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☆ Inside the latest drama at Goldman Sachs that reportedly has some partners up in arms
▼ + stars: | 2024-02-22 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

AdvertisementThe drama playing out within the upper ranks of Goldman Sachs is continuing to unfold, and CEO David Solomon's troubles with senior partners don't appear to be over yet. (Garcia's co-head of European investment banking, Anthony Gutman, is also said to have been named to the committee.) Bloomberg reported this week that Beth Hammack — a longtime Goldman partner, co-head of the global financial group, member of the management committee, and former CEO of Goldman Sachs Bank USA — is set to step down. And when Esposito broke the news last month of his imminent departure in a note to partners and clients, he wrote, wistfully, that he planned to "bleed Goldman Sachs forever." Are you a Goldman Sachs or Wall Street insider?

Persons: Goldman Sachs, David Solomon's, who's, Mark Sorrell, Gonzalo Garcia, Joshua Franklin, Arash Massoudi, Kim Posnett, Sorrell —, Sir Martin Sorrell, Stephan Feldgoise, Anthony Gutman, Sorrell, Gutman, Garcia, Goldman, Alison Mass, George Lee, Jim Esposito —, —, Solomon, Adebayo, Beth Hammack —, Esposito, wistfully, Reed Alexander Organizations: Financial, IB, Reading, Goldman, Bloomberg, Goldman Sachs Bank Locations: Miami

☆ Here's the latest sign that Goldman Sachs CEO David Solomon isn't going anywhere: His 2023 pay.
▼ + stars: | 2024-02-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

Of that bonus, $20.3 million, or roughly 70%, will be awarded in stock, with a remaining cash bonus portion of about $8.7 million. Solomon's freshly-announced 2023 comp puts him just behind his fellow Wall Street bosses. Everyone knows that, on Wall Street, money talks. But Wall Street is a notoriously competitive gauntlet and Solomon has yet to beat his personal 2021 record this time around. There's always next year — and it looks like Solomon will still be here to take another bite at the apple.

Persons: David Solomon, Goldman Sachs, Jamie Dimon, Morgan Stanley, James Gorman, he's, Goldman, —, Solomon, Adebayo Ogunlesi, What's, There's Organizations: Service, JPMorgan Chase, Wall

☆ From million-dollar private boxes to carpooling on private jets, here's how billionaires are doing the Super Bowl
▼ + stars: | 2024-02-09 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

The Super Bowl has always been a draw for billionaires and powerful executives. Elon Musk and Rupert Murdoch at the Super Bowl on Sunday. For an extra $10,000 to $250,000, Carrega arranges in-suite meet-and-greets, pre-game huddles, and photo ops with former Super Bowl champions or commentators. Kevin Mazur/Getty ImagesWhen it comes to accommodations, Vegas is proving easier than many other Super Bowl destinations, Brown said. Charter service VistaJet , whose private flights cost between $14,000 and $25,000 an hour, recorded a 25% increase in flight bookings over last year’s Super Bowl.

Persons: —, Taylor Swift, Hunt, Denise York, Elon Musk, Rupert Murdoch, ’ Michael Rubin's, Josh Harris, Robert Kraft, Goldman Sachs, David Solomon, Caitlin O’Hara, ” Elisabeth Brown, Barnabas Carrega, they're, Brown, “ Price, ” Carrega, Carrega, ” Brown, ” She’s, Savage, Kevin Mazur, Wynn, Leona Qi, you’re, ” Qi, “, ” Organizations: Service, Business, Chiefs, 49ers, Forbes, Patriots, Reuters, “, Knightsbridge, Super, Vegas, Davos Locations: Las Vegas, Sin City, Las, Tampa , Florida, Vegas, “

☆ One of Wall Street's favorite ways to control workers is under attack
▼ + stars: | 2024-02-08 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.

Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, —, Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts

☆ Goldman Sachs leaders are charting a course for the bank's future in Miami for the second year in a row. Here's how the stakes are different this time.
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

The Miami Beach Edition hotel on Collins Avenue, where conferences for Goldman parnters are being held. Inside the Edition Hotel in Miami, which is playing host to the Goldman Sachs partner conference this week. The Faena Hotel along Collins Avenue is also playing host to some Goldman partners and events this week. A spokesperson for Goldman Sachs declined to comment about the Miami gathering this week. Are you a Goldman Sachs or Wall Street insider?

Persons: Goldman Sachs, confab, —, Goldman, Denis Coleman, Avinash, Goldman parnters, Emmalyse, David Solomon, Solomon, Lloyd Blankfein, he's, Reed Alexander Big, Solomon —, John Waldron —, Solomon himself, Emmalyse Brownstein Goldman, George Lee, Alison Mass, Trevor Noah, decamped, Reed Alexander Organizations: Magic City, Miami Beach, Business, Wall Street Journal, Goldman, Wall Street Locations: New York, London, Miami, Collins, New York City, South Florida, ralexander@businessinsider.com

☆ Meet the Man Behind Litquidity, the Anonymous Instagram Account Dominating Wall Street
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Hayley Cuccinello | ) www.businessinsider.com time to read: +26 min

The deck kicked off a game of one-upmanship among Wall Street banks trying to keep their employees happy. Lit capitalized on poking fun at Wall Street culture, selling $35 dad hats that read, "Do You Know Who My Father Is?" There have, of course, been endless rumors about Lit's identity, especially among Wall Street underlings. Wall Street underlings have speculated about Litquidity's identity for years. Basak, one attendee said, wanted to take a "wrecking ball through it all" and hold Wall Street heavy hitters accountable.

Persons: Goldman Sachs, I've, David Solomon, Litquidity, Goldman, Solomon, Evercore, Michael Kovac, Lit, Warburg Pincus, Jamie Dimon, Jamie Dimon's, Banksy, Bennett Jordan, who've, Lit's, — Mark Moran, —, Jefferies, Richard Handler, Spencer Platt, Isaac Laifer, Laifer, Handler, We'd, Henry, Hank, Medina, He's, he's, Jefferies Medina, Bart P, Fuchs, Karl Smith, Mark Moran, Moran, Bloomberg he'd, Zack DeZon, Getty Images Moran, Brian Hanly, Hanly, Sonali Basak, Angela Weiss, cryptocurrency, we'll, Mark, Medina's, weren't, CoinFLEX, Litquidity doesn't, Dave Portnoy, wasn't, Medina Ayden Syal, Kyle Zappitell, Zappitell, he'd, hasn't, Bennett Jordan —, Craig Sjodin, Litney, Paul Argenti, Wall Organizations: Goldman, New York Times, CNBC, Business, Bloomberg, Metropolitan Club of New, Nomura, Citigroup, Financial Times, Litney Partners, Whitney Partners, BI, ESPN, Litquidity, Centerview Partners, New York, Getty, Bain Capital, Litquidity Venture Partners, SEC, Cornell University, Wexford Capital —, Deutsche Bank, Deutsche, CFA, Getty Images, Bullish, Vice, Wall Street, Litquidity's, Manhattan's Rue, Fox Business, Litquidity Ventures, Coatue Management, SAFE, Soho House, Dartmouth University Locations: New York, Tribeca, Metropolitan Club of New York, Instagram, San Francisco, Medina, New York City, Miami, NoHo, Chad, Connecticut, Litquidity, Linktree, Soho

☆ A Goldman Sachs-backed electricity firm is making a play to reach more Americans’ homes
▼ + stars: | 2024-02-02 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

That covers energy networks, mostly in the Northeast, that provide electricity for 190 million Americans, according to federal data. It also gets Goldman into an industry, albeit through an intermediary, that critics have called a hotbed of consumer abuse. The startup, which began offering retail energy plans to Texans in 2021, avoids the teaser rates and hidden fees of rivals, it has said. "Many of those companies operate businesses that serve retail customers. Private equity firms have transformed the energy landscape in the nation's largest power markets.

Persons: Omar Marques, Goldman Sachs, Goldman, watchdogs, James Bride, Marcus, David Solomon, Dennis Wamsted, Tyson Slocum Organizations: Lightrocket, Getty, Energy, CNBC, Texans, U.S . Energy Information Administration, New, Institute for Energy Economics, Utilities, Federal Energy Regulatory, Street, Public Citizen Locations: Texas, Houston, New York, Pennsylvania, New Jersey, Maryland

☆ Oppenheimer says bank stocks are ‘significantly undervalued’ and gives its top picks
▼ + stars: | 2024-01-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

It's time for investors to shake off the fear of bank stocks created by last year's deposit outflows and regional bank failures, according to Oppenheimer. Analyst Chris Kotowski said in a report to clients on Tuesday that bank stocks are "significantly undervalued," highlighting that the KBW Bank Index finished 2023 down 4.8% for the year, or 29 percentage points behind the S & P 500. That gap is too large to justify even with the collapse of a few regional banks such as Silicon Valley Bank, Kotowski said. The firm's top two bank stocks are Goldman Sachs and Jefferies , both of which can serve as a bet on a rebound in the capital markets business. Kotowski also recommended several other large bank stocks, including Bank of America , JPMorgan Chase and U.S. Bancorp .

Persons: Oppenheimer, Chris Kotowski, Kotowski, Goldman Sachs, David Solomon, Jefferies, Goldman, JPMorgan Chase, —, CNBC's Michael Bloom Organizations: KBW, Silicon Valley Bank, Jefferies, Goldman, LSEG, Bank of America, JPMorgan Chase, U.S . Bancorp, JPMorgan Locations: Silicon, LSEG

☆ One of Goldman Sachs' top executives running investment banking and global markets is set to step down: Read the full memo
▼ + stars: | 2024-01-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Jim Esposito, one of three co-heads of Goldman Sachs's powerful global banking and markets division, is set to step down. His previous roles include co-head of the global financing group, co-head of global markets, and global co-head of investment banking. Most recently, Jim played an important role in bringing together our Global Markets and Investment Banking franchises to form the Global Banking & Markets business. Jim's passion for our distinctive culture has also been reflected in his commitment to recruiting, developing and mentoring talented individuals around the world, including the next generation of leaders across Global Banking & Markets. Prior to assuming his current role, Jim was global co-head of the Global Markets Division and before that global co-head of the Investment Banking Division.

Persons: Jim Esposito, Goldman, Esposito, He's, David Solomon, Solomon, John Waldron, Waldron, Julian Salisbury, —, Salisbury's, Eric Lane, Gregg Lemkau, Goldman Sachs, Jim, Jenn, David Organizations: Business, Goldman, Wall Street, Business Insider, Bloomberg, Tiger Global, IB, Global Banking, Markets, Management, Investment Banking, Global Markets, Global Markets Division, Global, Group, Trustees, Corporation, Brown University, Advisors, Tuck School of Business, Dartmouth College

☆ It looks like remote workers are getting the boot once again
▼ + stars: | 2024-01-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

A bunch of executives at e-commerce firm Wayfair singled out remote workers as the ones who were more likely to have been laid off in a fresh round of cuts, The Wall Street Journal. The targeting of remote workers will come as little surprise for many, given the ugly battle that's been raging over remote work in recent months. Some bosses such as Elon Musk have disparaged remote workers as lazy members of the "laptop classes living in la la land," and called out the practice as "morally wrong." However, the Wayfair layoffs are a reminder that remote workers are in grave danger if their managers don't believe they're putting in the hours away from the office. Many remote workers will be feeling more vulnerable than ever.

Persons: —, Wayfair, Niraj Shah, Shah, Elon Musk, Goldman Sachs, David Solomon, Ken Griffin Organizations: Service, Street, Business, Elon, Meta, Google, eBay, Billionaire, Citadel Locations: la la

☆ 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

☆ American Express CEO says spending is strong, delinquencies are down from 2019
▼ + stars: | 2024-01-19 | by ( Micah Washington | ) www.cnbc.com time to read: +1 min

Stephen Squeri, chairman and chief executive officer of American Express Co., speaks during an Economic Club of New York event in New York, US, on Thursday, Nov. 10, 2022. American Express CEO Stephen Squeri on Friday said the credit card company saw "good consumer spending" during the holidays and signs of strong overall health for U.S. spending. In particular, delinquency rates were "lower than they were in 2019," Squeri told CNBC's Scott Wapner in an interview at the American Express PGA Tour event in La Quinta, California. The signs of resilient consumer spending run somewhat counter to persistent inflation. American Express reports its fourth-quarter earnings on Jan 26.

Persons: Stephen Squeri, Squeri, CNBC's Scott Wapner, he's, JPMorgan Chase, Jamie Dimon, Goldman Sachs, David Solomon, We'll Organizations: American Express Co, Economic, of New, American Express, JPMorgan, Federal, Express Locations: of New York, New York, La Quinta , California, U.S

☆ Go to the office 4 to 5 times a week if you're young and want to score a promotion, says a corporate leader
▼ + stars: | 2024-01-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Read previewJunior employees should show up at the office more often if they want to score promotions, says a corporate leader. "If you're asking me my opinion on how you succeed in your career," Kevin Ellis, the chair of PricewaterhouseCoopers UK, said. With AI now a part of the workplace, face time and getting people together in the office is important, he added. Companies have been struggling with how to manage remote work following the COVID-19 pandemic. That's because, as my colleague Amanda Goh wrote last year, the generation still can't make up its mind about going into the office.

Persons: —, Kevin Ellis, Ellis, Jamie Dimon, Goldman Sachs, David Solomon —, Gen Z —, Amanda Goh Organizations: Service, Business, PricewaterhouseCoopers, Bloomberg, Economic, JPMorgan Chase Locations: Davos, Switzerland

☆ Goldman Sachs CEO David Solomon: 'Hard for me' to see the market's view of seven rate cuts in 2024
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs CEO David Solomon: 'Hard for me' to see the market's view of seven rate cuts in 2024Goldman Sachs CEO David Solomon joins 'Squawk Box' to discuss the company's quarterly earnings results, latest market trends, the Fed's rate path outlook, top geopolitical issues, and more.

Persons: Goldman Sachs, David Solomon

☆ Goldman Scores a Win With Sharply Higher Earnings
▼ + stars: | 2024-01-16 | by ( Annamaria Andriotis | Charley Grant | ) www.wsj.com time to read: 1 min

When Goldman Sachs entered the credit card space in 2019, many consumer banks were concerned that a new competitor had emerged. Photos: ReutersGoldman Sachs reported sharply higher earnings for the fourth quarter, giving the Wall Street Goliath a boost after a run of lackluster results. But the strength wasn’t in Goldman’s traditional powerhouses, investment banking and trading. Instead, it was asset and wealth management, where Goldman Chief Executive David Solomon has pinned much of its hopes. The unit reported a 23% jump in revenue, while revenue from both investment banking and trading were down.

Persons: Goldman Sachs, David Solomon Organizations: Goldman

☆ Goldman Sachs posts an earnings beat as growth for its stock-trading business triples estimates
▼ + stars: | 2024-01-16 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewGoldman Sachs posted a better-than-expected fourth-quarter earnings report Tuesday, bringing a sometimes turbulent year for the bank and its CEO David Solomon to a close. This story is available exclusively to Business Insider subscribers. Its total revenue for the quarter came in at $11.3 billion, slightly higher than Wall Street's prediction of $10.8 billion. "This was a year of execution for Goldman Sachs," Solomon said.

Persons: —, Goldman Sachs, David Solomon, Refinitiv, Goldman, Solomon Organizations: Service, Business, Revenue, Federal Reserve

☆ Goldman Sachs tops revenue estimates on better-than-expected asset management results
▼ + stars: | 2024-01-16 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Goldman Sachs on Tuesday posted fourth-quarter results that topped analysts' expectations on better-than-expected asset and wealth management revenue. Companywide revenue rose 7% to $11.32 billion on growth from asset and wealth management and platform solutions divisions. The growth engine for the bank, according to Solomon, is now its asset and wealth management division, which is benefiting from the rise in private credit and other alternative assets. Asset and wealth management revenue jumped 23% from a year earlier to $4.39 billion, topping the StreetAccount estimate by nearly $550 million, on higher revenue from equity and debt investments and rising management fees. Equities trading revenue jumped 26% to $2.61 billion, thanks to derivatives activity and financing fees, topping the $2.22 billion StreetAccount estimate.

Persons: Goldman Sachs, wasn't, LSEG Goldman, Goldman, David Solomon, Solomon, outsized, Morgan Stanley, Wells Fargo Organizations: LSEG, LSEG ., Investment, Wall, JPMorgan Chase, Bank of America, Citigroup, CNBC PRO

☆ Goldman Sachs blows away earnings expectations
▼ + stars: | 2024-01-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Goldman Sachs reported a strong fourth quarter earnings report, driven largely by impressive results in their asset and wealth management divisions. Revenue came in at $11.3 billion and earnings per share were $5.48, blowing away Wall Street expectations. Prior to this report, Goldman posted eight consecutive quarters of declines. JPMorgan Chase paid $2.9 billion to the FDIC, Bank of America paid $2.1 billion and Citigroup paid $1.7 billion. Morgan Stanley, meanwhile, reported a 32% drop in quarterly profit in its earnings report on Tuesday.

Persons: New York CNN — Goldman Sachs, FactSet, Goldman Sachs, ”, David Solomon, Marcus, Goldman, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Revenue, Apple, General Motors, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, JPMorgan, FDIC, Bank of America, Citigroup, Goldman Locations: New York, York

☆ What Wall Street bosses from Goldman Sachs to JPMorgan are saying about the jobs outlook for 2024 in investment banking, wealth management, and more
▼ + stars: | 2024-01-16 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +11 min

Last year, banks opened 2023 by forecasting layoffs, including for the investment bankers who suddenly had nothing to do following the pandemic-era M&A and IPO boom. Citigroup kicked off 2024 ominously, warning that it will lay off as many as 20,000 employees by 2026. The bank expects 2024 expenses to increase further to total $90 billion, up $2.8 billion from 2023, and much of that will be focused on hiring. CFO Barnum on Friday said the bank is gearing up for a "rebound in the investment banking wallet." Headcount declined 3% to 80,006 from 82,427, while compensation expenses rose to $24.5 billion from $23 billion.

Persons: It's, it's, Jane Fraser, Jeremy Barnum, JPMorgan Chase Jamie Dimon, JPMorgan Chase, Alex Wroblewski, JPMorgan's headcount, Barnum, Friday, Patrick T, Fallon, —, Fraser, Q, Goldman Sachs Goldman Sachs, David Solomon, BRENDAN MCDERMID, Goldman Sachs, Denis Coleman, Coleman, Goldman, Bank of America Brian Moynihan, Robert Galbraith, headcount, BofA, Alastair Borthwick, execs, they've, Brian Moynihan, Wells Fargo Charles Scharf, Lucy Nicholson Wells Fargo, Michael Santomassimo, Charlie Scharf, Santomassimo, BlackRock Larry Fink, Fink, Kapito, Morgan Stanley Ted Pick, Morgan Stanley, Jeenah, Headcount, Morgan, Ted Pick, Sharon Yeshaya, Blackstone Steven Schwarzman, Blackstone, Gonzalo Fuentes Organizations: Business, Citigroup, JPMorgan, Citi, BlackRock, Blackstone, Getty, AlphaSense, Citigroup Citigroup, Bank of America, REUTERS, Robert, Robert Galbraith Bank of America's, Reuters, AP BlackRock, Global Infrastructure Partners Locations: Wall, headcount, Wells Fargo

☆ Larry Fink just kicked off the last chapter of his BlackRock reign
▼ + stars: | 2024-01-12 | by ( Michelle Abrego | Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

This all comes as Larry Fink, 71, is entering what is likely the last chapter of a successful career as cofounder and chief executive of $10 trillion BlackRock. Here's everything you need to know:BlackRock is set to buy Global Infrastructure Partners in its biggest deal in 15 yearsThroughout 2023, Fink signaled that a "transformational deal" was on the cards. He found his target in private equity firm and infrastructure investor Global Infrastructure Partners, the firm announced on Friday. Jessica Tan, head of BlackRocks' sustainability and transitions strategy, will head the global product solutions team in the Americas. Charles Hatami, global head of the financial and strategic investor group that focuses on relationships with large investors like insurers and sovereign wealth funds, will join BlackRock's global executive committee.

Persons: Larry Fink, Fink, Rob Kapito, BlackRock iShares, GIP, Kapito, Goldman Sachs, Goldman, David Solomon's, Ogunlesi, Wells, Mike Mayo, Larry, Stephen Cohen, Salim Ramji, Jessica Tan, Jane Sloan, GIP's, Edwin Conway, Conway, Rachel Lord, Lord, Charles Hatami Organizations: Business, BlackRock, Global Infrastructure Partners, GIP, London Gatwick, Wall Street, Asia Pacific, Securities, Exchange Commission Locations: Sydney, Bayo, Ogunlesi, BlackRock, Americas, Europe, East, India, Asia, Pacific

☆ Big bank executives will assure lawmakers the industry's crisis is over, KBW CEO Thomas Michaud predicts
▼ + stars: | 2023-12-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

Big bank CEOs will likely convey deposits and earnings are stable to lawmakers on Wednesday, according to a major financial services executive. Thomas Michaud, CEO of Stifel company Keefe, Bruyette & Woods, thinks the hearing before the Senate Banking Committee will successfully provide assurance to Washington and Wall Street. "The targeted approach to change deposit insurance to reduce the 'too big to fail' thinking, so depositors don't run like that. He thinks action is needed to keep mid-sized banks competitive with the big banks — starting with lifting Federal Deposit Insurance Corp coverage limits for small businesses. "If deposit insurance reform in my opinion doesn't happen, there's going to be tremendous pressure on those [mid-size] banks to consolidate," Michaud said.

Persons: Thomas Michaud, Keefe, Jamie Dimon, Goldman Sachs, David Solomon, " Michaud, He's, Michaud Organizations: Wall, . Banking, Silicon Valley Bank, Signature Bank, First, Federal Deposit Insurance Corp Locations: Washington, Silicon, First Republic

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

☆ A major CEO backer of the remote office model concedes one big work from home failure
▼ + stars: | 2023-12-03 | by ( Deborah Kong | ) www.cnbc.com time to read: +4 min

Sallie Krawcheck, CEO of Ellevest, an investment and financial literacy platform for women, has been a vocal advocate for remote work. The various benefits — lower fixed costs, a larger talent pool, and added flexibility for women and under-represented groups — factor into why Ellevest has remained fully remote since the pandemic. Not many people do it, and you can't run into each other at the coffee machine when you're on Zoom," Krawcheck said. Goldman Sachs CEO David Solomon has referred to remote work as "an aberration." Meta , which vocally embraced fully remote work, now has many employees back three days a week.

Persons: It's, Sallie Krawcheck, Ellevest, Krawcheck, Merrill Lynch, Jamie Dimon, Dimon, Goldman Sachs, David Solomon, Sam Altman, Nicholas Bloom, Covid, Bloom Organizations: Amazon, Google, CNBC Workforce, Citigroup, Wall, Cisco, Microsoft, Stanford Locations: New York City

☆ A Divorce With Apple, Internal Strife: How Goldman’s Main Street Bet Failed
▼ + stars: | 2023-12-02 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

At an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them. Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.

Persons: Goldman, David Solomon Organizations: Apple Locations: New York

☆ Employee burnout at AWS is reminiscent of another top firm's push to get bigger
▼ + stars: | 2023-11-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

AdvertisementIn today's big story, we're looking at the growing tension at AWS with rising employee burnout. Just like OpenAI's ChatGPT or Google's Bard, Amazon Q is a generative AI chatbot users can talk to like a human. Amazon Web Services, which developed Amazon Q, announced the new product under the fanfare of its annual event in Las Vegas, AWS re:Invent. Business Insider's Eugene Kim, our resident Amazon expert, has a report on the growing tension and burnout among AWS employees. Jon Krause for InsiderThe burnout at AWS reminds me of another company at the top of its field facing turmoil: Goldman Sachs.

Persons: —, you've, Taylor, Pena Popo, Noah Berger, Bard, Insider's Eugene Kim, ChatGPT, Jon Krause, Goldman Sachs, Goldman, David Solomon, haven't, BI's Dakin Campbell, Bethany McLean, Goldman aren't, Goldman's, Sylvain Gaboury, Patrick McMullan, Slaven, The New York Times Elon Musk, Tesla, They've, Joe Santagato, Elon Musk, Drazen, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Spotify, Getty, Web Services, Microsoft, Goldman, Slaven, The New York Times, Amazon, Business, American Express, Federal, Paris, Paralympic, Kroger, Dell Locations: Las Vegas, Austin , Texas, New York City, San Diego, London, New York

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