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☆ Goldman Sachs just refreshed its conviction lists of global stocks — giving one 67% upside
▼ + stars: | 2024-05-06 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Goldman Sachs just refreshed its lists of top global stock picks, adding some and removing others. The investment bank's "Conviction List - Directors' Cut" aims to offer investors a "curated and active" list of 15 to 25 buy-rated stocks. The stocks are selected by a subcommittee designated by the bank's Investment Review Committee for each region. Here are three of the latest additions to Goldman's directors' cut lists — for Asia-Pacific and Europe — that were given more than 30% upside potential in the next 12 months. Goldman has a target price of 11,850 British pence ($148.71) on the stock, giving it around 30.7% upside potential.

Persons: Goldman Sachs, Goldman, London Stock Exchange Goldman, Oliver Carruthers, Samsung Biologics Goldman, Ziyi Chen, Michele Della Vigna, — CNBC's Michael Bloom Organizations: bank's Investment, London Stock Exchange, Microsoft, Samsung, Korean, EU's Renewable Energy, . Locations: Asia, Pacific, Europe, Korean

☆ Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results
▼ + stars: | 2024-04-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations. Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period. Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate. Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.

Persons: Jane Fraser, Fraser, JPMorgan Chase, Goldman Sachs Organizations: Citi, Milken Institute Global Conference, Citigroup, LSEG Revenue, Revenue, Investment, Services, U.S, JPMorgan Locations: Beverly Hills , California

☆ SoftBank nets $16 billion on Arm earnings pop, exceeding its total losses in WeWork
▼ + stars: | 2024-02-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Arm shares rocketed as much as 41% late Wednesday after the chip designer reported revenue and earnings that sailed past analysts' estimates. SoftBank took Arm public in September and still owns about 930 million shares, or roughly 90% of the chip designer's outstanding stock. Arm pared its initial gains, but SoftBank's stake still jumped by almost $16 billion — from close to $71.6 billion to $87.4 billion — after the earnings report. Softbank acquired Arm in 2016 for $32 billion, and its shares were worth just over $47 billion at the time of the IPO last year. The Vision Fund, SoftBank's venture arm, posted a $6.2 billion loss in the second quarter of 2023, tied to WeWork and other soured bets.

Persons: Son, Masayoshi Son's SoftBank, SoftBank, Softbank Organizations: Vision Locations: Tokyo, Arm's, WeWork, Alibaba

☆ These 6 stocks will be non-AI winners of an AI boom, says Scotiabank
▼ + stars: | 2024-01-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

While demand for artificial intelligence applications is seeing rapid growth, several non-tech companies are well-positioned to benefit directly from the AI boom over the next few years, according to Scotiabank. This is because although GPUs, the specialized chips that power AI applications, are more efficient, they consume more than twice as much electricity to operate compared to non-AI chips such as CPUs. The Scotiabank analysts named six stocks that they think are well-positioned to capitalize on surging demand for data centers and renewable energy from AI applications. Meanwhile, earlier this week, fellow data center firm Equinix launched a new cloud service that will allow companies to manage their Nvidia AI supercomputing infrastructure to build AI applications. Due to their massive, power-hungry data centers, Scotiabank noted that the tech companies are the largest corporate consumers of renewable power.

Persons: Equinix, AI's Organizations: Scotiabank, Analysts, Digital Realty, Digital, Nvidia, supercomputing, JV, Big Tech, Google, Microsoft, NextEra Energy, NextEra Energy Partners, Brookfield Renewable Partners, Big

☆ How to profit from a 2024 comeback for these 2 bank stocks in a trade with limited risk
▼ + stars: | 2024-01-08 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

As always the names indicated in green are stocks we hold, so it seems we believe they can. The average price-earnings ratio for Bank of America, Wells Fargo, JPMorgan Chase and Citigroup is just 10.3, less than half the S & P 500 overall. Upside with limited risk Notice that the earnings related implied move in the table indicates modest volatility expectations around earnings. Bank of America took on more duration risk than competitors, and consequently its assets took more of a hit as interest rates rose. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Wells Fargo Organizations: Bank of America, JPMorgan Chase, Citigroup, JPMorgan, Wells, Fed, Long Bank of America Locations: Wells Fargo, Wells, Long

☆ Intesa CEO hopes to keep reins with Catholic philosophy for 'many years'
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

"We can do that because we already spend 300 million euros a year for social causes," Messina said. Intesa has among core shareholders charitable banking foundations inspired by Catholic values, commonly referred to in Italy as "Catholic finance". "I hope to have the honour to continue to lead our company for many years with this philosophy," Messina said. At the helm since 2013, Messina has made the digital switch a key plank of his long-term strategy for Intesa, with a view to cutting costs and focusing resources on wealth management and insurance operations. Intesa this year launched both Isybank, a cloud-based, low-cost mobile bank to serve younger, mass-market clients, and Fideuram Direct, a digital wealth management service targeting younger private banking clients.

Persons: Carlo Messina, Messina, Intesa, " Messina, Pope Francis, Valentina Za, Tomasz Janowski Organizations: MILAN, Thomson Locations: Italy, Messina

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

☆ Morgan Stanley beats estimates on trading, but shares dip as wealth management disappoints
▼ + stars: | 2023-10-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York, December 1, 2022. Morgan Stanley posted third-quarter results Wednesday that topped profit estimates on better-than-expected trading revenue. But the bank's all-important wealth management division generated $6.4 billion in revenue, below the $6.63 billion estimate by more than $200 million, as compensation costs in the division rose. Shares of Morgan Stanley dipped 3.2% in premarket trading. Led by CEO James Gorman since 2010, Morgan Stanley has managed to avoid the turbulence afflicting some rivals lately.

Persons: Morgan Stanley, James Gorman, Morgan Stanley's, Goldman Sachs, Gorman, Wells Organizations: Reuters, Revenue, Investment, Citigroup, JPMorgan Chase, Bank of America Locations: New York, LSEG, Wells Fargo

☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

☆ Insider Today: Big banks' cloudy forecast
▼ + stars: | 2023-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at why strong earnings results from some big banks weren't necessarily the big win markets were hoping for. The big storyTrouble brewingAdvertisementAdvertisementOn the surface, earnings season got off to a great start. And that could spell trouble for the broader market hoping for a banner earnings season to help it finish the year on a positive. AdvertisementAdvertisement"This may be the most dangerous time the world has seen in decades," he said in a press release announcing the bank's earnings. One market veteran predicts stocks will rally for the final stretch of the year due to a strong earnings season.

Persons: Elon Musk, Steve Jobs, Wells, Jamie Dimon, Dimon, Julian Restrepo, Emmalyse Brownstein, Mark Mason, JPMorgan's, Teresa Heitsenrether, Goldman Sachs, Jane Fraser, Fraser, Michael Siluk, there's, Walter Isaacson, Justin Sullivan, Tim Mosenfelder, Elon, Tyler Le, Noah Webster, He's, Naomi Osaka, Angela Lansbury, Sue Bird, Oscar Wilde, Bryce Harper, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, JPMorgan, Citigroup, AP, Citi, Barclays, Suisse, New York Department of Labor, Getty, Wedbush Securities, Microsoft Outlook, Microsoft, Consumers, PETA, Dairy Summit Locations: Ukraine, Israel, Chicago, New York City, San Diego, London, New York

☆ World Bank governors endorse 'liveable planet' vision - German minister
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

MARRAKECH, Morocco, Oct 12 (Reuters) - World Bank shareholders on Thursday endorsed further reforms and a new vision statement committing the multilateral development bank to work for "a world free of poverty on a liveable planet," German Development Minister Svenja Schulze said. "With the reform, we will make the World Bank into a better bank that uses its funds in a more targeted way," she said. "The World Bank will be able to provide more funds for poverty reduction and climate action." The World Bank would begin piloting this option for small states that are particularly affected by climate change, she said. Schulze said the bank's shareholders would push on to enact reforms and improvements at other development banks.

Persons: Svenja Schulze, Schulze, Ajay Banga, Banga, Andrea Shalal, Andrew Cawthorne, Jan Harvey, Mark Porter Organizations: World Bank, IMF, International Monetary Fund, Bank, MasterCard, Thomson Locations: MARRAKECH, Morocco, United States, Germany, France, Canada, Netherlands

☆ How to invest $1 million for the next decade, according to private bankers and wealth advisors
▼ + stars: | 2023-10-09 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

The next 10 years will be unlike the last two decades for investors, according to investment advisors and wealth managers. Those conditions could create more volatility and lower returns for assets that have done well over the past decade, according to Monchau. ELTIFs allow individual investors to invest alongside institutions in assets like infrastructure, private equity and private credit. "The ability to generate income is going to be far and away the better place for the next decade for investment," he said. For younger investors more than 10 years from retirement, Cox recommends a 100% equity portfolio, maximising returns with low-cost index ETFs.

Persons: Charles, Henry Monchau, Monchau, There's, Goldman Sachs, Franklin Templeton, Jamie Cox, Cox, it's, maximising Organizations: CNBC Pro, Swiss, BlackRock, Harris Financial Group, Unilever, Nestle, Broadcom Locations: Swiss, Geneva, Richmond , Virginia

☆ JPMorgan CEO Jamie Dimon says AI could bring a 3½-day workweek
▼ + stars: | 2023-10-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

JPMorgan Chase CEO Jamie Dimon is bullish on the benefits of artificial intelligence, which is already being used by thousands of employees at his bank, and he predicts it'll usher in the norm of a shortened workweek. "Your children are going to live to 100 and not have cancer because of technology," Dimon said Monday in an interview with Bloomberg TV. Dimon says the bank's investments in AI "will add huge value" and is being leveraged across the firm's research, trading, customer service and other functions. When asked if the technology is likely to replace some bank jobs, he responded that "of course" it will, but that "technologies always replace jobs." Tech innovations also create new jobs and opportunity: AI technology could improve labor productivity and boost global GDP by as much as 7% over time, Goldman Sachs' report noted.

Persons: Jamie Dimon, Dimon, Goldman Sachs, He's, JPMorgan Chase, autoworkers — Organizations: JPMorgan, Bloomberg, Pew Research Center, CNBC

☆ S&P lifts SoftBank's credit outlook to positive on Arm IPO
▼ + stars: | 2023-09-21 | by ( Anton Bridge | ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - S&P Global Ratings revised its credit outlook for Japanese technology investor SoftBank Group (9984.T) to positive from stable after the initial public offering (IPO) of British chip designer, Arm Holdings , its largest asset, last week. Analysts have said that improving SoftBank's credit rating was likely a central motivation for listing Arm. SoftBank shares failed to climb on the improved credit outlook, instead falling 2% in morning trade, their third day of declines. While Arm had a stellar first day of trade on Sept. 15 with shares soaring 25%, it last traded just above its IPO price of $51.

Persons: Issei Kato, Masayoshi, SoftBank, Anton Bridge, Edwina Gibbs Organizations: SoftBank, REUTERS, Rights, Arm Holdings, Thomson Locations: Tokyo, Japan

☆ Analysis: Arm's stellar listing sets the stage for more SoftBank acquisitions
▼ + stars: | 2023-09-17 | by ( Anton Bridge | ) www.reuters.com time to read: +4 min

[1/2] A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The tech investment behemoth raised nearly $5 billion from Arm's offering while retaining 90.6% of the firm. Known for debt-fuelled acquisition sprees, SoftBank founder and CEO Masayoshi Son flagged in June that the company was shifting back into "offence mode" as he highlighted the potential of artificial intelligence. That's after a year of "defence mode" when tech valuations crashed amid higher interest rates and global banking jitters. Few companies in SoftBank's investment portfolio have demonstrated commercial utility in AI, analysts said.

Persons: Dado Ruvic, behemoth, Masayoshi, Yoshimitsu Goto, SoftBank, SemiAnalysis, Kyle Stanford, There's, Amir Anvarzadeh, PitchBook's Stanford, Anton Bridge, Miyoung Kim, Edwina Gibbs Organizations: REUTERS, Rights, Arm Holdings, SoftBank, HK, Vision, Nvidia, Asymmetric Advisors, Thomson Locations: British

☆ Arm's stellar listing sets the stage for more SoftBank acquisitions
▼ + stars: | 2023-09-15 | by ( Anton Bridge | ) www.reuters.com time to read: +4 min

☆ SoftBank's Arm by the numbers
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +3 min

Arm CEO Rene Haas rings the opening bell, as Softbank's Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023. Arm says it has a 10% share in cloud computing chips, 41% in automotive chips, 25.5% in networking and 64.5% in Internet of Things. That makes Arm China, not better-known names like Apple (AAPL.O) or Qualcomm (QCOM.O), Arm's largest customer. Arm China, in which Arm itself is in effect only a minority shareholder, underwent a nearly two-year boardroom battle between its local chief and shareholders that ended last year. In its latest earnings for the June quarter, SoftBank valued Arm at $45 billion, but two months later, it bought back a 25% stake in Arm that had been owned by SoftBank's investment vehicle, the Vision Fund, at a $64 billion valuation.

Persons: Rene Haas, Brendan McDermid, Group's, Arm, SoftBank, Anton Bridge, Miyoung Kim, Kim Coghill Organizations: Nasdaq, REUTERS, Arm Holdings, Apple, Qualcomm, SoftBank, Nvidia, Devices, Intel, Samsung Electronics, Vision, Thomson Locations: New York, U.S, United States, China, CHINA, Tokyo

If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment. SoftBank, which took Arm private for $32 billion in 2016, sold a 25% stake in the company to VF1 for $8 billion in 2017.

Persons: Dado Ruvic, Abu Dhabi's Mubadala, Didi Global, VF1, SoftBank, Masayoshi Son, Raine, VF2, Son, Echo Wang, Anirban Sen, Greg Roumeliotis, Mark Porter Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund, WeWork Inc, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Amazon.com Inc, Reuters, Nvidia Corp, Thomson Locations: Arm, New York

☆ SoftBank is in talks to buy Vision Fund's 25% stake in Arm, sources say
▼ + stars: | 2023-08-13 | by ( ) www.cnbc.com time to read: +3 min

Yet its previous losses prevented SoftBank from securing outside investors for Vision Fund 2 (VF2), whose $56 billion in capital came from the Japanese firm and its management, including Chief Executive Masayoshi Son. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. It has been considering raising a third Vision Fund. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment.

Persons: SoftBank, Abu Dhabi's Mubadala, Didi Global, VF1, Masayoshi Son, Raine Organizations: Financial Times, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund

☆ 8 money habits that are preventing you from growing your wealth, according to an ex-banker
▼ + stars: | 2023-06-22 | by ( Tim Denning | ) www.businessinsider.com time to read: +10 min

Ex-banker and personal-finance writer Tim Denning says a poor money mindset is what keeps you stuck. You also need to act on investments instead of waiting for the right time and seek out tax savings. I got this poor money mindset from the 2008 recession. "Don't pay in full. When you don't pay, they charge predatory fees and make you poorer.

Persons: Tim Denning, —, Katie, Austin Rief, Austin, Katie Gatti, I've, Cash, Lehman Brothers, you'll, Gordon Ramsay, It's, it's, There's Organizations: Service, Facebook, Morning, doesn't, Navy SEAL, Google, Microsoft, CNBC Locations: Australian

☆ SoftBank's billionaire CEO, who believes AI will completely change the way humans live within 30 years, says he can't stop using ChatGPT
▼ + stars: | 2023-06-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

SoftBank's billionaire CEO can't stop using ChatGPT. Masayoshi Son said during a shareholder meeting that he used the chatbot every day, per Reuters. SoftBank's billionaire CEO Masayoshi Son said he is "chatting with ChatGPT every day" as his company races to get ahead in the new era of AI. He made the comments on Tuesday during a shareholder meeting for the company's telecoms unit, per Reuters. However, the company's attempts to get ahead in the AI race through startup investing have fallen flat.

Persons: Masayoshi Son, Sam Altman, Altman, Son, SoftBank Organizations: Reuters, CNBC, Investments, Bloomberg Locations: Tokyo

LONDON, June 14 (Reuters) - Deutsche Bank (DBKGn.DE) has added three senior dealmakers to its team of bankers advising other financial institutions, such as insurance companies and lenders, according to a memo seen by Reuters on Wednesday and confirmed by a company spokesperson. It has hired Marie-Soazic Geffroy as global co-head of its Financial Institutions Group (FIG) from Perella Weinberg Partners (PWP.O). Based in Paris, she will lead the industry group alongside Jeff Cady, who is set to join the bank in New York from Citigroup (C.N). The bank has also appointed Chris Williams as FIG chairman for Europe, the Middle East and Africa (EMEA). Citigroup's Aaron Saperstein is also set to join Deutsche Bank in New York as head of diversified financials, covering speciality finance companies and financial technology lenders.

Persons: Marie, Soazic, Perella Weinberg, Jeff Cady, Chris Williams, Citigroup's Aaron Saperstein, Pablo Mayo Cerqueiro, Stefania Spezzati, Mark Potter Organizations: Deutsche Bank, Reuters, Group, Citigroup, Credit Suisse, Deutsche, Thomson Locations: Paris, New York, Europe, East, Africa

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Goldman Sachs is making a slew of leadership changes in its investment bank. See the key moves here.
▼ + stars: | 2023-05-03 | by ( Carter Johnson | ) www.businessinsider.com time to read: +3 min

Goldman has internally announced a slew of leadership changes in its investment bank. Goldman's Aasem Khalil will take on Posnett's role as global head of investment banking services. A fresh face will now lead one of Wall Street's most powerful investment banking groups. She ultimately served as co-COO of TMT and head of Internet investment banking before being appointed head of investment banking services. Succeeding Posnett as head of global investment banking services is Aasem Khalil, a Goldman partner and 26-year veteran of the Wall Street bank.

April 14 (Reuters) - Citigroup Inc's (C.N) first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. Citi earned $1.86 per share in the first quarter, beating analysts' average estimate of $1.67, according to Refinitiv data. The bank's investment in services to corporations resulted in 31% growth in revenues in treasury and trade solutions. INVESTMENT BANKING BACK? Mason expressed cautious optimism about a recovery in investment banking.

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