25 at around 0700 GMT. Fashion house Prada (1913.F) is also considering listing shares in Milan.

Persons: Ferretti, Christian Basellini, Goldman Sachs, J.P, Morgan, UniCredit, Berenberg, Elisa Anzolin, Keith Weir Organizations: MILAN, Milan, Equity Capital Markets, HK, Prada, Goldman Sachs International, Thomson Locations: Hong Kong, Milan

Several major finance companies also voluntarily reported ethnicity pay data for the period. The majority of major finance firms nonetheless made progress in narrowly closing their gender pay gaps, according to their disclosures. ETHNICITY PAY GAPSHalf of the 20 finance firms reviewed reported varying detail on ethnicity pay gaps, with some including insurer Phoenix doing so for the first time. Where pay gaps were further broken down by ethnicity, they showed the largest pay disparities were between Black and white employees. All the employers said in their pay gap reports they were taking steps to improve diversity, particularly at senior levels.

☆ Belgium to sell part of its stake in BNP Paribas in deal worth over $2 bln - SFPI
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - Belgium is preparing a partial sale of its 7.8% equity stake in French lender BNP Paribas (BNPP.PA), the euro-zone's biggest bank, the Belgian state participation agency SFPI said on Tuesday. The SFPI will dispose of a chunk of around 2.7% in the French bank, it said in a statement. Lazard is advising Belgium on the move, while BNP Paribas Fortis, BofA Securities and Goldman Sachs International are acting as joint bookrunners, it added. The sale would mean Belgium will no longer hold the biggest stake in BNP Paribas. BNP Paribas did not immediately respond to a request seeking comment.

☆ Saipem shares drop, group says cannot explain why
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 13 (Reuters) - Saipem (SPMI.MI) does not have any information explaining Monday's share movements, a spokesman for the Italian energy contractor said, after the stock closed down 5.7%. More than 10% of the share capital of the group was traded on the Milan stock exchange, according to Refinitiv data. In July a pool of lender bought Saipem's shares worth almost 600 million euros after a cash call fell short of the 2 billion euro target. BNP Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and UniCredit were the joint global coordinators of the Saipem issue. Reporting by Francesca Landini and Giancarlo Navach, editing by Gianluca Semeraro and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman taps former BoE official Bradley Fried as next International chair- Sky News
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: 1 min

Dec 17 (Reuters) - Goldman Sachs Inc (GS.N) has tapped Bradley Fried, former Chair of the Court of the Bank of England, as chairman of Goldman Sachs International (GSI), Sky News reported on Saturday. Fried will replace Jose Manuel Barroso, who was the former European Commission president, according to the report. The announcement is expected next week and Fried will assume his role in February next year, the report said. Goldman Sachs declined to comment when contacted by Reuters. Fried stepped down as the Chair of BoE's Court last June after 4 years with the central bank.

☆ Goldman says ex banker's $23 mln whistleblower claim 'lamentable'
▼ + stars: | 2022-10-18 | by ( Kirstin Ridley | ) www.reuters.com time to read: +2 min

LONDON, Oct 18 (Reuters) - A former Goldman Sachs banker and self-proclaimed whistleblower is suing his former employer for more than 20 million pounds ($23 million) for unfair dismissal in a London claim the Wall Street bank has labelled "cynical" and "lamentable". The bank said the claim by Thomas Doyle, its former EMEA head of synthetic swap sales who is suing Goldman Sachs International and four senior bankers, was "scarcely believable". Goldman Sachs alleges that Doyle made no real protected disclosures during his tenure and is trying to circumvent a statutory cap of roughly 90,000 pounds on damages for unfair dismissal by bringing an uncapped whistleblowing claim. "This claim is a cynical and transparent attempt to contrive a whistleblowing claim where none exists in order to circumvent the statutory cap of damages," it alleged. Should Doyle win this stage of his case, a further hearing will establish the level of any damages.

☆ Ex Goldman banker claims he was "fired for whistleblowing"
▼ + stars: | 2022-10-17 | by ( Kirstin Ridley | ) www.reuters.com time to read: +3 min

Doyle, who says he joined Goldman in December 2018 with an exemplary market reputation, named Goldman Sachs International and four senior Goldman bankers in a lawsuit being heard in the Central London employment tribunal. Register now for FREE unlimited access to Reuters.com RegisterA Goldman Sachs spokesperson dismissed the allegations as unfounded and said the case would be "resolutely contested". In the filing, Doyle alleges the managing partner said subsequently that he did not think he would have used expletives in a management meeting. But the manager accepted he had told Doyle to stop behaving like a child, using another expletive, the filing alleged. But Goldman only called him into a meeting after he was told his employment was effectively over, Doyle alleges.

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