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The biggest banks in the U.S. swooped in to rescue First Republic Bank with a flood of cash totaling $30 billion, in an effort to stop a spreading panic following a pair of recent bank failures. The bank’s executives came together in recent days to formulate the plan, discussing it with Treasury Secretary Janet Yellen and other officials and regulators in Washington, D.C., people familiar with the matter said.

Eleven banks have deposited $30 billion in First Republic Bank , according to a joint statement from the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the federal officials said.

Silicon Valley Bank executives went to Goldman Sachs Group Inc. in late February looking for advice: They needed to raise money but weren’t exactly sure how to do it. Soaring interest rates had taken a heavy toll on the bank. Deposits and the value of the bank’s bond portfolio had fallen sharply. Moody’s Investors Service was preparing for a downgrade. The bank had to reset its finances to avoid a funding squeeze that would badly dent profits.

☆ Goldman Considers Shrinking Its Consumer Business
▼ + stars: | 2023-02-28 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs is exploring alternatives while it works to make the specialty lender GreenSky and its credit-card partnerships profitable. Goldman Sachs Group Inc. Chief Executive David Solomon said Tuesday that the bank is “considering strategic alternatives” for its consumer platforms business, which includes the specialty lender GreenSky and credit-card partnerships with Apple Inc. and General Motors Co.Mr. Solomon made the comments while speaking at the bank’s investor day.

Danielle Smith and her family thought they had finally escaped the paycheck-to-paycheck cycle they had fallen into. They used stimulus checks to chip away at $20,000 in credit-card debt and enjoyed a reprieve from monthly payments on their $160,000 in student loans. Lately, they have been hit with one unexpected expense after another, from an out-of-pocket MRI to a broken water heater. They also took trips with their four children that they had put off because of Covid, including to Walt Disney World, local museums and the zoo. By 2022, their credit-card debt had doubled to nearly $40,000.

☆ Goldman Sachs Steps Back From Bidding for New Credit Card Programs
▼ + stars: | 2023-02-16 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The bank expressed interest in several credit-card programs in recent years. Goldman Sachs Group Inc. is pausing its efforts to acquire new credit-card programs, according to people familiar with the matter. The Wall Street firm recently ended advanced discussions to launch a co-branded credit card for T-Mobile US Inc., these people said. The account was close to becoming Goldman’s third card program, following Apple Inc. and General Motors Co. It would have been T-Mobile’s first credit-card program.

☆ The Atlanta Billionaire Behind Goldman’s Latest Consumer-Lending Push
▼ + stars: | 2023-02-09 | by ( Annamaria Andriotis | Peter Rudegeair | ) www.wsj.com time to read: 1 min

A billionaire entrepreneur who owns more of Goldman Sachs Group Inc. than Chief Executive David Solomon is leading an effort to refresh the Wall Street stalwart’s Main Street lending ambitions. Goldman is shrinking Marcus, its homegrown consumer-banking business. But it is doubling down on GreenSky , a home-improvement lender it bought last year over the objection of some senior executives.

☆ Goldman Sachs Cut CEO David Solomon’s Pay to $25 Million in 2022
▼ + stars: | 2023-01-27 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The pay of Goldman Sachs CEO David Solomon fell more than his Wall Street counterparts. Goldman Sachs Group Inc. Chief Executive David Solomon took a nearly 30% pay cut in 2022. Mr. Solomon received $25 million in total compensation last year, down from $35 million in 2021. His 2022 pay package consisted of a $2 million base salary, a cash bonus of $6.9 million and a $16.1 million stock award that is tied to how well the bank performs in the next few years, Goldman said in a regulatory filing.

☆ Banks Plan Payment Wallet to Compete With PayPal, Apple Pay
▼ + stars: | 2023-01-23 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Wells Fargo is part of a group of big banks that expect to enable 150 million debit and credit cards for use within a digital wallet. Big banks are teaming up to launch a digital wallet that people can use to shop online. Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co. and four other banks are working on a new product that will allow shoppers to pay at merchants’ online checkout with a wallet that will be linked to their debit and credit cards.

☆ Federal Reserve Probes Goldman’s Consumer Business
▼ + stars: | 2023-01-21 | by ( Annamaria Andriotis | David Benoit | ) www.wsj.com time to read: 1 min

The Federal Reserve is investigating Goldman Sachs Group Inc.’s consumer business to determine whether the bank had appropriate safeguards in place as it ramped up lending, according to people familiar with the matter. The regulator has concerns that the bank didn’t have proper monitoring and control systems inside the consumer business, known as Marcus, especially as it grew larger, the people said.

☆ Morgan Stanley CEO James Gorman Gets $31.5 Million for 2022
▼ + stars: | 2023-01-21 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Morgan Stanley paid Chief Executive James Gorman $31.5 million for his work in 2022, a 10% pay cut from the year before. Morgan Stanley’s board of directors said Friday it awarded Mr. Gorman a salary of $1.5 million and a cash bonus of $7.5 million for his work last year. The bulk of his pay is in stock awards tied to how well the bank performs over the next few years.

☆ Federal Reserve Probes Goldman Consumer Business
▼ + stars: | 2023-01-20 | by ( Annamaria Andriotis | David Benoit | ) www.wsj.com time to read: 1 min

Fourth-quarter profit plunged 66% from a year ago at Goldman Sachs Group Inc. and 40% at Morgan Stanley , reflecting a continued slowdown in the corporate deal-making that had fueled record earnings a year earlier. Both banks on Tuesday also reported lower revenue.

☆ Goldman Sachs Profit Plummets From Deal-Making Drought
▼ + stars: | 2023-01-17 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs Group Inc. reported sharply lower profits for the fourth quarter, hurt by a big slowdown in deal making. Goldman on Tuesday said quarterly profit was $1.33 billion, down 66% from a year ago. That amounted to $3.32 per share, missing the $5.56 per share expected by analysts polled by FactSet.

☆ Goldman Sachs Lost $3 Billion on Consumer Lending Push
▼ + stars: | 2023-01-13 | by ( Annamaria Andriotis | Charley Grant | ) www.wsj.com time to read: 1 min

Goldman Sachs Group Inc. said a big chunk of its consumer lending business lost slightly more than $3 billion since 2020, revealing for the first time the costly toll of the Wall Street giant’s Main Street push. Ahead of fourth-quarter earnings, scheduled to publish next week, Goldman released financial information that reflects its new reporting structure. The bank in October announced a sweeping reorganization that combined its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another.

☆ Morgan Stanley CEO Contender Jonathan Pruzan to Retire
▼ + stars: | 2023-01-10 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

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☆ Wall Street’s Bankers Brace for Big Pay Cuts, but Bosses Don’t Want Whining
▼ + stars: | 2022-12-28 | by ( David Benoit | Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Wall Street’s banking revenue has never fallen harder than it has this year. Bankers are hoping their bonuses can hang on a bit better. Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue, according to data from Dealogic. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.

☆ Goldman Is Banking on Apple Partnership in Consumer Push
▼ + stars: | 2022-12-22 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman headquarters in New York. The firm, a relative newcomer in consumer banking, has abandoned plans to build a full-service consumer bank. Goldman Sachs Group Inc. has scaled back plans to bank the masses. For years, Apple Inc. has been asking big U.S. banks to allow their customers to view deposit-account balances on its digital wallet, according to people familiar with the matter. The banks largely have declined, the people said, wary of ceding the customer experience to Apple and becoming simply the financial plumbing behind the scenes.

☆ Goldman Offers More Services Through Apple as It Revamps Consumer-Banking Approach
▼ + stars: | 2022-12-22 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs Group Inc. has scaled back plans to bank the masses. On its own, at least. For years, Apple Inc. has been asking big U.S. banks to allow their customers to view deposit-account balances on its digital wallet, according to people familiar with the matter. The banks largely have declined, the people said, wary of ceding the customer experience to Apple and becoming simply the financial plumbing behind the scenes.

☆ Goldman Sachs Plans Thousands of Layoffs, Expects to Eliminate Some Bonuses
▼ + stars: | 2022-12-16 | by ( Annamaria Andriotis | Justin Baer | ) www.wsj.com time to read: 1 min

Amid a slump in technology stocks, Goldman’s investment bankers who cover tech could be hit hard by layoffs, according to people familiar with the matter. Goldman Sachs Group Inc. is planning to lay off several thousand employees, according to people familiar with the matter, another consequence of this year’s deal-making slump. A person familiar with the situation said the bank will be leaner in 2023, but it will still have more employees than it did before the pandemic. Goldman had some 49,000 employees as of September, up from about 38,000 at the end of 2019.

☆ Goldman CEO David Solomon Prepares for a Possible Recession
▼ + stars: | 2022-12-06 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs Group Inc. Chief Executive David Solomon signaled Tuesday that the firm will likely have to trim its operations as it deals with a slowing economy. Mr. Solomon, speaking at The Wall Street Journal’s CEO Council Summit, said the idea shouldn’t come as a surprise given how closely the firm’s growth is correlated to the global economy. He also noted that the banking industry hired aggressively during the pandemic deal making boom of 2020 and 2021.

☆ Deluge of Fraud Claims Adds to Concerns About Credit Scores
▼ + stars: | 2022-12-02 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The consumer credit-scoring system has long been opaque and confusing. One change intended to help people navigate the system has created a whole new set of problems. In recent years, a government website has made it easier for people to file claims of identity theft so they can remove fraudulent accounts from their credit reports. Those reports are the basis of credit scores sold by Equifax Inc., Experian PLC and TransUnion to banks as they make lending decisions.

☆ Credit Scores Get Bogged Down by Deluge of False Identity-Theft Claims
▼ + stars: | 2022-12-01 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

☆ JPMorgan, Other Banks in Talks to Reimburse Scammed Zelle Customers
▼ + stars: | 2022-11-28 | by ( David Benoit | Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Banks that own the Zelle payment network want to boost security as scams dupe customers into transferring money. Some of America’s biggest banks are devising a plan to compensate customers who fall victim to scams on their Zelle payment network. JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are among the banks in advanced discussions to create a playbook for refunding customers and each other for illegitimate transfers, according to people familiar with the matter. The idea is to boost security and consumer trust in Zelle, the peer-to-peer payment system jointly owned by a consortium of banks, the people said.

☆ Anti-Woke Bank GloriFi to Shut Down
▼ + stars: | 2022-11-21 | by ( Annamaria Andriotis | Rachel Louise Ensign | ) www.wsj.com time to read: 1 min

GloriFi’s app was aimed at people who saw Wall Street as too liberal. The Texas startup that sought to build a conservative banking alternative is shutting down. GloriFi has laid off most of its employees and told them that it is closing up shop, according to people familiar with the matter and emails to employees reviewed by The Wall Street Journal.

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