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☆ Analysis-Hamas' Cash-To-Crypto Global Finance Maze in Israel's Sights
▼ + stars: | 2023-10-13 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +6 min

In the past, Hamas has said financial restrictions placed on its donors were an attempt to neutralise legitimate resistance against Israel. However, since last weekend's violence, prominent Hamas-linked support groups had moved just a few thousands dollars through crypto, TRM noted. Between Dec. 2021 and April this year, Israel seized almost 190 crypto accounts it said were linked to Hamas. SHIPS AND SHELLSWhether through crypto or other means, Hamas' allies have found ways to get money to Gaza. "Qatari aid to the Gaza Strip is fully coordinated with Israel, the UN and the U.S.," the Qatari government official said.

Persons: Al Sayegh, John O'Donnell, Elizabeth Howcroft, Matthew Levitt, Levitt, Tom Robinson, TRM, Israel, they've, Stephen Reimer, Saeed Azhar, Sinead Cruise, Tom Wilson, Tommy Wilkes, Andrew Mills, Frank Jack Daniel Organizations: Elizabeth Howcroft LONDON, Reuters, Hamas, Barclays, Islamic Resistance Movement, State Department, TRM Labs, The U.S . State Department, U.S . Treasury, UN, Qatari, Royal United Services Institute, Parisa Locations: DUBAI, Gaza, Israel, U.S, Iran, Qatar, United States, Britain, The, Turkey, Saudi Arabia, Tehran, Islamic Republic, New York, London, Doha, Dubai

☆ Major US banks show profit boost, but cautious on outlook, consumer health
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan's (JPM.N) profit jumped 35% on the year-ago quarter, while Wells Fargo (WFC.N) profit surged 60%. The banks benefited from higher interest rates, which have bolstered banks' net interest income (NII), or the difference between what they earn on loans and pay out on deposits. JPMorgan and Wells Fargo, the first- and fourth-largest U.S. lenders, respectively, also increased their outlook for NII. Regional lender PNC Financial Services' (PNC.N), meanwhile, reported higher consumer loan delinquencies. JPM and Wells reported a decline in average deposits.

Persons: Shannon Stapleton, Wells, Jamie Dimon, Wells Fargo, Charlie Scharf, Jane Fraser, Dimon, JPMorgan's NII, Saeed Azhar, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, Citigroup, JPMorgan, Citi, PNC, PNC Financial Services, Thomson Locations: New York, Major U.S, Wells Fargo, U.S

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsOct 13 (Reuters) - Wells Fargo on Friday beat analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments. The swiftest tightening of U.S. monetary policy in 40 years aimed at reining in sticky inflation has buoyed banks' interest income. Rival banking giant JPMorgan Chase (JPM.N) on Friday posted a rise in third-quarter profit as higher interest rates boosted its income from loans. Wells Fargo earned $1.48 per share in the third quarter, beating analysts' expectations of $1.24, according to LSEG data.

Persons: Wells, NII, JPMorgan Chase, Wells Fargo, Charlie Scharf, Banks, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Sriraj Organizations: REUTERS, Friday, JPMorgan, Wells, Manya Saini, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, Wells, Bengaluru, New York

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. REUTERS/Brendan McDermid/File Photo/File Photo Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Goldman Sachs (GS.N) appears headed to another set of weak quarterly earnings as deal-making lags and the bank retreats from a loss-making consumer business. Goldman is expected to report third-quarter earnings per share (EPS) of $5.31 when it reports results on Tuesday, according to average estimates compiled by LSEG. Goldman Sachs declined to comment ahead of its earnings. UBS on Wednesday cut its target price for Goldman Sachs to $382 a share from a previous target of $400.

Persons: Goldman Sachs, Brendan McDermid, Goldman, Stephen Biggar, David Solomon, Biggar, Brennan Hawken, Solomon, Saeed Azhar, Lananh Nguyen, Rod Nickel Organizations: New York Stock Exchange, REUTERS, LSEG, Argus Research Corp . Investment, Sixth Street Partners, Goldman, UBS, Arm Holdings, Reuters, Thomson Locations: New York City, U.S, Ukraine

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. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 11 - Goldman Sachs (GS.N) has agreed to sell GreenSky, its home improvement lender, and associated loans to a consortium led by investment firm Sixth Street Partners, it said on Wednesday. The charge on earnings equates to about $62 million, according to Reuters calculations based on Goldman Sachs' outstanding shares. Goldman Sachs declined to comment on the price. "We plan to continue the company's legacy of driving growth through enhanced technology and great user experiences," said Alan Waxman, co-founder and CEO of Sixth Street.

Persons: Goldman Sachs, Brendan McDermid, Goldman, David Solomon, Solomon, Alan Waxman, GreenSky, Saeed Azhar, Niket, Lananh Nguyen, Leslie Adler, Diane Craft Organizations: New York Stock Exchange, REUTERS, Sixth Street Partners, Wall Street, Street Journal, Sixth, KKR, Bayview Asset Management, Pacific Investment Management Co, Investments, Thomson Locations: New York City, U.S, Bayview, Bengaluru

"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo. "There is a constructive environment, and investment banking fees tend to be higher through the end of the year," said Jason Goldberg, a banking analyst at Barclays. Despite the renewed optimism, investment banking activity remains depressed. As rates rise, bond prices fall, representing losses on paper that would be realized if the banks sold the bonds. More broadly, "we're back into this environment where investors think interest rates are going to remain higher for longer," he said.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Goldman Sachs, Morgan Stanley's, Mike Mayo, Ebrahim Poonawala, Jason Goldberg, Richard Ramsden, James Demmert, Ramsden, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Nick Zieminski 私 Organizations: JP, Co, REUTERS, JPMorgan, Citigroup, Wells, Bank of America, Federal Reserve, Wall Street, SoftBank's Arm Holdings, Barclays, U.S, Treasury, Valley Bank, Federal Deposit Insurance Corporation, Reuters, Street Research Locations: New York, Wells Fargo, dealmaking, Israel, Bengaluru

Citigroup also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Citigroup declined to comment on the memo, town hall and meeting with managing directors. Citi had 240,000 employees at the end of the second quarter. CONSULTATIONS IN THE UKThe bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. In the second quarter, net income tumbled 36% to $2.92 billion, beating analyst expectations.

Persons: Sara Wechter, Jane Fraser, Fraser, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio, Kirsten Donovan, Sonali Paul Organizations: Citigroup, Reuters, Bankers, Citi, Bank of America, Milana, Svea Herbst, Thomson Locations: Wells Fargo, London, New York, Svea

"Some roles will change, new roles may be created, and new roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time. CONSULTATIONS IN THE UKThe bank said in a separate memo it is also beginning the specific consultation required in the UK. Some of these roles may change, while others will remain largely the same."

Persons: Sara Wechter, Jane Fraser, Fraser, Jane, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio Our Organizations: Citigroup, Reuters, Citi, Bank of America, Thomson Locations: Wells Fargo, London, New York

☆ Goldman Sachs executive Chris Kojima to leave, memo says
▼ + stars: | 2023-10-03 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 3 (Reuters) - Chris Kojima, an executive in Goldman Sachs <GS.N> asset and wealth management unit, will leave the investment bank after almost 28 years, according to an internal memo seen by Reuters on Tuesday. His move is the latest in a series of high-profile departures from Goldman's asset and wealth management division, which manages $2.7 trillion in assets. "Chris founded and led businesses that are incredibly important to Goldman Sachs, and our business today is stronger because of his leadership," Nachmann said in a statement. He first joined Goldman Sachs as an investment banking associate in 1995, and was named managing director in 2002 and a partner in 2008.

Persons: Goldman Sachs, Andrew Kelly, Chris Kojima, Kojima, Julian Salisbury, Mike Koester, Jo Natauri, Matt Gibson, Marc Nachmann, Chris, Nachmann, Goldman, Saeed Azhar, Louise Heavens, Lananh Nguyen, Paul Simao Organizations: REUTERS, Reuters, Sixth, Thomson Locations: Manhattan , New York, U.S

☆ Goldman Sachs exec Chris Kojima to leave
▼ + stars: | 2023-10-03 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 3 (Reuters) - Chris Kojima, a Goldman Sachs (GS.N) executive in the asset and wealth management unit, will leave the investment bank at year-end after almost 28 years, an internal memo seen by Reuters on Tuesday showed. Kojima is among the latest high-profile executives to leave Goldman's asset and wealth management division, which manages $2.7 trillion in assets. "Chris founded and led businesses that are incredibly important to Goldman Sachs, and our business today is stronger because of his leadership," Nachmann said in a statement. He first joined Goldman Sachs as an investment banking associate in 1995, and was named managing director in 2002 and a partner in 2008.

Persons: Goldman Sachs, Andrew Kelly, Chris Kojima, Kojima, Julian Salisbury, Mike Koester, Jo Natauri, Matt Gibson, Marc Nachmann, Chris, Nachmann, Kojima's, Saeed Azhar, Louise Heavens, Lananh Nguyen, Paul Simao, Richard Chang Organizations: REUTERS, Reuters, Atlantic, Sixth, Thomson Locations: Manhattan , New York, U.S

☆ Ally Financial to lay off nearly 5% of staff
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo and trading information for Ally Financial Inc appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsOct 2 (Reuters) - Ally Financial (ALLY.N) said on Monday job cuts in various divisions of the digital banking firm will affect nearly 5% of its workforce. "After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce," Ally spokesperson Peter Gilchrist said in an emailed statement. The Detroit-based company offers various financial products and is best known for its auto-loan business. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Ally, Peter Gilchrist, Jaiveer Singh, Saeed Azhar, Shinjini Organizations: Ally Financial, New York Stock Exchange, REUTERS, Ally, Thomson Locations: New York, U.S, Detroit, Bengaluru

Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on "Annual Oversight of the Nation's Largest Banks", on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsNEW YORK, Sept 27 (Reuters) - The Federal Reserve has won the near-term battle against inflation, but interest rates are likely to stay higher for longer, Bank of America's (BAC.N) CEO Brian Moynihan said on Wednesday. "They're winning the fight right now" against inflation, Moynihan said. "The controversy is like I've never seen," said Moynihan, who was headed to Washington after giving his remarks in New York. Reporting by Lananh Nguyen and Saeed Azhar, Editing by Franklin Paul and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Moynihan, Evelyn Hockstein, Moynihan, They're, they've, I've, ", Lananh Nguyen, Saeed Azhar, Franklin Paul, Andrea Ricci Organizations: of America, Banking, Housing, Urban Affairs, Capitol, REUTERS, Federal Reserve, Bank of America's, Economic, of New, Industry, Arm Holdings, Thomson Locations: Washington , U.S, of New York, Washington, New York

☆ Goldman names head of wealth investment solutions for asset management
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

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. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Goldman Sachs Group Inc FollowSept 15 (Reuters) - Wall Street giant Goldman Sachs (GS.N) has named Monali Vora as its head of wealth investment solutions for asset management, according to an internal memo seen by Reuters on Friday. Vora is a 23-year Goldman veteran who joined as an analyst within the quantitative investment team. The unit Vora will head caters to affluent clients who fall under the ultra-high net worth and high-net worth categories, with personalized investment portfolios across both stocks and bonds. "(She) has spent her entire career at the firm as a quantitative investor, ultimately building the Quantitative Equity Solutions business which she leads today," the memo said.

Persons: Goldman Sachs, Brendan McDermid, Vora, Goldman, Manya Saini, Saeed Azhar Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Reuters, Equity Solutions, Thomson Locations: New York City, U.S, Bengaluru, New York

A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Technology staff working on overlapping functions are also at risk of being laid off, one of the people said. "Simplifying the organization will also advance the execution of Citi's transformation, the firm's top priority," the company said in a statement on Wednesday. Citigroup has invested heavily in recent years in technology systems to increase risk controls and compliance to address the consent order, one of the sources said. But the company still employs many people with overlapping functions and redundant technology systems, one of the sources said.

Persons: Mike Segar, Jane Fraser, Moody's, Peter Nerby, Fraser, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Leslie Adler Organizations: Citibank, REUTERS, Citigroup, Technology, Citi, Bank of America, Wells, Thomson Locations: New York , New York, U.S, North America

☆ Goldman Sachs fires several executives in transaction banking -memo
▼ + stars: | 2023-09-13 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Sept 13 (Reuters) - Goldman Sachs (GS.N) fired several executives in its transaction banking unit after they violated the firm's communications policy, according to a memo seen by Reuters on Wednesday. Philip Berlinski, the bank's treasurer, will take over day-to-day management of transaction banking alongside Akila Raman and Luc Teboul. The fired executives also failed to cooperate with Goldman Sachs' compliance department. The bank remains strongly committed to the transaction banking business, it said. Goldman Sachs was among the first wave of big banks regulators hit with stiff penalties for such recordkeeping failures.

Persons: Goldman Sachs, Andrew Kelly, Philip Berlinski, Akila Raman, Luc Teboul, Berlinski, Hari Moorthy, Moorthy, Saeed Azhar, Chris Prentice, Leslie Adler, Lananh Nguyen, Josie Kao Organizations: REUTERS, Reuters, FINRA's, Wall Street, Thomson Locations: Manhattan , New York, U.S

"We are making bold decisions to meet our commitments to our shareholders," Fraser, 56, said in a statement. The latest changes have already eliminated 35 committees, Fraser said, citing an example of efforts to reduce bureaucracy. Job cuts are expected, but the bank did not estimate the number of positions being eliminated or the financial impact, sources familiar with the matter said. "Investors are only going to give Citigroup credit for hard numbers meeting their goals," said Eric Compton, banking analyst at Morningstar. Citi is eliminating layers in former divisions Institutional Clients Group and Personal Banking and Wealth Management.

Persons: Jane Fraser, Fraser, Shahmir Khaliq, Andrew Morton, Peter Babej, Gonzalo Luchetti, Andy Sieg, Wells, JPMorgan Chase, Brian Mulberry, Eric Compton, Ernesto Cantu, Mark Mason, Tatiana Bautzer, Saeed Azhar, Medha Singh, Lananh Nguyen, Nick Zieminski, Jonathan Oatis Organizations: Citigroup, Citi, Bank of America, JPMorgan, Zacks Investment Management, Morningstar, Wealth Management, International, Thomson Locations: North America, New York

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

The Federal Reserve has tamed inflation via interest rate increases, but it may need to take further action, he said. Still, optimism that the U.S. economy will avoid a recession is leading to a reopening of capital markets, Solomon said. "They're meaningful, they're going well," he said. "I do think these capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital," Solomon said. JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted the proposed rules, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth.

Persons: Mohamed Azakir, Goldman Sachs, David Solomon, Solomon, Treasuries, it's, Goldman, JPMorgan Chase, Jamie Dimon, Saeed Azhar, Lananh Nguyen, Davide Barbuscia, Sharon Singleton, Leslie Adler Organizations: REUTERS, Reuters, Federal Reserve, SoftBank Group Corp, JPMorgan, Thomson Locations: Beirut, Lebanon, U.S, New York

☆ Bank of America says Q3 investment banking fees down 30%-35% for sector
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

A person walks past a Bank of America sign in the Manhattan borough of New York City, New York, U.S., January 19, 2022. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Sept 11 (Reuters) - Investment banking fees are down 30% to 35% in the third quarter from a year earlier for the sector, but Bank of America (BAC.N) will fare better than that average, its chief financial officer said on Monday. "We'll do slightly better than that," Alastair Borthwick told the Barclays Financial Services Conference, referring to investment banking fees for the industry. BofA in July posted strong gains for investment banking in the second quarter with net income surging 76% to $2.7 billion. Reporting by Saeed Azhar and Pritam Biswas; editing by Jonathan Oatis and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Alastair Borthwick, BofA, Saeed Azhar, Pritam Biswas, Jonathan Oatis, Deepa Babington Organizations: Bank of America, REUTERS, Investment, Barclays Financial Services, Thomson Locations: Manhattan, New York City , New York, U.S

☆ Exclusive: Goldman shrinks executive committee in reshuffle, moves admin officer to banking, markets -memo
▼ + stars: | 2023-09-11 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

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 Acquire Licensing RightsNEW YORK, Sept 11 (Reuters) - Goldman Sachs has named Chief Administrative Officer Ericka Leslie to head operations for global banking and markets, its largest division, according to a memo seen by Reuters. The move reduces the bank's number of executive officers to eight, for now, and leaves just two women in the group. The two women still in the executive officer group are Sheara Fredman, who is chief accounting officer and Chief Legal Officer and General Counsel Kathryn Ruemmler. The group is led by CEO David Solomon and includes John Waldron, president and chief operating officer, and Denis Coleman, chief financial officer.

Persons: Goldman Sachs, Andrew Kelly, Ericka Leslie, Fredman, Kathryn Ruemmler, David Solomon, John Waldron, Denis Coleman, Leslie, Goldman, Will Bousquette, Marc Nachmann, Nachmann, Laurence Stein, Julian Salisbury, Solomon, Saeed Azhar, Lananh Nguyen, Megan Davies, Jason Neely Organizations: New York Stock Exchange, REUTERS, Reuters, Sixth, CNBC, Financial Times, Thomson Locations: New York City , New York, U.S

☆ Goldman Sachs plans fresh round of job cuts for underperformers - FT
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

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 Photo Acquire Licensing RightsSept 7 (Reuters) - Goldman Sachs (GS.N) is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October, the Finanical Times reported on Thursday, citing people familiar with the matter. The bank cut 500 employees in September 2022, Reuters had reported earlier, citing sources. Goldman Sachs did not immediately respond to a Reuters request for comment on the report. Reporting by Juby Babu in Bengaluru and Saeed Azhar in New York; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Juby Babu, Saeed Azhar, Rashmi Organizations: New York Stock Exchange, REUTERS, Finanical Times, Reuters, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

CEO of Goldman Sachs David Solomon participates in a panel titled "Empowering Women as Entrepreneurs and Leaders" at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. Goldman Sachs is shedding its consumer businesses after its foray into retail banking flopped. "I definitely do feel better about the capital markets," Solomon said in the wide-ranging interview. Solomon also said U.S. regulatory proposals for stricter bank capital rules have "gone too far." "I am focused on Goldman Sachs," he said.

Persons: Goldman Sachs David Solomon, Elizabeth Frantz, Goldman Sachs, David Solomon, that's, Solomon's, Solomon, SoftBank, Banks, Saeed Azhar, Lananh Nguyen, Jonathan Oatis, Jamie Freed, Deepa Babington Organizations: World Bank Group, International Monetary Fund, REUTERS, CNBC, T Arm Holdings, Federal Reserve, Thomson Locations: Washington , U.S, U.S

Overall U.S. banks' cash assets were $3.26 trillion as of Aug. 23, up 5.4% from the end of 2022. The SVB failure triggered a sudden dash for cash at banks, which within two weeks had bulked up cash assets to $3.49 trillion, the highest level since April 2022. It has $420 billion in cash and $990 billionof what it calls high quality liquidity assets and other unencumbered securities, it said. "The good news is for some of these banks re-investing cash is that we have pretty high short-term rates," said Mac Sykes, portfolio manager at Gabelli Funds. "It's definitely opportunistic and advantageous to be investing short-term securities."

Persons: Carlo Allegri, David Fanger, Moody's, Brendan Browne, Manan Gosalia, Morgan Stanley, Peter Marshall, Mac Sykes, Saeed Azhar, Ann Saphir, Niket, Megan Davies, Nick Zieminski, Richard Chang Organizations: Bank of America, REUTERS, FRANCISCO, Silicon Valley Bank, Signature Bank, Federal, Graphics, Reuters, JPMorgan, Federal Reserve, Regulators, FDIC, Gabelli, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon

☆ Goldman to pay $5.5 mln to settle US CFTC accusations it failed to keep cell phone records
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 29 (Reuters) - Goldman Sachs (GS.N) will pay a $5.5 million civil penalty to settle allegations it failed to keep records of staff cell phone calls, and for breaching a prior order, the U.S. Commodity Futures Trading Commission (CFTC) said on Tuesday. A Goldman spokesperson said in an email statement sent to Reuters: "We are pleased to have this matter resolved." The CFTC ordered Goldman to pay a $1 million civil monetary penalty and to cease and desist from further violations of CFTC record keeping provisions. The order entered on Tuesday finds that Goldman had additional record-keeping failures in violation of the cease-and-desist provision of the earlier order. Due to problems with a third-party vendor's hardware, the bank failed to fully record and retain thousands of mobile device calls by employees .

Persons: Goldman Sachs, Andrew Kelly, Goldman, Ismail Shakil, Saeed Azhar, Susan Heavey, Michelle Price, Mark Heinrich Our Organizations: New York Stock Exchange, REUTERS, U.S . Commodity Futures Trading Commission, Reuters, CFTC, Wall, Thomson Locations: New York City , New York, U.S, Ottawa, New York

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

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