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[1/2] Goldman Sachs' Chairman and CEO David Solomon attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis BalibouseNEW YORK, Jan 27 (Reuters) - To listen to Goldman Sachs Group Inc (GS.N) chief executive David Solomon, the bank is doing "great," while skeptical investors wonder what comes next. Still, Goldman shares are up 3.6% over the past year, outperforming the S&P 500 banking index and peers. In October, Goldman scaled back ambitions for Marcus by placing it under the newly-merged asset and wealth division. "Going back to what has made Goldman great for decades will allow the firm to reset and recover," he said.
NEW YORK, Jan 26 (Reuters) - Morgan Stanley (MS.N) has imposed financial penalties on employees who used messaging platforms such as WhatsApp for company business, according to two sources familiar with the situation. The amounts were determined by factors such as the number of messages sent, seniority and whether the employees had already received warnings, according to one source familiar with the matter. The SEC has been looking into whether lenders have been keeping a track of employees' digital communications. Financial firms are also scouring employees' phones and personal computers in a widespread effort to demonstrate to regulators that they are punishing breaches of communications policies, the source said. In 2020, two senior Morgan Stanley executives left the bank after unauthorized use of WhatsApp to discuss work matters.
Last year, the industry handed out the biggest awards since 2006 as the economy roared back from the pandemic. It's a head-spinning reversal for dealmakers who racked up record profits for their firms last year and clinched eye-watering payouts for themselves. Compensation for FICC traders will probably rise slightly or stay flat, said Bell at Sheffield Haworth, while stock traders could see a small drop. Worsening economic conditions have already prompted firms including Morgan Stanley (MS.N) and Citigroup Inc (C.N), to trim their workforces. In the United Kingdom, most big firms are discussing and allocating bonuses now, with decisions not usually announced until early next year.
Banks still have to mark the loan to its market value on their books and set aside funds for losses that are reported in quarterly results. The deliberations of how some of these banks are thinking about accounting for these losses have not been previously reported. Three banking industry sources said the remaining $3 billion, which is unsecured, could lead to steeper losses for the seven Twitter banks. Some market participants expect the losses from the debt to be significant unless market conditions improve. Some $35 billion to $40 billion of such loans are stuck on banks' books, according to two fixed income bankers.
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. REUTERS/Andrew Kelly/File PhotoNEW YORK, Oct 19 (Reuters) - Goldman Sachs Group Inc's (GS.N) strategy pivot has solved one problem for investors who didn't love its foray into consumer banking. Solomon's response: Goldman Sachs is focusing on its fundamental operations while maintaining its financial targets. "Ultimately the investment banking business is a great business, it has always done well," he said. "While the consumer strategy has been successful in generating deposits for Goldman Sachs, its expansion has also been costly in terms of operating expenses and provisions.
"And I'm really pleased with the high-caliber bankers who are attracted to both our platform and our culture." Register now for FREE unlimited access to RegisterWhile Wall Street powerhouse Morgan Stanley (MS.N) boosted its ranks by 11% to 81,567, compensation at the firm fell 5%. "We're looking at headcount," James Gorman, Morgan Stanley's chief executive officer, told analysts in a conference call. Separately, Morgan Stanley's chief financial officer in an interview said that the company is "constantly evaluating" its resources, and "when we think about headcount, we always think of it relative to the economic environment." The culls come as a darkening economic outlook and rising U.S. interest rates weighed heavily on dealmaking businesses.
Lawmakers also asked the CEOs to condemn China's "human rights abuses," in a departure from previous hearings that tended to focus on domestic issues like housing and consumer protection. JPMorgan & Chase (JPM.N) CEO Jamie Dimon and Citigroup CEO Jane Fraser both concurred, saying their banks would follow government guidance if China were to invade Taiwan. When asked later by Republican Lance Gooden if she would condemn "ongoing human rights abuses in China," Fraser hesitated. JPMorgan's Dimon also warned the United States had to compete with global Chinese banks, which have grown in size over the last few years to become the biggest in the world. "I am going to do everything in my power to make sure we compete with the best Chinese banks in the world.
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