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☆ How our banks Morgan Stanley and Wells Fargo performed against peers this earnings season
▼ + stars: | 2024-01-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Here's how our financial names, Morgan Stanley and Wells Fargo, stacked up against their peers. Morgan Stanley reported a fourth-quarter exceeded estimate on adjusted earnings-per-share (EPS) of $1.13, excluding a few one-time charges. MS YTD mountain Morgan Stanley (MS) performance year-to-date On earnings day last week, Morgan Stanley shares came under pressure on CEO Ted Pick's conservative macro outlook and the firm's Wealth Management number. Money center banks Then, there are money centers and traditional lenders like Wells Fargo and JPMorgan Chase . Overall, the quarter didn't discourage our long-term bull case on Wells Fargo as a multiyear recovery play.

Persons: Morgan Stanley, Wells, Morgan, Goldman Sachs, Ted Pick's, Jim Cramer, Jim, Morgan Stanley's, David Solomon, Jim mulled, we're, Wells Fargo's, We're, Jamie Dimon, Jim Cramer's, Brendan Mcdermid Organizations: Valley Bank, Management, Investment, Federal Deposit Insurance Corporation, Institutional Securities, Wealth Management, Investment Management, firm's Wealth, Investment Banking, Goldman's Investment, JPMorgan Chase, JPMorgan, CNBC, Traders, New York Stock Exchange Locations: Valley, Wells Fargo, Wells, Republic, New York City, U.S

☆ Goldman profit tops estimates as dealmaking cushions hit from GreenSky, real estate
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up. Goldman had taken a charge of $504 million on GreenSky in the second quarter. Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management. Investment banking results have been mixed for peers, with JPMorgan Chase (JPM.N) reporting a 6% decline in revenue, while Citigroup (C.N) said fees jumped 34%.

Persons: Goldman Sachs, Brendan McDermid, Solomon, Goldman, SoftBank Group's, Morgan Stanley, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Sixth Street Partners, Investment, JPMorgan Chase, Citigroup, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

☆ European tech fund EQT Growth set to poach investor from Goldman Sachs who will join as a new partner, sources say
▼ + stars: | 2023-06-09 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

European venture fund EQT is set to hire a Goldman Sachs investor as a partner, Insider understands. A managing director from Goldman Sachs Growth Equity is set to join the fund, sources say. An investor at Goldman Sachs' startup investment arm is set to depart the banking giant to join up with Swedish private equity and venture firm EQT Growth, Insider understands. Kirk Lepke, a London-based managing director at Goldman Sachs Growth Equity, is primed to be poached by the Stockholm investor, two sources familiar with the matter said. Both EQT Growth and Goldman Sachs declined to comment.

Persons: Goldman Sachs, Kirk Lepke, Lepke, EQT, Mollie, Lepke's, Julien Bek Organizations: Goldman Sachs Growth Equity, Goldman, DoorDash, Torch, Summit Partners, Apple Locations: Europe, London, Stockholm, New York, Boston, Lithuanian, Crunchbase

Goldman Sachs released its list of high conviction stocks — with a new twist. What makes this list unique from the typical top picks list is that members of Goldman's Investment Review Committee were the ones choosing the names, adding a second layer of analysis. Take a look at some of the names that made the list, and where Goldman sees them going forward. Goldman expects shares to have 42% upside over the next 12 months. The tech giant's scale, platform breadth, category diversification and end-market exposure will further fuel its upside opportunity in the years ahead, according to Sheridan.

Persons: Goldman Sachs, Steven Kron, Goldman, Kate McShane, Chris Shibutani, Eric Sheridan, Brett Feldman, Max —, — CNBC's Michael Bloom Organizations: Goldman's Investment, Pharmaceutical, Merck, Goldman, Amazon, Services, Warner Bros, HBO Max Locations: Sheridan, WarnerMedia

☆ Meet Kim Posnett, the powerful Goldman Sachs dealmaker who was just named head of the investment bank's TMT unit
▼ + stars: | 2023-05-03 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

Kim Posnett was just named head of Goldman's all-important TMT investment banking group. Posnett, 43, has long been one of the most senior figures at Goldman's investment bank. Posnett was previously the head of Goldman's investment-banking services unit, which acts as a salesforce for the global IB division. The former co-head of Goldman's TMT franchise will become co-chairman of the unit. The former would result in the IB services group, which functions, in effect, as a sales force.

April 18 (Reuters) - Goldman Sachs Group Inc's (GS.N) profit fell 19% as dealmaking and bond trading slumped in the first quarter and it lost money on the sale of some assets in its consumer business. Goldman booked a $470 million loss on the sale of some loans from Marcus, dragging down first quarter results. 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. But deposits held in the Marcus business remain core to Goldman and are not under review, a source familiar with the matter had told Reuters earlier this year. Goldman's lackluster trading results contrast with those of Bank of America Corp (BAC.N), which also reported earnings on Tuesday.

☆ No Ivy League degree? No problem: This Wall Street vet climbed his way up the ranks of Goldman Sachs after graduating from SUNY Albany
▼ + stars: | 2023-04-03 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +13 min

Ask anyone on Wall Street and they will tell you that Goldman Sachs is one of the top places to build a career as an investment banker. In an effort to diversify recruiting sources and its workforce, Wall Street generally has been expanding the schools from which it recruits. Still, Alfieri's experience can still prove valuable to today's Wall Street hopefuls. There he met Vincent Cisternino, who also had dreams of working on Wall Street. Having started his career during the financial crisis, his advice to today's Wall Street upstarts is to stay positive and persevere.

Jan 17 (Reuters) - Goldman Sachs Group Inc (GS.N) on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Goldman is also curbing its consumer banking ambitions as Chief Executive Officer David Solomon refocuses the bank's resources to strengthen its core businesses such as investment banking and trading. Goldman's investment banking fees fell 48% in the latest quarter, while revenue from its asset and wealth management unit dropped 27% due to lower revenue from equity and debt investments. The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, missing the Street estimate of $5.48, according to Refinitiv IBES data. Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.

Rising interest rates roiled markets last year and global investment banking revenue sank more than 50% from a year-earlier quarter, according to data from analytics firm Dealogic. SHARPLY LOWERAcross the board, investment banking fees were sharply lower. Morgan Stanley's revenue from investment banking business fell 49% in the fourth quarter while Goldman Sachs's investment banking fees fell 48%. JPMorgan's investment banking unit saw its revenue down 57%, Citigroup Inc's (C.N) investment banking revenue plunged 58% while Bank of America Corp (BAC.N) investment banking fees more than halved. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income.

REUTERS/Lucas JacksonNEW YORK, Jan 4 (Reuters) - Goldman Sachs Group Inc's (GS.N) top dealmakers are bullish on a recovery in global mergers & acquisitions (M&A) in the second half of 2023 despite a slowdown in economic growth and a weak credit market. The projections come after global M&A values slumped 36% to $3.78 trillion in 2022, from a record $5.91 trillion in 2021, according to Dealogic data. "I remain quite bullish, maybe not on the first quarter, but certainly as we go forward," said Stephan Feldgoise, global co-head of M&A. The company has been the top global M&A adviser by revenue for the past 20 years, followed by JPMorgan Chase & Co (JPM.N), according to Dealogic data. The bank sees opportunities in advising clients who are being targeted by activist investors, or fintech companies open to suitors after their valuations plunged, said Russ Hutchinson, the bank's chief operating officer of global M&A.

☆ Meet 5 of Goldman Sachs' newest partners, including a top fintech dealmaker and a structured trader from Honduras whose 3 brothers also work on Wall Street
▼ + stars: | 2022-11-09 | by ( Dakin Campbell | Alex Morrell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It also includes a star fintech banker and leading voice on the Black experience on Wall Street. Here are 5 top names who will help shape the Wall Street of tomorrow. In the 12 years that he's been at Goldman, Watkins has helped Goldman advise on some of the technology industry's biggest transactions. He has also been a leading voice in discussing the Black experience on Wall Street. After graduating in 2010, he went to work for the Global Electronic Trading Co., known on Wall Street as GETCO.

☆ Goldman Sachs names about 80 new partners - Bloomberg News
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Wall Street investment banking powerhouse Goldman Sachs Group Inc (GS.N) has tapped 80 employees as new partners, Bloomberg News reported on Wednesday, citing people familiar with the matter. The top post, to which the finance giant hires every two years, makes up for less than 1% of the firm's total rank, the report added. A spokesperson of the bank declined to comment on the report when contacted by Reuters. Last month, Goldman said it will reorganize its business into three units and scale back ambitions for its consumer bank, after it reported a 44% slump in third-quarter profit. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Goldman on Monday elevated Avinash Mehrotra and Brian Haufrect as the new co-heads of Americas M&A, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism and takeover defense, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles on top of their new responsibilities. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo sent to employees by Goldman's global co-heads of Global Banking & Markets, Dan Dees and Jim Esposito. Haufrect, who heads Goldman's natural resources deals franchise, was made partner at Goldman in 2016, according to his LinkedIn profile. Goldman's top six dealmakers - global co-heads of M&A, Stephan Feldgoise and Mark Sorrell, and M&A chairmen, Tim Ingrassia, Dusty Philip, Gilberto Pozzi and Gene Sykes - will continue running the franchise, according to the memo.

NEW YORK, Oct 31 (Reuters) - Goldman Sachs Group Inc (GS.N) on Monday named Avinash Mehrotra and Brian Haufrect as the new co-heads of mergers and acquisitions (M&A) for the Americas, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo. The contents of the memo were confirmed by a Goldman spokesperson. Reporting by Svea-Herbst Bayliss and Anirban Sen in New York; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

The bank will now have three operating segments - asset and wealth management, global banking and markets, and platform solutions. Goldman Sachs outlined leadership changes for the new units, with Marc Nachmann becoming global head of the asset and wealth management division. In the consumer and wealth management business, Goldman saw revenue jump 18% to $2.38 billion in the quarter, reflecting higher demand for loans and higher fees from managing assets. Goldman said its consumer unit will be folded into two separate businesses - wealth management and the newly created platform solutions. The Platform Solutions unit will include GreenSky, the fintech lender Goldman bought in a $2.2 billion deal.

☆ Factbox: These are the leaders who want to reshape Goldman Sachs
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Goldman Sachs Group Inc (<GS.N>) unveiled a plan to reorganize its business into three units in another overhaul in less than three years by the Wall Street giant, which also reported a smaller-than-expected 44% slump in third-quarter profit on Tuesday. The bank will now have three operating segments - asset and wealth management, global banking and markets, and platform solutions. Following is the leadership structure at Wall Street's foremost investment bank in the newly organized units:Register now for FREE unlimited access to Reuters.com RegisterAsset & Wealth Management (AWM): The new unit integrates the bank's investing and wealth activities into a single businessGlobal Banking & Markets (GBM): Integrates Goldman's investment banking and global markets into a single businessPlatform Solutions: The bank's new business will bring together its fintech platforms including GreenSky, that Goldman bought in a $2.2 billion deal in 2021Source: Goldman SachsRegister now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini, Niket Nishant, and Noor Zainab Hussain in Bengaluru and Saeed Azhar and Lananh Nguyen in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Marcus, Goldman's consumer banking business, will be absorbed into the wealth unit, the sources said, confirming an earlier Wall Street Journal report. Register now for FREE unlimited access to Reuters.com RegisterThis is the biggest shakeup since the company's investor day in early 2020 when it outlined plans for four core units: investment banking, global markets, consumer and wealth management and asset management. The reorganization comes as the Wall Street titan seeks to boost its income from fee-based businesses and cut its reliance on volatile trading and investment banking revenues. The changes also signal Marcus, the consumer unit, is being relegated after Chief Executive Officer David Solomon expressed big ambitions to build a mainstream digital bank. But the consumer banking unit that launched in 2016 has struggled to gain traction and suffered from delays.

☆ Goldman plans major overhaul to combine key units -source
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

Oct 16 (Reuters) - Goldman Sachs (GS.N) is planning a major reorganization to combine its biggest businesses into three divisions with its storied investment banking and trading businesses being merged into a single unit, a source familiar with the matter told Reuters. It would mean CEO David Solomon's ambition to build a mass-market digital bank via consumer banking unit Marcus will take a backseat. The combined investment banking and trading group will be overseen by Dan Dees and Jim Esposito, who are currently global co-heads of Goldman's investment banking, and Ashok Varadhan, now co-head of its global markets division, according to a report from Bloomberg. Goldman reported a 48% slump in second-quarter profit, which beat forecasts due to gains in fixed-income and commodities trading. But the consumer banking unit, launched in 2016, is still struggling to gain traction, and will be brought into asset and wealth management.

☆ Goldman plans major overhaul, to combine investment banking and trading -WSJ
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

Oct 16 (Reuters) - Goldman Sachs (GS.N) is planning a major reorganization as part of which its storied investment banking and trading businesses will be combined, while consumer banking will be absorbed by its wealth unit, the Wall Street Journal reported on Sunday. The move comes as the Wall Street titan has sought to cut its reliance on volatile trading and investment banking revenues by boosting its fee-based businesses. It would mean CEO David Solomon's ambition to build a mass-market digital bank via consumer banking unit Marcus will take a backseat. Goldman will combine the investment banking and trading businesses into one unit, while merging asset and wealth management into another, the report said. But the consumer banking unit, launched in 2016, is still struggling to gain traction, and will be brought into asset and wealth management.

☆ Goldman Sachs' bankers get their marching orders as Wall Street starts to purge under-performers
▼ + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

The cuts come after Goldman's investment bank logged a 41% dip in year-over-year revenues in July. Goldman Sachs has started wielding the axe at its investment bank. The job cuts are likely to echo across Wall Street, particularly within investment-banking divisions like capital markets and M&A advisory, bankers told me. US lawmakers pressed bank chief executives on reports of fraud on the Zelle payments network. Wall Street is completely delusional about the pain that is coming for the stock market.

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