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☆ Julian Salisbury was once considered a contender for Goldman Sachs CEO. Now the asset and wealth management CIO is leaving.
▼ + stars: | 2023-07-28 | by ( Emmalyse Brownstein | Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Now, Julian Salisbury is leaving Goldman Sachs after 25 years without a replacement. In a memo Friday, CEO David Solomon thanked Salisbury, chief investment officer of the bank's asset and wealth management division, for his "contributions to Goldman Sachs, our clients and our people." Also leaving the bank is Takashi Murata, co-head of Asia Pacific private investing and global co-head of real estate within Goldman Sachs' asset management unit. Nachmann's memo said Richard Spencer will become EMEA head of Real Estate and Nikhil Reddy will become Asia Pacific head of Real Estate. That's part of the virtuous ecosystem of Goldman Sachs," he added.

Persons: Julian Salisbury, Goldman, Goldman Sachs, David Solomon, Salisbury, Marc Nachmann, Takashi Murata, Jim Garman, Nachmann, Richard Spencer, Nikhil Reddy, Richard, Nikhil, Murata, Solomon Organizations: Goldman, Management, GS, Sixth, Wall Street, Asia Pacific, EMEA Locations: Salisbury, Asia Pacific

☆ Factbox: U.S. banks increase reserves for commercial real estate exposure
▼ + stars: | 2023-07-21 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

While regional banks carry the greatest exposure to the commercial real estate (CRE) sector, second quarter earnings show that a number of big banks have prepared for potential defaults, primarily on office loans. However, Borthwick noted the bank's office CRE exposure was low relative to its overall loan portfolio, at 2%. CRE loans represented just 15% of the bank's overall lending book, while only 1% of the CRE loan portfolio was office-related. WELLS FARGO (WFC.N)The bank said it had a $949 million increase in its allowance for credit losses, primarily CRE office loans. WEBSTER FINANCIAL CORP (WBS.N)The regional bank's nonperforming CRE loans ticked up to $47.9 million last quarter from $35.8 million in the first quarter.

Persons: Goldman Sachs, Andrew Kelly, Alastair Borthwick, Borthwick, GOLDMAN SACHS, markdowns, Denis Coleman, Jeremy Barnum, WELLS, Charlie Scharf, Bruce Van Saun, Dominic Ng, East, James Leonard, MORGAN STANLEY, Webster, Glenn MacInnes, John Ciulla, Matt Tracy, Michelle Price, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, U.S, AMERICA CORP, GOLDMAN SACHS GROUP INC, Goldman, JPMORGAN CHASE &, JPMorgan, Citizens, EAST WEST BANCORP, East, BANCORP, WEBSTER FINANCIAL, Thomson Locations: New York City , New York, U.S, California, CRE

☆ Goldman brings back Tom Montag as CEO Solomon bolsters board support
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File PhotoJuly 20 (Reuters) - Goldman Sachs (GS.N) has brought back to its fold senior executive Tom Montag, adding him to its board as the Wall Street giant looks to regain lost ground after its ill-fated foray into consumer banking. Considered to be an ally of CEO David Solomon, Montag could bolster support for the chief executive, who is looking to undo the damage from the company's high-profile flop in retail banking. "Tom brings extensive financial services and risk management experience, with over 35 years in the industry," Solomon said. "He has incredible perspective regarding the complex financial and non-financial risks that large global financial institutions face."

Persons: Goldman Sachs, Andrew Kelly, Tom Montag, Montag, David Solomon, Goldman, Tom, Adebayo Ogunlesi, Merrill Lynch, Solomon, writedowns, Saeed Azhar, Niket, Manya, Arun Koyyur, Lananh Nguyen Organizations: REUTERS, Reuters, Bank of America, Rubicon, TPG, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."

Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, ”, Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru

NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

☆ Goldman profit slides to three-year low on consumer losses
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

The bank took a writedown of $504 million tied to its GreenSky business and $485 million related to its consolidated real estate investments. It was Goldman's lowest quarterly profit since the second quarter of 2020. Trading revenue for fixed income, currency and commodities fell 26%, while equities trading revenue was broadly unchanged. On Tuesday, Goldman's peer Morgan Stanley (MS.N) said its investment banking revenue was in line with last year, but the trading business had weakened. However, uncertainty about the trajectory of the economy continues to be a hurdle with global mergers and acquisitions activity falling 36% from last year in the second quarter.

Persons: Goldman, David Solomon, GreenSky, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Arun Koyyur Organizations: Goldman Sachs, Analysts, Investment, Federal Reserve, Reuters, Thomson Locations: Bengaluru, New York

☆ Goldman Sachs' second-quarter earnings bombed. Here are 5 numbers that best explain what went wrong and where the company is headed.
▼ + stars: | 2023-07-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Wall Street earnings season has been challenging across the board, but perhaps none have had it as tough as Goldman Sachs. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs and our business mix. Here are the five numbers explaining the complex story of Goldman Sachs' second-quarter earnings and its shift from consumer banking to asset management fees. Goldman Sachs Earnings PresentationROE: Down to 4%The return on shareholders' equity fell to 4% this quarter, down from 11.6% last quarter. Goldman Sachs' 2Q23 Earnings Presentation Goldman Sachs' 2Q23 Earnings PresentationEquity underwriting: up 133%One bright spot was equity underwriting, or the process of helping companies raise money through the sale of stocks.

Persons: Goldman Sachs, David Solomon, it's, ROE, Goldman, Morgan Stanley, Goldman's, Solomon, Denis Coleman, Coleman, Solomon's, we've, Marcus, they've Organizations: Wall, Citigroup, JPMorgan, Wells, Global Banking, Goldman, Apple, GreenSky, Wealth Management, Investment Locations: Goldman, Wells Fargo

☆ Goldman Sachs Profit Falls 58%
▼ + stars: | 2023-07-19 | by ( ) www.wsj.com time to read: +1 min

Goldman Sachs is the last big bank out of the gate with second-quarter earnings, and things don’t look pretty. Profit fell 58% from one year ago, to $1.22 billion. Some big news: Earnings took a big hit from Goldman’s ongoing exit from consumer lending. Also, Goldman took impairments of about $485 million related to real estate investments, much of that tied to office properties, within its asset management business. The impairments reflected properties the bank sold as well as properties the bank has marked down but not yet sold.

Persons: Goldman Sachs, FactSet, Goldman, GreenSky Organizations: Revenue, Investment

☆ China's property market is shrinking at a faster pace, dragging further on the economy
▼ + stars: | 2023-07-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Sales of Chinese property fell 28.1% in June from a year ago, deeper than May's 19.7% decline. Property investment fell 7.9% in the year's first half, also marking a faster drop. The sector, accounting for a fifth of China's GDP, contributed to disappointing growth in the second quarter. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThe Chinese property sector is contracting at a faster pace, representing a bigger drag on the world's second-largest economy. As the property sector accounts for around one-fifth of China's GDP, its declining health has also dragged down second-quarter growth for the country, which rose 6.3% from a year ago.

Organizations: Service, Reuters, Bloomberg Locations: Wall, Silicon, ., Beijing

☆ Hedge fund industry insiders say Two Sigma's unusual risk disclosure was years in the making
▼ + stars: | 2023-06-27 | by ( Rebecca Ungarino | Kaja Whitehouse | ) www.businessinsider.com time to read: +6 min

Two Sigma, the successful quant hedge fund, is dogged by two cofounders who don't get along. Disagreements between Overdeck and Siegel only surfaced publicly for the first time last week. The disclosure was highly unusual for a hedge fund since they generally have much lighter disclosure requirements than their public counterparts, experts say, making the filing all the more notable. The firm has been known mainly as a premier quantitative hedge fund since its founding. Then when it comes to planning for the next generation of leaders to take over from hedge fund founders, the transition can be difficult.

Persons: John Overdeck, David Siegel, Overdeck, Siegel, Mark Pickard, Jonathan Hitchon, Sarah Jacobs, Kevin Mullally, Mullally Organizations: Sigma, Street Journal, Overdeck, Wall Street, Business, University of Central Locations: New York, Manhattan's SoHo, University of Central Florida

☆ Here are 3 themes to invest in now as artificial intelligence and technological innovation transform the global food system — and 14 key players leading the evolution, according to PGIM's director of
▼ + stars: | 2023-05-30 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +8 min

Antia shared 3 major themes to invest in — and 14 key players driving this evolution. And according to Antia, right now there's no secular trend more exciting than the transformation of the world's food system. On the food supply side, Antia listed climate change and technological innovation as two additional drivers for the evolution of the global food system. This two-way impact between food production and the environment has revealed the necessity for greater sustainability in the world's food system, Antia explained. As global demand for local products increases, so does the demand for refrigerated frozen storage facilities and transportation.

I didn't start saving seriously until I turned 30, but now I'm highly motivated to retire wealthy. I'm trying to keep my credit card debt and spending to a minimum so my net worth can keep growing. Not only am I working hard now to save for retirement, but I'm obsessed with figuring out ways to retire early as a multi-millionaire. I also un-linked my credit card from my favorite online stores so I can't take advantage of any quick-buy purchases. This has drastically changed my financial mindset and has allowed me to be more strategic with how I spend cash on a daily and monthly basis.

☆ A real-estate investor shares the 3 tips for seasoned pros that helped him build a $2.7 million portfolio in just 4 years — including leveling up one's goals and finding ways to scale
▼ + stars: | 2023-05-04 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

As seasoned real estate investors know, at a certain point buying rental properties becomes child's play. But reaching the big leagues requires some diversification, such as investing with real estate syndicates for bigger windfalls, or outsourcing day-to-day real estate operations to property managers to maximize time and efficiency. In a previous interview with Insider, Rivers shared his top three pieces of advice for beginning real estate investors. But he's also got some great insights for more seasoned real estate investors to help them diversify their holdings and reach the next level. But as they find their footing, at a certain point real estate investors must clearly define their goals.

☆ This married real-estate investing couple bought their first house by accident. Now they've built a $19 million 47-unit portfolio over the last 8 years by chasing the 'bread and butter' of multi-famil
▼ + stars: | 2023-04-24 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +12 min

Over the past decade, they've grown their real estate portfolio to 47 units worth $19 million. Both had also had real estate ambitions prior to meeting. According to Simpson, the best way to source deals is also the most obvious — by having a good relationship with real estate brokers. If they intend to sell a property, Simpson and Moore generally only make improvements to between 60% to 65% of the units. In the future, the couple's long-term goals include continuing to grow their real estate portfolio, expanding their coaching business, and eventually handing their own investments full-time.

☆ Premarket stocks: Is Big Oil running out of gas?
▼ + stars: | 2023-04-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Oil and gas stocks have been on a two-year tear, ripping ahead as natural gas prices surged due to supply chain kinks, a strong economy, and Russia’s invasion of Ukraine. What’s happening: Brutally high oil and gas prices were the talk of the town last year and one of the largest contributing factors to sky-high inflation. That’s bad news for automobile drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. Blackstone is feeling the commercial real estate slumpThe ongoing commercial real estate slowdown has a new victim: Blackstone. Profits from the sale of commercial real estate assets fell 54% to $4.4 billion, down from $9.5 billion last year.

☆ Google's 80-acre San Jose mega-campus is on hold as company reckons with economic slowdown
▼ + stars: | 2023-04-21 | by ( Jennifer Elias | ) www.cnbc.com time to read: +9 min

The city of San Jose may now be paying the price. CNBC has learned that, as part of Google's downsizing that went into effect early this year, the company has gutted its development team for the San Jose campus. By then, the company had already completed much of its multi-year land grab of downtown San Jose for the future campus. Google spent several years planning for the San Jose complex and invested significant resources in winning over the local community. "We all originally knew that it's going to be a long-term plan," San Jose councilmember Omar Torres, who represents the downtown area, told San Jose Spotlight in February.

☆ US prosecutors seek a 7-year sentence and $740 million in forfeiture for an ex-NFL investor in crypto scam case
▼ + stars: | 2023-04-19 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

US prosecutors are seeking a seven-year jail sentence for an ex-NFL investor for his involvement in crypto-related bank fraud. Reginald Fowler, who owned 3% of the Minnesota Vikings, is on trial for helping crypto firms side-step money laundering rules. Now, along with the jail sentence, prosecutors are demanding Fowler give up $740 million, according to a Monday court document. Fowler allegedly opened Global Trading Solutions, a firm that worked with Crypto Capital that exchanged cash and crypto. Banks like Silvergate and Signature knowingly took exposure to the cryptocurrency industry; the banks Fowler lied to were also exposed to the volatility of the industry but were unaware of that fact," the court document said.

☆ Farallon steps up activism at biotech company Exelixis. Here’s what could happen next
▼ + stars: | 2023-04-15 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Farallon is not an activist investor but will pursue an activist agenda when it feels forced to do so. As the strategy of shareholder activism has become more mainstream, it has been utilized by a larger breadth of investors. The firm has been a shareholder of Exelixis since 2018 and is just now going public with their concerns. Farallon would also like to see Exelixis commit to a much larger share repurchase program than the $550 million it has announced. Farallon is nominating only three directors to this board, and it befuddles us as to how Exelixis does not see this as a gift.

☆ How a pro skateboarder went from making $800 a month to being a financially independent real-estate mogul with a portfolio worth millions
▼ + stars: | 2023-04-12 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

Mikey Taylor started his career as a professional skateboarder making barely enough money to get by. He now runs a real-estate fund and educates investors on how to create a road to financial freedom. "There was a part of skateboarding that really changed the way I looked at the world," Taylor told Insider. "One hundred grand as a professional skateboarder doesn't feel like one hundred grand in a more conventional career because our careers are so short," Taylor told Insider. Setting the groundwork for his life after skateboarding, Taylor started investing in the stock market and bonds at age 20.

☆ I moved my family from NYC to Buffalo. Here's a cost-of-living breakdown and how we're saving thousands a month.
▼ + stars: | 2023-04-11 | by ( Robin Madell | ) www.businessinsider.com time to read: +9 min

This translates to a monthly income increase of approximately $10,000. In NYC, we paid $3,350 per month for a two-bedroom apartment that I'll generously say was 900 square feetWe paid 44.8% of our pre-tax income each month on housing. If I include principal, interest, taxes, and insurance, we now pay 9.6% of our pre-tax monthly income on housing. This rate was also subsidized as it was the hospital daycare, so we spent 21.9% of our pre-tax income on childcare each month. So, with just housing and childcare alone, our monthly savings from the move is already $5,000.

☆ Read the memo Google CFO Ruth Porat sent to staff about new cost-cutting, including paring back worker perks
▼ + stars: | 2023-04-04 | by ( Hugh Langley | Samantha Delouya | ) www.businessinsider.com time to read: +5 min

Googlers,This year, one of our important company OKRs is to deliver durable savings through improved velocity and efficiency. Since then, we've continued to rebalance based on data about how programs and services are being used. Improving external procurement is another area where data suggests significant savings — on everything from software to equipment to professional services. We set a high bar for industry-leading perks, benefits and office amenities, and will continue that into the future. Jen, Philipp, Prabhakar, Ruth and Thomas (co-owners of the OKR), on behalf of all PA and Functional leads

☆ Google to cut down on employee laptops, services and staplers for 'multi-year' savings
▼ + stars: | 2023-04-03 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

Google's finance chief Ruth Porat recently said in a rare companywide email that the company is making cuts to employee services. “These are big, multi-year efforts,” Porat said in a Friday email titled: "Our company-wide OKR on durable savings." In separate documents viewed by CNBC, Google said it's cutting back on fitness classes, staplers, tape, and the frequency of laptop replacements for employees. One of the company's important objectives for 2023 is to "deliver durable savings through improved velocity and efficiency." The company declined to pay the remainder of laid-off employees’ maternity and medical leaves, CNBC previously reported.

☆ Google announces a series of cost-saving measures across the company as it cuts some staff perks
▼ + stars: | 2023-03-31 | by ( Hugh Langley | ) www.businessinsider.com time to read: +6 min

Google has announced a series of cost-cutting measures across the company. Google has announced a series of cost-cutting measures as the company continues to tighten its belt and prioritize its work in artificial intelligence. While they wrote that some of these changes would not be noticeable to many staff, they added that other things "will impact some services Googlers use at work and beyond." The note added that Google is continuing to hire at a reduced pace, while redeploying teams to higher priority work. Here's the memo in full:Googlers,This year, one of our important company OKRs is to deliver durable savings through improved velocity and efficiency.

☆ Two millennial founders share how they invest in real estate for financial stability while building their own businesses
▼ + stars: | 2023-03-24 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Real-estate investments can help business owners find financial stability if done correctly. Two founders revealed how they invest in real estate for extra income. Rowan didn't go on a homebuying spree, but is slowing adding to her real-estate investments. It's OK to start smallRowan said her slow approach to real-estate investing is attractive to millennials, who have a lower rate of homeownership compared to previous generations. "If you're investing $100, you're not going to make a huge return, but you're still going to make the same percentage as the person that invested $100,000," she previously told Insider.

In 2020, while working as a staff nurse at a hospital in Spartanburg, South Carolina, Aspen Tucker came across a job posting for a travel nurse. In 2020, Aspen Tucker left his staff nursing job to become a travel nurse, a move that came with a significant bump in pay. "I'm able to have a high salary as a travel nurse, but also come back to where the cost of living is low," he says. That month he split an Airbnb with his girlfriend (also a travel nurse who occasionally takes jobs at the same hospitals) in addition to paying his mortgage and utilities back home. When he's traveling work, Tucker pays friends and family to take care of his dog, Skye.

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