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☆ Inside the Goldman Sachs marketing push that has some execs perplexed
▼ + stars: | 2024-11-14 | by ( Reed Alexander | ) www.businessinsider.com time to read: +14 min

AdvertisementTop Goldman officials denied any plans to cut Carter's department and said she had upgraded Goldman's marketing capabilities. "It sounds like a few people have a quaint understanding of marketing at Goldman Sachs," a Goldman spokesman, Tony Fratto, said. They turned to the consulting giant McKinsey, which recommended Goldman increase its marketing budget and hire a chief marketing officer, these people said. Related storiesAs AT&T's chief brand officer, Carter handled sports sponsorships, advertising, and diversity messaging in a division headed by the telecom giant's global marketing officer, Lori Lee. PATRICK T. FALLON/AFP via Getty ImagesIn recent weeks, Goldman's marketing team has suffered more departures.

Persons: Goldman Sachs, Goldman, Fiona Carter, Carter, David Solomon's, Solomon, Tony Fratto, It's, Goldman dealmaker, —, John Waldron, Lori Lee, Robert De Niro, Katie Holmes, John Rogers, Waldron, Rogers, Fratto, Sean Zanni, Jake Siewert, Maria dal, speechwriting, Dal Pan, Goldman Sachs SAUL LOEB, Matt Gibson, David Solomon, PATRICK T, FALLON, Jason Hill, snagging, There's, Russell Horwitz, Goldman's, Horwitz, " Horwitz, Emmalyse Brownstein, Reed Alexander Organizations: Goldman, Business, Forbes, McKinsey, T's, Hollywood, Tribeca Film, Goldman's New, BI, AFP, Formula One United, Prix, Getty, White Locations: Sachs, Goldman's, Goldman's New York City, Formula One United States, Austin , Texas, York City

☆ How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office
▼ + stars: | 2024-11-12 | by ( Reed Alexander | Emmalyse Brownstein | ) www.businessinsider.com time to read: +15 min

Goldman Sachs is a leading investment bank for corporate dealmaking and trading, and its partners represent less than 1% of roughly 46,000 employees. On average, Goldman's newest partners have spent 16 years rising in the ranks, the bank said last week. "It's like a wedding and birthday wrapped up in one amazing moment that you keep reliving," one new partner said. Here's a glimpse inside the big day of nine of Wall Street's up-and-coming executives, including what they did to mark the occasion. Related storiesI happened to be stepping into a meeting with the Arthur Miller Foundation — an amazing nonprofit that supports theater teachers in schools across NYC and beyond — just as John called.

Persons: Goldman Sachs, David Solomon, —, revel, John Waldron, Wall, Rob Barlick, Robert Barlick, Goldman Sachs David, It's, that's, Lyla Bibi, Bibi Goldman Sachs, Bracha Cohen, Marco Argenti, I've, Matt Doherty, Matt Doherty Goldman Sachs, David, Kristin Olsen, Marc Nachmann, Shane Lee, Vishaal Rana, Goldman Sachs David Solomon, Aaron Siegel, Aaron Siegel Goldman Sachs, Hayley, Arthur Miller, John, –, Craig Smart, Craig Smart Goldman Sachs, Kristin, Marshall Smith, Sylvia Yeh, Sylvia Yeh Goldman Sachs, Reed Alexander Organizations: Partners, Service, Valley Bank, GS, Goldman Sachs Asset Management, Arthur Miller Foundation, Goldman Locations: Valley, Florida, America, New York, New York City, —, Goldman Sachs

☆ Insider Today: Preparing for Trump 2.0
▼ + stars: | 2024-11-10 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Preparing for 47Donald Trump, now the 2024 president-elect, never really stopped running for office after losing the 2020 election. Treasury yields also finished the week higher, as investors bet that a Trump White House will drive inflation. Also read:Risky businessGetty Images; iStock; Natalie Ammari/BIThere's no such thing as free lunch — or in one investor's case, free dinner. The great American shoplifting spreeGetty Images; Jenny Chang-Rodriguez/BIRegular Americans are shoplifting everything from tape measures to blocks of cheese.

Persons: —, Andrew Yeung, that's, Donald Trump's, Donald Trump, Evan Vucci, Stocks, Bitcoin, Tesla, Steve Madden, Trump's, Goldman's, David Solomon Jeenah Moon, Goldman Sachs, David Solomon, It's, Andy Jassy, Carter Smith, Chelsea Jia Feng, Jassy, Natalie Ammari, Jenny Chang, Rodriguez, Trump, — Goldman Sachs Organizations: Business, Service, Google, AP, Trump White House, Airbus, Bloomberg, Getty, Getty Images, Amazon, BI Locations: Silicon Valley, China

☆ Goldman Sachs adds 4 new stocks to its conviction buy list
▼ + stars: | 2024-08-01 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Goldman Sachs added four new stocks to its conviction list going into August for equity investors looking to capitalize on the bull market. Dollar General , Philip Morris International , S & P Global and Woodward were the newest addition to the Wall Street firm's coveted stock list. For Dollar General, Goldman analysts believe the worries around low income consumer discretionary spend and competition are overdone. Meanwhile, Goldman said the market is underappreciating the growth opportunity for Philip Morris as the company innovates around its smoke-free alternatives to cigarettes. Both S & P Global and Woodward have recorded solid gains so far this year, rising 11% and nearly 17%, respectively.

Persons: Goldman Sachs, Goldman's, Philip Morris, Woodward, Goldman Organizations: Dollar, Philip Morris International, P Global, Royal Caribbean Cruises, Ally Financial, Citigroup, Amazon, Nvidia

☆ Goldman Sachs reports earnings before market open — here's what the Street expects
▼ + stars: | 2024-04-15 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday. Dormant capital markets and missteps tied to Solomon's ill-fated push into retail banking should give way to stronger results this year. Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division.

Persons: David Solomon, Goldman Sachs, StreetAccount Goldman Sachs, Goldman, outsized, Solomon, Philip Berlinski, Beth Hammack, Wells Fargo Organizations: LSEG Revenue, Trading, Rivals JPMorgan Chase, Citigroup, Wall, JPMorgan Locations: Davos, Switzerland

Goldman Sachs raised its price target on General Motors after the stock's best day since early 2021. The bank reiterated a buy rating as well as a top pick label, accompanied by a $300 per share price target. Goldman Sachs also maintained its buy rating and increased its target price to $345 per share from $340. To be sure, it maintained its $16 per share price target, which implies more than 3% downside from Wednesday's $16.52 close. — Brian Evans 5:45 a.m ET: Goldman raises GM price target Goldman Sachs analyst Mark Delaney increased his price target on General Motors to $45 from $42 after a series of bullish moves by the auto giant.

Persons: Goldman Sachs, Morgan Stanley, 31.6x, Eric Heath, Wells, Andrew Nowinski, — Brian Evans, José Neves, Marvin Fong, Brian Evans, Salesforce, Brad Sills, Kash Rangan, Jefferies, Snapchat, Pinterest, James Heaney, Meta Marshall, Mark Delaney, Delaney, Fred Imbert Organizations: CNBC, General Motors, Hewlett Packard Enterprise, Wall, Bank of America, SNAP, Goldman, GM Locations: Okta, America

FILE PHOTO: 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. Companies, including banks, are grappling with the potential advantages which generative AI can provide their businesses, but also how to manage the challenges the new technology creates. Rival Morgan Stanley (MS.N) is rolling out a generative AI bot that helps financial advisers find research or sift through thousands of forms. The fact that generative AI can offer responses to financial questions also means that, for those providing advice professionally, they need to do more to earn the fees they charge clients. Generative AI has drawn huge interest from investors, aiming to back those companies at the forefront of the technological innovation.

Persons: Goldman Sachs, Brendan McDermid, George Lee, Lee, Morgan Stanley, JPMorgan Chase, Saeed Azhar, David French, Daniel Wallis Organizations: New York Stock Exchange, REUTERS, Street, Reuters NEXT, Companies, OpenAI, JPMorgan, Reuters, reuters, Thomson Locations: New York City, U.S, New York, ChatGPT, Silicon

☆ The odds of a recession in the next year have fallen to just 20%, Goldman Sachs says
▼ + stars: | 2023-07-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Goldman Sachs said the odds of a recession in the next 12 months have fallen to 20% from 25% earlier. In a note on Monday, the bank's chief economist, Jan Hatzius, put the odds of a recession in the next 12 months at 20%, down from an earlier estimate of 25%. Meanwhile, Goldman is also putting less emphasis on the inverted yield curve, a traditionally reliable indicator of an approaching recession. But in today's cycle, it may be misguided, due in part to the possibility that the Fed may cut rates to respond to slowing inflation, not a recession, Hatzius said. For the US, the bank forecast only one remaining interest rate hike, in line with what a majority of investors expect.

Persons: Goldman Sachs, Jan Hatzius, Hatzius, Goldman Organizations: Service Locations: Wall, Silicon, Brazil, Poland, Chile, —

☆ A partner at Goldman Sachs shares what it was like to rise the ranks of Wall Street as an openly gay man
▼ + stars: | 2023-06-28 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +15 min

That same day, Broadbery achieved a different, but equally momentous, milestone in his Wall Street career. He's seen support for traditionally underrepresented groups, like the LGBTQ+ community, become institutionalized at most Wall Street firms — a welcome improvement. There's also much less stigma now around being "too gay" for Wall Street, he added. So it's like, how gay is too gay for Wall Street?" "I think Wall Street is Wall Street and in the finance industry there are certain norms and certain things you need to do to conform — the working environment, the working hours, the hierarchy, the path to promotion — those things are what they are," he said.

Persons: Michael Broadbery, Goldman Sachs, David Solomon, Broadbery, Goldman, unabashedly, Guinness Mahon, —, Lehman, It's, wasn't, I'm, it's, There's Organizations: Goldman, Network, Intel, Wall, Hamptons, Barclays, Lehman Brothers, Lehman, firm's Locations: York, Americas, Dublin, Ireland, London, Asia, Hong Kong, firm's Asia, Singapore

☆ Goldman cutting more than 30 Asia investment banking jobs - sources
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 15 (Reuters) - Goldman Sachs Group (GS.N) is cutting more than 30 banking jobs in Asia, two sources with knowledge of the matter said, as a challenging markets environment weighs on Wall Street banks' dealmaking and trading revenues. The reduction in regional jobs, most of which are in the global banking & markets division, started on Wednesday, said the sources. Citigroup has started to cut more than 20 jobs in Asia, mostly at junior levels, Bloomberg reported on Thursday. All sources declined to be identified as they were not authorised to speak to the media. Reporting by Julie Zhu, Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee, Muralikumar Anantharaman and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Morgan Stanley, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: Goldman Sachs, Reuters, Citigroup, Bloomberg, Thomson Locations: HONG KONG, Asia, China, Beijing, Hong Kong, dealmaking

☆ Wells Fargo is pushing for quantity over quality in its private bank
▼ + stars: | 2023-05-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Which brings us to a fantastic story about Wells Fargo's decision to reorganize how it serves its ultra-rich clients. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way. Read more about Wells Fargo's chaotic reorganization of its private bank. It's the latest move in what has been an active 12 months for the bank's tech division. The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports.

April 18 (Reuters) - Goldman Sachs Group Inc (GS.N) is exploring the sale of its Greensky fintech business, the bank's CEO said on Tuesday, its latest move to scale down its retail ambitions. Greensky, which facilitates home improvement loans to consumers, was acquired by Goldman in September 2021 in a $2.24 billion stock deal, which closed a year ago. At the time, Goldman said it expected "significant growth" from combining GreenSky's products with those offered by its Marcus digital bank. GreenSky is a "good business" that is performing well, Goldman CEO David Solomon told analysts after the company reported first quarter earnings that sank 19%. Goldman booked a $470 million loss on the sale of some Marcus loans, which dragged down first quarter results.

☆ JPMorgan just killed Wall Street's WFH dreams
▼ + stars: | 2023-04-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But do you think execs will be OK with their subordinates working remote while they are stuck in the office? Plenty of others, most notably Goldman Sachs' David Solomon, have touted the importance of being in the office (blah blah mentorship model blah blah). Now JPMorgan just laid the blueprint for everyone else to force their own employees back in. Here are more details, including the internal memo, on JPMorgan forcing MDs back into the office. Salt Labs wants to help low- and medium-income workers build wealth via an app that operates like a frequent-flyer program.

☆ Goldman makes a big call on Apple that jibes perfectly with our long-term outlook
▼ + stars: | 2023-03-06 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

The growth of Apple's services revenue in recent years has fueled our enduring investment mantra: Own Apple, don't trade it. Apple shares rose 270.5% between Feb. 6, 2018 and Friday's close, far outpacing the S & P 500's roughly 50% advance over that period. Over the 12 months in which Goldman had a sell on Apple shares, the stock climbed about 89% . In particular, we appreciate the analyst's conviction in the company's services growth, which includes the App Store and Apple Music. As that base of active device users expands, the number of people who will pay for additional Apple services grows alongside it.

☆ Why Goldman’s consumer ambitions failed, and what it means for CEO David Solomon
▼ + stars: | 2023-02-27 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

That's because many of the decisions Solomon made over the next four years — along with aspects of the firm's hard-charging, ego-driven culture — ultimately led to the collapse of Goldman's consumer ambitions, according to a dozen people with knowledge of the matter. Goldman executives were eager to seal the deal with the tech giant, which happened before Solomon became CEO, they added. The rapid growth of the card, which was launched in 2019, is one reason the consumer division saw mounting financial losses. Within months, Ismail left Goldman, sending shock waves through the consumer division and deeply angering Solomon. Goldman should plow some of those volatile earnings into more durable consumer banking revenues, the thinking went.

☆ Goldman Sachs is still hiring amid sweeping job cuts and a $3 billion consumer lending hit. Here's where the bank continues to recruit talent.
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Carter Johnson | ) www.businessinsider.com time to read: +4 min

Despite cutting thousands of jobs, Goldman Sachs still has some 400 job openings. In a brutal bloodletting, Goldman Sachs laid off as many as 3,200 employees this week and reported steep losses in its troubled consuming lending division. The highest share of postings (48) are for Goldman's asset and wealth management division. Most of the asset and wealth management roles are dedicated to servicing the ultra-wealthy as well as institutional clients. Editor's note: A previous version of this story said Goldman Sachs declined to comment.

☆ Inside Goldman Sachs' layoffs by geography, and what axed workers can expect from the bank in severance, benefits, and help finding a new job
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Here's what axed workers can expect to get in pay, benefits, and help finding a new job. In the days since Goldman Sachs axed as much as 6% of its workforce, more details are emerging about who got cut and what the bank is paying in severance. The bulk of the layoffs took place in the Americas, or close to 1,500, this person said, citing internal data. Many laid-off Goldman Sachs workers will remain on the payroll for months before they get severance, according to correspondence seen by Insider. Goldman Sachs declined to comment on the details of severance and the geographic breakdown of the layoffs.

☆ Goldman Sachs has plans for deep headcount cuts in the new year
▼ + stars: | 2022-12-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, the Goldman cuts go deep. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon. Click here to read more about the cuts set to hit Goldman Sachs. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley.

☆ Goldman Sachs' junior bankers continue to toil with 100-hour work weeks. Here's how 8 other banks stack up on work demands, job perks, and more.
▼ + stars: | 2022-12-01 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

The results suggest Goldman juniors are still pulling 98-hour work weeks, despite calls for change. The survey also details which firms offer the best work experience, meal stipends, and more. The findings, of course, are not definitive as junior bankers within the same firm can have vastly different experiences depending on the team they join. This year's results suggest that Goldman's junior bankers work the longest hours compared to their bulge bracket peers, despite calls for change within the firm. And they were in the middle of the road when it came to job satisfaction, up from the 2021 survey.

Investors face another (likely) bumper U.S. rate hike from the Fed later this week, and profit-taking and re-positioning as the new month begins could also burst the revival bubble. And not all equity markets are smiling - MSCI's Asia ex-Japan index is almost certain to close in the red for an unprecedented 10th month in a row. The divergence between U.S. and Asian markets is also reflected in the historic levels of dollar/Asia exchange rates, the widening gap between the U.S. and Chinese economic outlooks, and general investor confidence in the Fed versus Asian central banks' policy path. The PBOC is also struggling to keep its exchange rate depreciation in check. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ How Gregg Lemkau went from Goldman CEO contender to building a hybrid investment bank catering to billionaires
▼ + stars: | 2022-10-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Gregg Lemkau was in the running for CEO before he left Goldman Sachs in 2020. Now he runs Michael Dell's investment firm, which is merging with billionaire advisory BDT. When Gregg Lemkau left Goldman Sachs in late 2020 to run Michael Dell's investment firm, many within and outside the bank were surprised. Cardinale, who had left Goldman a decade ago to start his own investment firm, knew it had to be a massive opportunity to pull away Lemkau. Oldest sibling Kristin runs JPMorgan's US wealth management business and Lemkau's younger brother Chip is a managing director at Goldman Sachs in private wealth management.

☆ Goldman cuts year-end S&P 500 target to 3,600, sees it falling even further in 'hard landing'
▼ + stars: | 2022-09-23 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

The firm on Thursday slashed its year-end target for the S & P 500 to 3,600 from 4,300. Real Rates Equity valuations have also closely tracked real interest rates until recently, but the narrowing gap between the two is cause for concern, creating a "vulnerable backdrop for equities," Goldman said. EPS slump Goldman also lowered its estimates for 2023 S & P 500 earnings per share to $234, which represents modest 3% growth from 2022. "Our reduced price target is entirely driven by higher interest rates and therefore lower valuation." In the "hard landing" scenario feared by its clients where the Fed tips the economy into a recession, Goldman forecasts the S & P 500 would fall even further to 3,150, or 16% lower from here.

☆ Goldman Sachs is going through a massive transformation under CEO David Solomon
▼ + stars: | 2022-05-16 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Goldman Sachs CEO David Solomon has been taken steps to transform the bank. Here's a rundown of other must-know news at Goldman, from struggles at its Marcus consumer bank to its return-to-office push, hires and exits. In November 2021, Goldman Sachs elevated 643 people to its 2021 class of managing directors, marking its largest class yet. Read more:Junior bankers in focusPeople enter and exit 200 West Street the Goldman Sachs building in New York. The going rate for investment-banking analysts on Wall Street, including Goldman Sachs, is now $110,000 before bonus, up from $85,000 pre-pandemic.

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