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☆ Binance mega-fine fits go-big-or-go-home vibe
▼ + stars: | 2023-11-22 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 21 (Reuters Breakingviews) - Cryptocurrency is a precocious industry, in its lows as well as its highs. So it makes sense that Binance, the world’s largest crypto exchange, has agreed to pay a $4.3 billion fine for anti-money laundering, effortlessly surpassing penalties paid by miscreant financial firms that have been around for more than a century longer. Binance boss Changpeng Zhao, a kingpin of crypto and the man who precipitated the downfall of bankrupt rival FTX, pleaded personally guilty on Tuesday to criminal violations. HSBC (HSBA.L), (0005.HK) in 2012 agreed to pay $1.9 billion for its role in facilitating drug cartels’ money laundering. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Changpeng Zhao, FTX, Zhao, Binance, Al Qaeda, It’s, Goldman Sachs, Goldman, David Solomon, Sam Bankman, John Foley, Sharon Lam Organizations: Reuters, HSBC, HK, Malaysian, U.S . Treasury Department, Thomson Locations: Iran, North Korea, U.S

☆ Goldman Sachs paid pro golfer Patrick Cantlay more than $1 million annually, sources say
▼ + stars: | 2023-11-22 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Goldman Sachs paid professional golfer Patrick Cantlay more than $1 million annually in a sponsorship deal linked to the bank's consumer-banking efforts, CNBC has learned. He got paid significantly more when Goldman renewed his sponsorship in a one year extension earlier in 2023, this person said. Cantlay has earned more than $42 million in official competitions since turning pro in 2012, according to the PGA Tour. Goldman spokesman Tony Fratto declined to comment on the financial aspects of the sponsorship, as did Cantlay's representative Molly Levinson. Cantlay still appears on Goldman's website as a brand ambassador, along with LGPA golfer Nelly Korda and McLaren's Formula 1 racing team.

Persons: Patrick Cantlay, Goldman Sachs, Goldman, David Solomon, Cantlay, Marcus, John Waldron, Tony Fratto, Molly Levinson, Fratto, Nelly Korda Organizations: United States, Club, CNBC, Cantlay, PGA Tour, New York Times Locations: Dublin , Ohio

☆ Goldman Sachs Japan chief to retire at year end - internal memo
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 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 RightsTOKYO, Nov 20 (Reuters) - Goldman Sachs' Japan president Masanori Mochida has decided to retire at the end of the year after more than 38 years at the investment bank, according to an internal memo seen by Reuters. The internal memo dated Sunday from Goldman (GS.N) CEO David Solomon said Mochida will become a senior director, without mentioning who would succeed his role as president. He became co-branch manager of Goldman Sachs Japan in 1999. "Masa has served as an invaluable advisor to our most important clients across Japan and beyond on countless transactions, helping them advance their strategic objectives with Goldman Sachs at their side," the memo said.

Persons: Goldman Sachs, Andrew Kelly, Masanori Mochida, David Solomon, Mochida, Masa, Makiko Yamazaki, Stephen Coates Organizations: REUTERS, Rights, Japan, Reuters, Goldman, ichi Kangyo Bank, Mizuho Bank, Goldman Sachs Japan, Nippon Telegraph, Telephone, Financial Times, U.S, Thomson Locations: Manhattan , New York, U.S, Japan's, Japan, Tokyo

[1/3] Former Goldman Sachs CEO Lloyd Blankfein and Goldman Sachs chairman and CEO David Solomon speak together during Goldman Sachs analyst impact fund competition at Goldman Sachs Headquarters in New York City, U.S., November 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Goldman Sachs Group Inc FollowNEW YORK, Nov 14 (Reuters) - Goldman Sachs (GS.N) Chief Executive Officer David Solomon and his predecessor gave career advice to about 4,000 analysts as junior bankers pitched for grants to be given to charity on Tuesday. Solomon interviewed former CEO Lloyd Blankfein, who handed over the reins in 2018, for an audience of junior employees and senior partners that drew laughter and smiles in the auditorium at its New York headquarters. Goldman partners awarded the $250,000 first-place prize to TalkingPoints, an education nonprofit, after a successful pitch from four analysts from its London office. Solomon and Blankfein addressed the junior employees a day after they attended a dinner for retired partners in New York.

Persons: Goldman Sachs, Lloyd Blankfein, David Solomon, Brendan McDermid, Solomon, Winston, Blankfein, underused, Dan Dees, Goldman, Saeed Azhar, Lananh Nguyen, Matthew Lewis Organizations: Goldman, REUTERS, Goldman Sachs, CNBC, Thomson Locations: New York City, U.S, New York, London

The pay bumps could help win over some employees who balked at smaller bonuses last year that they blamed on losses from the retail operations. The firm's allocation for bonuses fell by as much as 40% in 2022, according to another source, after earnings slid 48%. Wall Street pay varies widely based on performance and market conditions, and bonuses account for a large share of compensation - in some cases more than double an employee’s annual salary. Goldman was involved in several major transactions in recent months that spurred optimism about a nascent market recovery. WALL STREET BONUS SLIDEThe potential compensation gains contrast with expectations for a broader industry slide.

Persons: Goldman Sachs, Stephen Biggar, Goldman, David Solomon, hasn't, we're, We're, Julian Salisbury, Dina Powell McCormick, They've, Christopher Connors, WALL, Thomas DiNapoli, Sheffield, Banks, Natalie Machicao, Lananh Nguyen, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Argus Research, Wall, Goldman, Sixth, MSD Partners, Bloomberg, Natural Resources, Exxon Mobil, Arm Holdings, Johnson Associates, York, Sheffield Haworth, Thomson Locations: Biggar, Sheffield Haworth, New York

☆ Inside David Solomon's evolution of Goldman Sachs
▼ + stars: | 2023-11-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at a fascinating deep dive into the state of Goldman Sachs, including an interview with CEO David Solomon. The big storyLong live GoldmanJon Krause for InsiderDid Goldman Sachs need to die to survive? The prestigious Wall Street bank has drawn plenty of bad headlines over the past few years, often focused on CEO David Solomon. AdvertisementMichael Kovac/Getty ImagesMcLean's story provides a fascinating look at not just Goldman Sachs' evolution but Wall Street's. Goldman COO John Waldron told McLean it's a "big, big issue" at the bank.

Persons: —, we've, it's, Goldman Sachs, David Solomon, What's, Goldman Jon Krause, Solomon, Bethany McLean, McLean, he's, hasn't, Michael Kovac, Banks, Goldman, John Waldron, McLean it's, wouldn't Goldman, Jerome Powell, Carlos Barria, Mark Zuckerberg, Jeff Bottari, Mark, TikTok, Ian Grandjean, Chatbots, Frederick Banting, Travis Barker, King Charles III, Yuna, Condoleezza Rice, Claude Monet, Ina, Terri Peters, Ina Garten, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Business, Enron, Brookings Institution, UBS, Moody's, Facebook, Google, Meta, Apple Locations: Washington, Roman, New York City, San Diego, London, New York

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Inside Goldman Sachs' exclusive training program for HBCU students that can result in $1 million in prize money and a prestigious job
▼ + stars: | 2023-11-08 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +11 min

Goldman Sachs has done this program each year since. How does the program work? All finalist teams on stage at the 2023 competition at Goldman Sachs' headquarters. "Something that we look for in all candidates at Goldman Sachs: What is your innovative and creative spirit?" Megan Hogan of Goldman Sachs courtesy of Goldman SachsWhat's the formula for success once accepted?

Persons: Taylor Weekes, That's, Weekes, Goldman Sachs, Goldman, —, who's, Zachariah Smith, Megan Hogan, David Solomon, Proctor, Hogan, you've, Smith, hadn't, " Smith, they've, it's Organizations: Howard University, Morehouse College, Alcorn State University Delaware State University Fisk University Florida A, M University Hampton University Howard University Morehouse College Morgan State University North Carolina, T, Prairie View, M University Spelman College Texas Southern University, Goldman, Gamble, L'Oreal, Pepsi, Wall Street, Wall, Black Locations: York, we're

☆ Does the Boss Need to Weigh In on the War in the Middle East?
▼ + stars: | 2023-11-08 | by ( Emma Goldberg | More About Emma Goldberg | ) www.nytimes.com time to read: +5 min

But as an American business leader condemning Hamas’s attacks, he said, he felt surprisingly lonely. “I was disappointed that fewer leaders than I anticipated spoke out emphatically, clearly and with moral clarity on this issue,” Mr. Karp said. Some business leaders made donations to humanitarian organizations and pointed their employees to company-sponsored mental health resources. “No company does business in Gaza — as opposed to, say, in Russia, where there are 1,500 major companies doing business,” he said, comparing this war with the Russian invasion of Ukraine. “The dynamics in the Middle East have always been difficult and complex,” he wrote.

Persons: Brad Karp, Paul, Weiss, Roe, Wade, George Floyd, ” Mr, Karp, ’ ”, Iliya Rybchin, Jeffrey Sonnenfeld, Sonnenfeld, “, ”, Joelle Emerson, Andrew Ward, Gabe Zichermann, Bud Light, David Solomon, Goldman Sachs, David Zaslav, ” David Barrett, We’re, Barrett Organizations: ” Company, Hamas, Fortune, Yale School of Management, Lehigh University’s College of Business, Warner Bros, ” JPMorgan Locations: Israel, American, Gaza, Russia, Ukraine, Tel Aviv

☆ Goldman Sachs plans to offload GM credit card - source
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 7 (Reuters) - Goldman Sachs (GS.N) plans to offload its General Motors (GM.N) credit cards, a person familiar with the matter told Reuters on Tuesday. GM will start a process to find a new issuer for the cards instead of Goldman Sachs, the source added. Goldman CEO David Solomon has now shifted the firm's focus back to its traditional strengths - investment banking and trading - and aims to grow in asset and wealth management. Reporting by Saeed Azhar in New York and Manya Saini in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Goldman Sachs, Goldman, David Solomon, Saeed Azhar, Manya, Shounak Dasgupta Organizations: General Motors, REUTERS, Motors, Reuters, GM, Wall Street, Manya Saini, Thomson Locations: Detroit , Michigan, U.S, dealmaking, New York, Bengaluru

☆ Goldman Sachs plans to scrap GM credit card - source
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 8 (Reuters) - Goldman Sachs (GS.N) is planning to scrap its co-branded credit cards with General Motors (GM.N), a person familiar with the matter told Reuters on Tuesday. General Motors said it would continue to "reward customers for their loyalty to our brands." Last month, Goldman beat estimates for third-quarter profit but said its ill-fated foray into consumer banking continued to weigh. Growing investor skepticism over the business has prompted CEO David Solomon to shift the firm's focus back to its traditional strengths - investment banking and trading.

Persons: Rebecca Cook, Goldman Sachs, General Motors, Goldman, David Solomon, Saeed Azhar, Manya, Shounak Dasgupta, Anil D'Silva Organizations: General Motors, REUTERS, Reuters, General, Street Journal, Sixth Street Partners, Manya Saini, Thomson Locations: Detroit , Michigan, U.S, New York, Bengaluru

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ Meet 4 newly promoted Goldman MDs, including a top advisor to Silicon Valley's VCs and the investment bank's talent whisperer for boards
▼ + stars: | 2023-11-06 | by ( Emmalyse Brownstein | Dakin Campbell | ) www.businessinsider.com time to read: +10 min

Last week, Goldman Sachs inducted 608 employees into its exclusive "MD" club. But the investment bank still made a strong showing. Close to half of the new MDs work for Goldman's all-important global banking and markets (GBM) division, which houses the investment bank. Plus, it's one step removed from partner, which is the highest title at the prestigious investment bank below the C-Suite. Last week, she was one of the 186 women to be promoted to managing director at Goldman Sachs.

Persons: Goldman Sachs, David Solomon, Goldman, There's, Chuck Schumer, Michael Bloomberg, Ilana Wolfe, Goldman Sachs Ilana Wolfe, Goldman who's, Wolfe, Stephanie Cohen, what's, She's, Fereshteh Abbasi, wasn't, Fereshteh Abbabi, Abbabi, Abbasi, I've, Matt Margolin Goldman Sachs Matt Margolin, Matt Margolin, Charles Schumer, — Margolin, Mangolin, Bank of America Merrill Lynch, VCs, Margolin, Jane Mandel Goldman Sachs Jade Mandel, Jade Mandel Organizations: Global Banking, Markets, CDC, Wealth Management, University of Pennsylvania, Stanford, Bloomberg, Bank of America, Barclays, Goldman, Goldman ' San, Asset Management Venture Capital, Growth, Equity Fund, Equity Locations: Solomon, Silicon Valley, Iran, New York, New York City, Goldman ', Goldman ' San Francisco, China, Hong Kong, Asia, America

[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 Acquire Licensing RightsNEW YORK, Nov 2 (Reuters) - Goldman Sachs (GS.N) will promote 608 executives to managing directors next year, fewer than the 643 senior bankers it elevated two years ago, according to a company memo. But progress on racial representation slowed, as Black employees accounted for only 2% of managing directors, down from 5% in 2021. About 3% of the managing directors were from the LGBT+ community, unchanged from 2021. On the deals front, Goldman Sachs was among the advisors to Pioneer Natural Resources, which agreed to sell itself to ExxonMobil in a $60 billion deal.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Julian Salisbury, we've, David Solomon, John Waldron, Saeed Azhar, Lananh Nguyen, Chris Reese, David Evans Organizations: New York Stock Exchange, REUTERS, Sixth, Arm Holdings, Natural Resources, ExxonMobil, Thomson Locations: New York City , New York, U.S, United States, Ukraine

☆ Goldman Sachs just promoted 608 employees to the coveted role of managing directors. See the full list here.
▼ + stars: | 2023-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.

Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne Braidi Chris Brett Joseph Briggs Charles Brockett Emmeline Brothers Aaron Brown Adrienne Brown Kevin Bryck Archana Budida Oliver Bunn Rebecca Burgoyne Andrew Burpitt Todd Byers Patrick Byrne Michael Cahill Ashley Caldwell Jake Caldwell Serdar Caliskan Jon Calluzzo Stewart Campbell Samantha Cantor Yuri Cantor Dan Carabas Gemma Carlaw Laura Carroll Tim Carson Matt Carter Quentin Cezard Alex Cham Simon Chamama Heidi Chan Patrick Chan Suraj Chandran Kim Cheah Jon Cheh CP Chen Nelly Cheng Sarrah Cherhabil Jackson Cheung Michael Cheung Rama, Stan Chiu Anish, Kunal Choraria Ankit Chowdhari Dario Claus Cosimo Codacci, Michael Coleman David Collerd Shannon Collins Francesca Condini Lee Coppersmith John Couch Tim Creamer Maziar, Satish Damodaran Gareth Davies Serkan, Nick De Kock Ann de la, Nick De Kock Ann de la Montaigne Jan Debeuckelaer Molly Decker Gabrielle Decrion Laurent Dedieu Antoine Demongeot Yannick Derippe Deepalakshmi Desai Tim Desiano Joshua Dezube Randeep Dhillon Javier Diaz, Merry Matheus, Jared Dickow Alex Doell Mao Dong Praneil Doolabh Daniel Dooling Michelle Dorea Szymon Doroz Jacqueline Du Benjamin Duell Kelsey Dumont Julie Duval Todd Ebe Dayo, Jeremy Eisenstein Chris Elmore Ryan Erickson Joaquin Escribano Larry Estrada Pavel Fadeev Will Fairbourn Jeremy Falgiani Fabio Federici Wenlong Fei David Felman Sophia Ferguson Zach Fernandez David Fernandez Miguez Scott, William Fio Rito Duffy Fischer Lisa Florentine Akshay Fomra Janice Foo Nicholas Forbat Elie Franko Georgina Fraser Jason Freeman Nicole Freeman Oliver Friedberg Gavriel Friedland Ross Fuller Angela Fung Greg Furness Nikhil Gadodia Stefano Gamba Amit Singh Gambhir Javier Gandara Giorgio Gandola Amit Gangrade Sudha Garimella Mima Garland Mingmin Ge Graziano Gemma Shefali Gera Constance Germain Brad Gifford Benjamin Giles Abbas Ginwala Marlene Giorgio Thomas Giovachini Zachary Glasser Guillaume Gnech Harley Golding Yuriy Goldman Jesse Goldstein Roy Golender Sharon Gonnella Alejandro Gonzalez Steven Gooden Jessie Gould Varun, George Graf von Waldersee Florian Granier Jamie Greenberg Brian Grzelakowski Alessandro Guicciardi Michael Guiliano Samuel Guinness Bivash Gunpath Deepa Gupta Parikshit Gupta Lauren Gutierrez Johannes Hahn Chris Hallam Alex Halpern Christina Halpin Michael Hamilton Brooke Hammel Saki Hanioka John Hanson Mathew Harris Ally Hart Amy Harwood Tom, Emily Hashimoto Rob Haslam Michael Heino Brandon Herde Sarah Higgins Camilla Hill Spencer Hill Sho, Cecilia Ho Jonathan Ho Bryan Hoffman Kevin Hoffmeyer Eliza Hollyday Simon Holmes Mehdi, Lily, Derek Hu Jennifer Hui Tim Huiszoon Camille Humbert Kurt Humes Kelley Hutchison Masayuki Ichioka Andrew Imber Calvin Isaac Jackson Isaacs Sharif Ismail Yu, Doug Michael Jaffa Nitin Jagga Rahul Jain, Jataprolu Fiona Jervis Yinpeng Jin Sandeep Jindal Jennifer Jochinger Steven Johnson David Johnstone Megan Jordan Nicolas Joseph Bob Kadel Jean Kam Harneet Kaur Vinay Kaura Peter Kelman Stephanie Kenary Maggie Keohan Humayun Khalid Sunil Khandelwal Scott Kilpatrick Jenny Kim Ashley King Joel Klaus Rene Klos Rossitsa, Michael Kondoleon Gregory Kontopoulos Larry Kornreich Shrivathsa Kota Konrad Krallmann Ken Kraska Alexander Kretzberg Bryant Krongard Simon Kubbies Adam Kulik Peter Kulka Ajeya Kumar Aditya Kurella Sara Lachapelle Raagini, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary LeDonne, Allison Lee Michael Lee Soohyun Lee Victoria Lewis Alice Li Qing Li George Lin Ali Lippert David Lipworth Bozhena Lisko, Murphy Mark Littlewood Zhenyi Liu Yelli Lobel Avinash Lobo Burke Loeffler Gabriela Lopez Cristian Lopez, Balboa Carlos Lopez Torrero Stephanie Louie Edward Lowe Reynolds Lowry Fei Luo Ranjan Luthra Sangeetha M Martin Ma Matthew Maciaszek Michael Magee Steffen Mahringer Poonam Majithia Terres Maloney Gopal Manchikanti Jade Mandel, Manfay Varun, Pierre Marboeuf Matt Margolin Thiago Marinheiro Kevin Martens Masato Maruyama Lucinda Mataka Rishi Mathur Pierre Maugest Scott Maxfield Andrei Maxim Michael McClurg Selina McCole Jeff McCown Andrea McGee Sinead McGuigan John McGuinness Benjamin McRoberts Amit Mehrotra Gaurav Mehta Kelly Mellecker Josef Menasche Raf Mercado Alexander Mielke Rachel Miles Christopher Miller Megan Miller Robert Miller Max Minton Edward Mitchell Oliver Money Tyler Moni Anna Montvai Taylor Moore Anthony Moschella Brandon Moy Faraz Munaim Sasha Munn Ashok Musuvathy Negar, Julian Naden Robinson Hiroki Nagamine Srijith Nair Cornelius Namiluko Sanjiv Nanwani Jay Narain Robert Andranik Nazarian Jovan Negovan Ryan Newman Michael Ng, Tasuku Nishihara John Nixon Kristy Nomi Alexandre Nunes Patrick O'Callaghan Yusuke Ochi KC O'Connor David Olivares Erica Olsen Victoria Ortengren Anas, Peter Pace Robert Packwood Nitin, Ellen Pak Ruth Pan Pedro Panizo Jayshri, Rahul Parikh Dan Parisi Freddie Parker Phil Parsons Peter Paruch Paul Pate Bella Patel Preya Patel Rakesh Patel Amit Patni Ed Paulinski Adam Pennacchio Kyle Penton Abhishek Periwal Michael Perrier Yoric Perrin Rasmus Persson Tommy Pinhas, Marco Poletti Megan Prasad Avijit Praveer James Puccinelli Sameer Punde Rob Pyne Na Qiao Valentina Quadri Marco Quirico Anya Radford Abhishek Rai Rahul Raj Ram Rajamony Ryan Ramsay Rami Rankoussi Nach Rao Pawan Rao Anurag Rathi Philip Renton Noel Reyes Ruth Reynolds Timothy Richards Peter Richter Brigid Riley Hutchinson Nick Rill Kristina Ristagno Vicky Ritter Martin Roberson James Roberts James Robinson Giorgio, Erin Roos Erin Ross Sumit Roy Conrad Ryan Soo, Ryu David Sage Jai Sahani Namita, Sarah Sakkej Karim Saleh Ayesha Salman Divya Samani Henrik Samuelsson Ryan Sansalone Vikram Sarker Shalini Satish Babu Charlotte Saury, Hania Schmidt Helene Schmitt Emily Schorr Wendy Schrunk Thomas Schwegler Michael Sciancalepore Brandon Seaman Benjamin Seigel Gamal Selvarajah Nicholas Semeniuk Devjoy Sengupta Michael Shafik Arpan Shah Shashwat Shah Shahnawaz Shahbaz Manoj Sharma Sachin Sharma Wazila, Gunduz Shirin Alex Silver Asmita Singh Kamalpreet Singh Andrew Sinnott Sapna, Dan Skinner Andrew Snow Stephanie Snyder Farouk Soussa Christopher Spahr Erik Sparks Matt Speltz Naveen Srinivasan Bhargav, Warren, Damian Steele Tobias Stein Catherine Stemp Dave Stringer Shekar Subramanian Jordan Sudy Philipp Suess Fatima Sultana Lu Sun Kumar Sundaram Fiona Syer Matthew Sykes Tofi, Filippo Taddei Sandhya Tadishetty Omer Tanvir Rita Taylor Zachary Tcheyan Brian Teague Wesley, Caitlin Terry Thomas Tesauro Hemal, Justin Therry Christine Thornburg Gregory Thysheril Angelo Tierno Alexander Tingle Ryan Townsend Cynthia Trillo Dimitris, Jessica Tung Jonathan Tung Ezgi, Zachary Upcheshaw Kiyomi, Nadine Urseanu Jim Vais Pim Valantagul Perrin Van Allen Annerieke van Dijk Jeroen van Dorp Dennis van Laer Todd van Stolk, Riley Jacqueline Vargas Alexander Vavalidis Edwin Velez Prasanna Venugopal Tim Verheyden Amanda Verstegen Ankit Vijay Vargiya Salvador Villanueva Arthur Villard Sichel Denzel Voesenek Bradley Wainwright Adam Walker Barbara Walters Omar Waly Daniel Wang Kenneth Wang Kristen Ward Gavin Warren Michael Washington Harry Webster Fredrik Weege Brian Weiss Thomas Weitz Nat Wells Joe Wenzel Tim Whitehead Henry Willans Matthew Williams Taylor Williams Katie Wilson Richard Wilson Stephanie Wisner Ilana Wolfe Jake Woodson Jeff Wu Qi Wu Jackson Yang Esma, Yoon Harm, John Zhai Jenny Zhang Lynn Zhang Raye Zhu Jane Zhuang Hans Zijlmans Carolyn Zimmer Samia Zitouni Mira Zorkot Organizations: Goldman, Wall, Carolina, Nick De Kock Ann de la Montaigne, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary Locations: Europe, Asia, India

☆ Texas businesses feel terrible about the economy
▼ + stars: | 2023-11-01 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Many Texas manufacturing businesses are struggling amid economic uncertainty. AdvertisementAdvertisementMany Texas manufacturing businesses are not happy about how the economy is doing. The survey of 94 Texas manufacturers detailed how many Texas manufacturing firms are struggling. Still, the survey's production index, which measures Texas' manufacturing conditions, improved in October, despite a decline in the new orders index. Comments included in the report showed that across manufacturing, businesses are unsure about how to prepare for the future.

Persons: —, Raymond James, Larry Adam, Harley Bassman, I'm, there's, David Solomon, Goldman Sachs, we've Organizations: Dallas Fed, Service, Texas Manufacturing, Federal Reserve Bank of Dallas, Companies, Bloomberg, Management Locations: Texas, China, U.S, Ukraine

☆ Americans don't have to worry about interest rates getting higher in the Fed's latest move
▼ + stars: | 2023-11-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve continued its pause on interest rate hikes in November. Still, uncertainty going into 2024 suggests an interest rate cut won't happen anytime soon. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Still, while the Federal Open Market Committee has remained cautiously optimistic about the direction the economy is moving toward, it doesn't anticipate interest rate cuts will happen anytime soon. Its meeting minutes from September stated that some participants felt it necessary to shift the conversation from "how high to raise the policy rate to how long to hold the policy rate at restrictive levels."

Persons: —, Jerome Powell, Powell, we've, Janet Yellen, Goldman Sachs, David Solomon Organizations: Federal Reserve, Service, Federal, Market Committee, White House's Council, Economic Advisors, Bloomberg, United Auto Workers Locations: American, Ukraine, China

☆ Elon Musk, Jamie Dimon, and Ray Dalio just issued fresh warnings about the US economy. Here's what 10 experts recently said about recession risks.
▼ + stars: | 2023-10-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Elon Musk, Jamie Dimon, and Ray Dalio all have serious concerns about the US economic outlook. Leon Cooperman, David Solomon, and David Rosenberg have also predicted trouble in recent days. AdvertisementAdvertisementJamie Dimon, Elon Musk, and Ray Dalio are just some of the high-profile commentators who've raised the alarm on the economic outlook in recent days. Elon Musk, CEO of Tesla"I think there's still quite a few shoes to drop on the bad credit situation. David Rosenberg, president of Rosenberg Research"I am willing to acknowledge that the recession has been delayed.

Persons: Elon Musk, Jamie Dimon, Ray Dalio, Leon Cooperman, David Solomon, David Rosenberg, —, who've, Jeremy Grantham, Tesla, I'm, Rosenberg, We've, Goldman Sachs, there's, we've, Larry Fink, Fink, Stephen Schwarzman, Blackstone, we'll, Harley Bassman Organizations: Service, JPMorgan, Omega, Bridgewater Associates Locations: Israel, Ukraine, China

☆ Goldman exec exits revealed
▼ + stars: | 2023-10-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're taking a deeper look at the number of partner departures at Goldman Sachs under CEO David Solomon. The big storyGoldman exits, by the numbersPaul Morigi/Getty Images; Jenny Chang-Rodriguez/InsiderAt least 210 Goldman Sachs partners have left on David Solomon's watch. It's also higher than Insider's analysis of yearly partner exits during the 14 years before Solomon took over as CEO, which came to 40.4. AdvertisementAdvertisementThe case for SolomonWhile partner departures under Solomon have increased, according to our analysis, it hasn't been a massive bump. Former Goldman partners become future Goldman clients, the bank likes to say.

Persons: —, Céline Dion, Goldman Sachs, David Solomon, What's, Goldman, Paul Morigi, Jenny Chang, Rodriguez, David Solomon's, Dakin Campbell, Emmalyse Brownstein, Walt Hickey, Kaja Whitehouse, It's, Solomon, Tony Fratto, Samantha Lee, hasn't, Lloyd Blankfein —, Solomon's, Solomon isn't beholden, it's, doesn't, Omer Ismail, CHANDAN KHANNA, Chelsea Jia Feng, Sam Bankman, Fried, SBF, Judge Lewis Kaplan, Israel, Duran Duran, Taylor Swift, Blake Shelton, Gwen Stefani, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Goldman, Walmart, Getty, View Press, Investors, Deal, Microsoft, MLB, The Arizona Diamondbacks, Texas Rangers, ExxonMobil, The Locations: Porirua , New Zealand, Chelsea, Israel, Arlington , Texas, Chevron, AutoNation, New York City, San Diego, London, New York

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year. Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic. Investment banking revenue will probably rise 5% to 10% next year for the largest banks, according to Mike Mayo, an analyst at Wells Fargo.

Persons: Peter Orszag, Lazard, Mike Blake, dealmaking, Orszag, Morgan Stanley's, Ted Pick, Morgan Stanley, Dealogic, Mike Mayo, Jane Fraser, Fraser, Jana Partners, Brian Moynihan, Goldman Sachs, David Solomon, Tatiana Bautzer, Lananh Nguyen, Svea Herbst, Bayliss, Megan Davies, David Gregorio Our Organizations: Financial Advisory, Milken, Global Conference, REUTERS, Wall, Exxon Mobil, Chevron CVX.N, Reuters, CNBC, Global, Investment, Wells, Citigroup, Exxon, Natural Resources, Barclays, News Corp, Frontier Communications, Bank of, Svea, Thomson Locations: Beverly Hills , California, U.S, dealmaking, Ukraine, East, Wells Fargo

☆ Comments on Morgan Stanley naming Ted Pick as CEO
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File photo Acquire Licensing RightsOct 25 (Reuters) - Below are some quotes from banking observers and CEOs about Morgan Stanley's (MS.N) naming of insider Ted Pick on Wednesday as its chief executive officer effective Jan. 1, replacing long-time leader James Gorman. DAVID SOLOMON, CEO, GOLDMAN SACHS"First, I want to congratulate James Gorman for his very successful run as CEO at Morgan Stanley. James has been a remarkable CEO, a builder, a competitor, but also a great friend. I also congratulate Ted Pick on his appointment as the incoming CEO.

Persons: Morgan Stanley, Shannon Stapleton, Morgan Stanley's, Ted Pick, James Gorman, BRIAN MULBERRY, MOODY'S, STEPHEN BIGGAR, Eaton Vance, DAVID SOLOMON, GOLDMAN SACHS, James, We're, BRIAN MOYNIHAN, KENNETH LEON, MARK NARRON, FITCH, Saeed Azhar, Nupur Anand, Lananh Nguyen, Rod Nickel, Sonali Paul Organizations: REUTERS, ANA, Gorman, Wealth, OF, Thomson Locations: New York, U.S

☆ Morgan Stanley CEO shift pleases all, thrills none
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +4 min

People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. So the crushing conventionality of Morgan Stanley’s (MS.N)new chief executive selection, announced late on Wednesday, is almost certainly the point. The handover should be fairly civil, since the two CEO also-rans, wealth chief Andy Saperstein and investment management head Dan Simkowitz, both get promotions too. Andy Saperstein, previously seen as a contender for the CEO spot, will retain his leadership of Morgan Stanley’s wealth management business. He will also take on its investment management division, which manages and supervises $1.4 trillion of funds.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley’s, Ted Pick, James Gorman, He’s, Morgan Stanley lifer, Morgan, Elon Musk, Gorman, Andy Saperstein, Dan Simkowitz, Goldman Sachs, David Solomon, culls, Wells, Jamie Dimon, aren’t, Goldman, Pick, Antony Currie, Thomas Shum Organizations: New York City , New York U.S, REUTERS, Reuters, Twitter, JPMorgan, Reuters Graphics Reuters, Wall, Thomson Locations: New York City , New York

☆ Wall Street’s glum rainmakers deserve more love
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +7 min

Morgan Stanley’s (MS.N) investment banking revenue in the third quarter was its worst since 2009, at just over $1 billion. The rapid rise in interest rates, which makes traditional lending more lucrative for so-called universal banks, adds to the glum aura around investment banking. Reuters Graphics Reuters GraphicsInvestment banking isn’t the biggest part of any bulge-bracket firm’s revenue, but it’s disproportionately profitable. Goldman made nearly $8 billion more from investment banking in 2021 than in the last four quarters. Declining volatility in markets is great for deals, but it’s nowhere near as good for banks’ trading desks, which tend to thrive on choppy conditions.

Persons: Caitlin Ochs, Goldman Sachs, Morgan Stanley’s, Goldman, Morgan Stanley, James Gorman, Jane Fraser, David Solomon, they’re, Peter Thal Larsen, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, Exxon Mobil, Chevron, JPMorgan, Citigroup, Reuters Graphics Reuters Graphics Investment, Hamas, Goldman, Bank of America, Barclays, Citi, Thomson Locations: New York City, New York, U.S, catnip, Israel, China

☆ Wall Street warning: Ray Dalio, Jamie Dimon, Larry Fink issue grim outlooks for the global economy
▼ + stars: | 2023-10-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, and Steve Schwarzman all shared their views. They tackled topics such as inflation, recession, the Israel-Hamas war, and commercial real estate. JPMorgan CEO Jamie Dimon, BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Blackstone CEO Steve Schwarzman, and Bridgewater Associates founder Ray Dalio all shared their views. They touched on everything from the Israel-Hamas conflict and pressures on commercial real estate to inflation, interest rates, fiscal and monetary policies, and the risk of recession. David SolomonThe Goldman Sachs chief recalled the boom in mergers and acquisitions coming out of the pandemic, as massive amounts of fiscal stimulus and rock-bottom interest rates fueled "extreme confidence."

Persons: Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, Steve Schwarzman, —, Goldman Sachs, Blackstone, Dalio, Dimon, Fayez Nureldine, David Solomon The Goldman Sachs, that's, Solomon, Fink, aren't, he's, we'll, Schwarzman Organizations: Service, Future Investment Initiative, Tuesday, JPMorgan, BlackRock, Bridgewater Associates, Getty Locations: Saudi Arabia, Israel, Russia, Ukraine, Riyadh, AFP

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