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NEW YORK, Feb 2 (Reuters) - Goldman Sachs Group Inc (GS.N) has appointed Akila Raman as chief commercial and strategy officer of transaction banking within its newly formed Platform Solutions unit, according to an internal memo seen by Reuters on Thursday. Raman joins the unit from within the bank, where she recently served as chief operating officer of investment banking, the memo said. It also swept parts of the business into a new unit called platform solutions, which houses transaction banking, credit cards and financial technology. Platform Solutions suffered a net loss of $1.67 billion last year, the bank said, due to higher provisioning for potential bad loans. ETF Accelerator, which is headed by Lisa Mantil, also became part of Platform Solutions recently.
Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.
Twitter paid about $300 million to a group of banks last week, one of the sources said, confirming an earlier Bloomberg story. The banks declined to comment, while Twitter and Musk did not immediately respond to Reuters requests for comment. The sources did not want to identified because the details of the payment are not public. Morgan Stanley's Chief Financial Officer Sharon Yeshaya told Reuters this month the bank's mark-to-market losses on corporate loans include debt to Twitter. Reporting by Saeed Azhar; additional reporting by Matt Tracy; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.
U.S. lender Citizens stepping back from auto loans - CEO
  + stars: | 2023-01-30 | by ( Saeed Azhar | )   time to read: +2 min
Citizens has reduced its auto loan portfolio to about $10 billion as of now from a peak of $14.5 billion in December 2021, Bruce Van Saun recently told Reuters. "We basically made a decision to move that portfolio down materially over time," Van Saun said. Van Saun said it will be brought down to $5 billion to $6 billion by 2024. "We believe that most banks recognize the growing risks in auto lending outside of the super prime segment," he said. Citizens' Van Saun said the bank is also tightening its appetite for new mortgage credit, but that move is mot as dramatic as that for auto loans.
[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.
Musk ended three days on the stand defending against claims that he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private. The trial in San Francisco federal court is testing whether the world's second-richest person can be held liable for his sometimes impulsive use of Twitter. Musk, however, acknowledged he did not have binding agreements with investors, leaving it to the jury to decide if he misled shareholders. The Saudi fund did not immediately respond to a Reuters request for comment. But when questioned by Nicholas Porritt, a lawyer for the investors, Musk said he did not have binding agreements for financing from any interested party.
Jan 24 (Reuters) - Shareholder resolutions filed by New York City's top pension official will ask top Wall Street banks including JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N) to set stricter 2030 greenhouse gas emissions reduction targets for portfolio companies. The new resolutions ask banks including Bank of America, Goldman Sachs Group (GS.N) and JPMorgan to commit to reducing emissions in their energy lending and underwriting. Lander cited plans outlined last year by Citigroup (C.N) for emissions across its energy loan portfolio to drop 29% by 2030 from 2020. Currently the other three banks have goals to reduce the "emissions intensity" of their financing, a measure of emissions relative to output that climate activists say does not go far enough. Representatives for JPMorgan, Bank of America and Goldman Sachs declined to comment on the resolutions.
NEW YORK, Jan 23 (Reuters) - Goldman Sachs Group Inc's (GS.N) asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings, an executive told Reuters. "It's not going to zero because we will continue to invest in and alongside funds, as opposed to individual deals on the balance sheet." The positions included $15 billion in equity investments, $19 billion in loans and $12 billion in debt securities, alongside other investments. If the environment improves for asset sales, Salisbury said he expected to see "a faster decline in the legacy balance sheet investments." Goldman Sachs' asset management arm closed a $15.2 billion fund earlier this month to make junior debt investments in private equity-backed businesses.
JPMorgan begins private lending drive with $10 billion - source
  + stars: | 2023-01-19 | by ( )   time to read: +1 min
Jan 19 (Reuters) - JPMorgan Chase & Co (JPM.N) has set aside at least $10 billion to back its foray into the world of direct lending, a person with knowledge of the matter told Reuters on Thursday. The Wall Street titan's move into the market is likely to put it head to head with established sector heavyweights such as Ares Management Corp (ARES.N) and Apollo Global Management (APO.N). Last week, JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank was "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. JPMorgan Asset Management has in recent years separately expanded its private credit platform unit, which targets opportunities in the direct lending segment, with plans to expand into other private credit strategies in the future. Reporting by Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
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.
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%.
Morgan Stanley profit beats on strength in trading business
  + stars: | 2023-01-17 | by ( )   time to read: +3 min
Jan 17 (Reuters) - Morgan Stanley (MS.N) reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday as the bank's trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking. Revenue from Morgan Stanley's investment banking business fell 49% to $1.25 billion in the fourth quarter, with revenue declines across the bank's advisory, equity and fixed income segments. The investment banking business slowdown weighed on the company's net revenue, pulling it down 12% to $12.7 billion. Morgan Stanley wraps up a mixed fourth-quarter earnings for the big U.S. banks. On an adjusted basis, Morgan Stanley earned $1.31 per diluted share, the bank said.
Jan 13 (Reuters) - Goldman Sachs Group Inc (GS.N) disclosed a pretax loss for its newly-created platform solutions business of $1.2 billion for the first nine months of 2022, the bank said in a regulatory filing on Friday. The platform solutions business posted higher revenue for the first nine months, but also recorded higher provisions for credit losses and operating expenses. In October, Goldman folded its consumer business, Marcus, into wealth management and created the platform solutions business, which included GreenSky, the fintech lender Goldman bought in a deal valued at $2.2 billion. The bank's three main businesses are now global banking and markets, asset and wealth management, and platform solutions. The disclosure did not provide separate numbers for its direct-to-consumer business, Marcus, which is under asset and wealth management.
REUTERS/Jeenah Moon/File Photo/File PhotoNEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income. However, Citigroup Inc (C.N) reported a 21% fall in profits with investment banking taking a hit. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic. Bank of America's investment banking fees more than halved in the quarter.
[1/4] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The chief financial officers of the two biggest U.S. banks said they would hire selectively despite waning economic growth. JPMorgan's (JPM.N) Chief Financial Officer Jeremy Barnum said the bank is still hiring and "in growth mode" in a call with journalists to discuss the bank's fourth-quarter earnings. Bank of America (BAC.N) also continues to hire, particularly in wealth management, while also remaining disciplined on its expenses, Chief Financial Officer Alastair Borthwick told reporters on Friday. The banking giants stood by their hiring plans even as other lenders cut staffing in investment banking and mortgages.
It is likely to affect most of the bank's major divisions, with its investment banking arm facing the deepest cuts, a source told Reuters this month. "We know this is a difficult time for people leaving the firm," a Goldman Sachs statement on Wednesday said. Last year was challenging across groups including credit, equities, and investment banking broadly, said Paul Sorbera, president of Wall Street recruitment firm Alliance Consulting. [1/3] A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. Shares of Goldman Sachs have partially recovered from a 10% fall last year.
"With most U.S. economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook," said Morgan Stanley analysts led by Betsy Graseck in a note. Rising prices and higher borrowing costs have prompted consumers and businesses to curb their spending, and since banks serve as economic middlemen, their profits decline when activity slows. Reuters GraphicsStill, lenders stand to gain from rising rates that allow them to earn more from the interest they charge borrowers. Morgan Stanley and Citigroup, among others, have also cut jobs after a plunge in investment-banking activity. Analysts will also watch if banks such as Morgan Stanley and Bank of America book any writedowns on the $13-billion loan to fund Elon Musk's purchase of Twitter.
Goldman Sachs to start cutting thousands of jobs midweek
  + stars: | 2023-01-09 | by ( )   time to read: +2 min
[1/2] 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 PhotoJan 9 (Reuters) - Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. Goldman Sachs declined to comment. Hundreds of jobs are also likely to be reduced from Goldman Sachs' loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus, the sources said. Investment banking fees nearly halved in 2022, with $77 billion earned globally by the banks, down from $132.3 billion one year earlier, Dealogic data showed.
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.
Goldman Sachs' consumer banking unit head steps down - memo
  + stars: | 2023-01-03 | by ( )   time to read: +1 min
Jan 3 (Reuters) - The head of Goldman Sachs Group Inc's (GS.N) direct-to-consumer unit, Swati Bhatia, is stepping down from the role, according to an internal note seen by Reuters. The move comes as Goldman Sachs in October signaled it was scaling back its ambitions for the loss-making consumer unit, Marcus. read more read moreChief Executive Officer David Solomon, who took the helm in 2018, has tried to diversify the company's operations with Marcus. Bhatia, formerly the chief payments risk officer at digital payments company Stripe, had joined the bank in February 2021. Separately, the bank appointed Zeeshan Razzaqui as co-head of merchant point-of-sale lending at Platform Solutions, its unit focusing on financial technology products.
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.
NEW YORK, Dec 20 (Reuters) - Two Morgan Stanley (MS.N) equity syndicate bankers, Pawan Passi and Charles Leisure, are no longer listed as registered brokers at the Wall Street firm, according to industry regulator FINRA's website. His FINRA profile includes a disclosure about a pending customer dispute that alleges "misrepresentation with respect to block trading" in 2021. The broker registration for Leisure, an executive director, also ended Dec. 16, his FINRA profile showed. Arnaud Blanchard became the head of the equity syndicate desk in New York earlier this year, according to his LinkedIn profile. Morgan Stanley in February disclosed that U.S. regulators and prosecutors were probing various aspects of the investment bank's block trading business.
NEW YORK, Dec 20 (Reuters) - Two Morgan Stanley (MS.N) equity syndicate bankers, Pawan Passi and Charles Leisure, are no longer listed as registered brokers at the Wall Street firm, according to industry regulator FINRA's website. His FINRA profile includes a disclosure about a pending customer dispute that alleges "misrepresentation with respect to block trading" in 2021. The broker registration for Leisure, an executive director, also ended Dec. 16, his FINRA profile showed. Arnaud Blanchard became the head of the equity syndicate desk in New York earlier this year, according to his LinkedIn profile. Morgan Stanley in February disclosed that U.S. regulators and prosecutors were probing various aspects of the investment bank's block trading business.
The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Goldman Sachs had 49,100 employees at the end of the third quarter after adding significant numbers of staff during the pandemic. The bank is weighing a sharp cut to the annual bonus pool this year, a separate source familiar with the matter said. Goldman Sachs declined to comment. The investment bank had first warned in July that it might slow hiring and cut expenses.
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