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New York CNN —The US Consumer Financial Protection Bureau ordered Goldman Sachs and Apple to pay $89 million, and Goldman was temporarily banned from issuing new credit cards, because of the companies’ mishandling of their Apple Card partnership. Apple neglected to send tens of thousands of Apple Card disputes to Goldman Sachs, the CFPB said. The Apple Card issued by Goldman Sachs and running on the Mastercard network rolled out in August 2019. In April 2023, Apple announced it would be offering its Apple Card holders a 4.15% high-yield savings account with Goldman Sachs. They may park both the 3% cash back they receive from using the Apple Card on select purchases plus other savings they may wish to deposit.
Persons: Goldman Sachs, Goldman, Apple, ” Goldman Sachs, , Marcus Organizations: New, New York CNN, Consumer Financial Protection, Apple, Apple Card, SEC, General Motors, Barclays, Mastercard Locations: New York
To be sure, the carnage on Wall Street and in equities markets around the world was real. But Monday’s panic was the Wall Street equivalent of a tantrum from a kid who just got told they can’t have ice cream for dinner. But don’t let the stock market drama fool you: The US economy is still in good shape, despite some turbulence. “And I’m not too worried about Wall Street becoming poor.”Stocks looked to bounce back Tuesday. Wall Street worked itself into a lather when ChatGPT came out two years ago.
Persons: CNN Business ’, Stocks, Dow, Wall, don’t, Rana Foroohar, That’s, it’s, Goldman Sachs, , Jan Hatzius, ” Goldman, There’s, Beryl, , Beryl didn’t, Aaron Sojourner, ’ ”, ChatGPT, Rob Haworth, ” Haworth Organizations: CNN Business, New York CNN, CNN, Nikkei, of Labor Statistics, Coast, BLS, WE Upjohn, Employment Research, White House Council, Economic Advisers, Fed, Federal, Markets, Big Tech, Nvidia, Microsoft, Wall, Bank of Japan, US Bank Locations: New York, Japan
Why the stock market is freaking out again
  + stars: | 2024-08-05 | by ( David Goldman | ) edition.cnn.com   time to read: +6 min
The Dow tumbled more than 1,000 points at the open, and the broader market plunged 3% Monday. The Nasdaq, full of risky tech stocks, dropped 3.7%. Although that’s not in and of itself an unhealthy unemployment rate, its sudden march higher is alarming: Last year, the unemployment rate was at its lowest level since the moon landing. Traders are beginning to unwind big trades on Apple, Nvidia, Microsoft, Meta, Amazon, Alphabet and other tech stocks that had been surging since the beginning of last year. Monday’s rout, if it ends at current levels, wouldn’t even crack the top 100 worst days in market history.
Persons: Dow, that’s, Goldman Sachs, That’s, Jeremy Siegel, , , Siegel, Stocks, it’ll, Warren Buffett, Berkshire Hathaway Organizations: CNN, Nasdaq, Nikkei, Federal Reserve, of Labor Statistics, Citigroup, JPMorgan, CNBC, Traders, Apple, Nvidia, Microsoft, Meta, Berkshire Locations: Wall
Goldman Sachs on Monday reported a hefty jump in its quarterly profits as the company continued its climb out of a self-inflicted morass. The elite investment bank, which paid dearly for a now-all-but-abandoned attempt to expand into Main Street products like checking accounts, said it took in $3 billion in the second quarter. Here’s what’s going on at Goldman Sachs — and what it means for the rest of Wall Street. How is Goldman faring? The bank made money virtually across its franchise, including in asset management, where Goldman has put its focus in recent months.
Persons: Goldman Sachs, what’s, Goldman Sachs —, Goldman
CNN —As US supply chains decouple from China, Mexico’s manufacturing sector is emerging as a winner. Ramos said Mexico and China have been competing for the US manufacturing market for years, but amid a shifting US-China relationship, Mexico looks poised to pull ahead. Those exports were driven by manufacturing, which comprises 40% of Mexico’s economy, according to Morgan Stanley. Meanwhile, Chinese exports to the US were down 20% in 2023, compared to 2022. Analysts at Morgan Stanley see the value of Mexico’s exports to the United States growing from $455 billion to about $609 billion in the next five years.
Persons: That’s, nearshoring, Alberto Ramos, Goldman Sachs, Ramos, Morgan Stanley, Katherine Tai, CNN’s Julia Chatterley, Tai, United States Jose Luis Gonzalez, Xeneta, Peter Sand, Jose Enrique Sevilla, John Raines, Goldman’s Ramos, Biden, Raquel Buenrostro, , Joe Biden, Donald Trump, Trump, , Global’s, Raines, Christoffer Enemaerke, , Tesla, Elon Musk, Julio Cesar Aguilar, BYD doesn’t, RBC’s Enemaerke, Michael Nam Organizations: CNN, Manufacturing, Commerce Department, US Trade, General Motors, Ford, Reuters, Shipping, Container Trade, Xeneta, Moody’s Analytics, P Global Market Intelligence, steelworkers, , Global’s Sevilla, Macip, RBC, Getty, BYD, ” Sevilla, Monterrey Locations: China, Mexico, Canada, North America, US, Ciudad Juarez, United States, Pittsburgh, Mexican, Monterrey, , Nuevo Leon, Asia
For years now, I’ve had advocates who work with survivors of domestic violence tell me that two events in 1994 changed entirely the landscape for victims’ services in their field: the passage of the Violence Against Women Act and the murder of Nicole Brown Simpson. In fact, many advocates cite her death in June of that year as instrumental in Congress’s prioritizing the passage of the Violence Against Women Act that September, which in turn authorized the creation of the National Domestic Violence Hotline. Simpson trial. It was the first time many Americans were even made aware of the domestic violence services offered in their own backyards. Yet it’s worth taking a moment to remember the ways his case, even in light of the outcome, had profound and lasting consequences for domestic violence victims, for their advocates and for court systems.
Persons: I’ve, Nicole Brown Simpson, hotlines, Simpson, Brown, Ron Goldman’s —
CNN —Lifetime is set to air a documentary centered around Nicole Brown Simpson later this year, according to a source close to the production. Brown Simpson’s family and friends are participating in the project, the individual said. Simpson’s death on Thursday at the age of 76. The project is not yet complete, according to the production source, and conversations are now ongoing on whether to incorporate Simpson’s death. Brown Simpson, who was married to Simpson from 1985 to 1992, was killed on June 12, 1994 outside her Los Angeles home.
Persons: Nicole Brown Simpson, Brown, Brown Simpson, Simpson, Ron Goldman, Goldman’s, Wendy Williams, Gypsy Rose Blanchard Organizations: CNN, Lifetime Locations: Los Angeles
The cause was cancer, his family announced on social media. The infamous case, which held up a cracked mirror to Black and white America, cleared Mr. Simpson but ruined his world. He paid little of the debt, moved to Florida and struggled to remake his life, raise his children and stay out of trouble. In 2006, he sold a book, “If I Did It,” and a prospective TV interview, giving a “hypothetical” account of murders he had always denied committing. A public outcry ended both projects, but Mr. Goldman’s family secured the book rights, added material imputing guilt to Mr. Simpson and had it published.
Persons: O.J, Simpson, Nicole Brown Simpson, Ronald L, Goldman, Goldman’s Locations: Los Angeles, America, Florida
O.J. Simpson Died at 76
  + stars: | 2024-04-11 | by ( Matthew Cullen | ) www.nytimes.com   time to read: +1 min
Simpson lived a life that made him one of the most famous people in America. Then, in 1994, he was charged in the double murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Simpson, who was 76, died yesterday at his home in Las Vegas. Simpson’s 1995 murder trial held up a cracked mirror to Black and white America and mesmerized the nation, which followed along on daily national television broadcasts. He sold a book manuscript giving a “hypothetical” account of the murders, but after a public outcry, Ronald Goldman’s family secured the book rights.
Persons: O.J, Simpson, Nicole Brown Simpson, Ronald Goldman, Ronald Goldman’s Organizations: Buffalo Bills Locations: America, Las Vegas
The S&P 500 has surged more than 10% since January, and last week it surpassed Goldman Sachs’ year-end target of 5,200. The question is weighing heavily on the minds of investors, Goldman Sachs’ strategists wrote in a note Friday. The current rally in growth stocks is different from what happened when markets crashed in 2021 or during the tech bubble, the analysts wrote. Either of these shifts higher, analysts wrote, are dependent on the Federal Reserve’s next policy move. But for now, Goldman analysts will keep their baseline prediction of 5,200 for the S&P 500 unchanged.
Persons: New York CNN — It’s, Goldman Sachs, David Kostin, , Goldman Organizations: New, New York CNN, Federal, Locations: New York
In 2023, the overall value of M&A transactions dipped globally to $2.9 trillion across 53,529 deals, down from $3.4 trillion across 57,830 transactions in 2022. Business Insider partnered with MergerLinks , a financial-data service that tracks deals, to present the fifth edition of "The Rainmakers," the 20 M&A bankers who orchestrated the largest deals in North America. MergerLinks tracks publicly announced deals and calculates deal values on a net basis, including both equity and debt pieces. This year’s list has a mix of returnees and first-timers and was dominated by energy bankers, including Goldman’s Sikhtian and Morgan Stanley’s Hoover. Nearly half of the bankers on this year's list worked on energy deals.
Persons: , Scott Sheffield, Goldman Sachs, Suhail Sikhtian, Morgan Stanley, Greg Weinberger, Aaron Hoover —, Patrick Ramsey, Claudio Sauer, Hess, Goldman’s Sikhtian, Morgan Stanley’s Hoover Organizations: Service, Pioneer Natural Resources, ExxonMobil, Sheffield, Pioneer, Exxon, Business, Centerview Partners, LSEG, MergerLinks, Chevron, Centerview, Health Partners, Pfizer, & $ Locations: Sheffield, Texas, North America
Hedge funds' most-loved stocks have nearly doubled the S & P 500 's return this year due to the continuous strength in Big Tech, according to Goldman Sachs. It then compiled a basket of the most popular long positions, dubbed Goldman's Hedge Fund VIP basket, comprising 50 stocks that most frequently appear among the largest 10 holdings of hedge funds. The group of hedge funds' favorite stocks has gained 9% this year through Feb. 14, outperforming the S & P 500's 5% return during the same period. Amazon and Microsoft , which climbed 10% and 6% this year, respectively, were the two most popular stocks among fundamental hedge funds as of the end of 2023. Meta Platforms , Alphabet and Nvidia were also well-loved among hedge funds last quarter.
Persons: Goldman Sachs, Goldman, Meta Organizations: Big, Amazon, Microsoft, Nvidia, Natural Resources, Visa Locations: Big Tech
When Goldman Sachs entered the credit card space in 2019, many consumer banks were concerned that a new competitor had emerged. Photos: ReutersGoldman Sachs reported sharply higher earnings for the fourth quarter, giving the Wall Street Goliath a boost after a run of lackluster results. But the strength wasn’t in Goldman’s traditional powerhouses, investment banking and trading. Instead, it was asset and wealth management, where Goldman Chief Executive David Solomon has pinned much of its hopes. The unit reported a 23% jump in revenue, while revenue from both investment banking and trading were down.
Persons: Goldman Sachs, David Solomon Organizations: Goldman
Goldman Sachs blows away earnings expectations
  + stars: | 2024-01-16 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +2 min
New York CNN —Goldman Sachs reported a strong fourth quarter earnings report, driven largely by impressive results in their asset and wealth management divisions. Revenue came in at $11.3 billion and earnings per share were $5.48, blowing away Wall Street expectations. Prior to this report, Goldman posted eight consecutive quarters of declines. JPMorgan Chase paid $2.9 billion to the FDIC, Bank of America paid $2.1 billion and Citigroup paid $1.7 billion. Morgan Stanley, meanwhile, reported a 32% drop in quarterly profit in its earnings report on Tuesday.
Persons: New York CNN — Goldman Sachs, FactSet, Goldman Sachs, , David Solomon, Marcus, Goldman, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Revenue, Apple, General Motors, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, JPMorgan, FDIC, Bank of America, Citigroup, Goldman Locations: New York, York
Goldman Sachs on Tuesday reported its second consecutive quarter of steady profits, a return to form for the bank that has struggled with management missteps that tarnished its once untouchable reputation on Wall Street. The bank’s fourth-quarter profit of $2 billion was roughly equal to what it earned in the third quarter, but that was a sign of accomplishment. Helping the bottom line: Goldman cut 3,200 employees over the course of 2023, a 7 percent trim in its head count. Goldman’s stock rose about 2 percent , bringing the gain to roughly 10 percent gain over the past year. But shares are still lower than their 2021 peak and the bank’s full-year profit of $8.5 billion last year was the lowest since 2019.
Persons: Goldman Sachs, Goldman
At an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them. Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.
Persons: Goldman, David Solomon Organizations: Apple Locations: New York
Best Movies of 2023
  + stars: | 2023-12-01 | by ( Manohla Dargis | Alissa Wilkinson | More About Manohla Dargis | ) www.nytimes.com   time to read: +3 min
I saw hundreds of new films with a variety of plots and styles made on every imaginable scale and budget. The movies have ostensibly been at death’s door at least since the shift to sync sound, which isn’t to undersell the industry’s business woes. “Indiana Jones and the Dial of Destiny” was “cursed,” read one headline; “‘Mission: Impossible 7’ falls short of expectations,” ran another. The moaning in the trades gave way to klaxon horns when much of SAG-AFTRA went on strike on July 14. This year also reminded us that a mass audience will happily get out of the house for movies without superheroes.
Persons: Manohla, Rockwell, Martin Scorsese, shutdowns, Topsy, , bullish, Indiana Jones, , AFTRA, Barry Diller, “ Barbie ”, “ Oppenheimer ” Organizations: Yahoo, Sundance Film, Writers Guild, SAG, Paramount, Marvel Locations: Cannes
Inside Jeffrey Epstein’s Circle
  + stars: | 2023-11-03 | by ( ) www.wsj.com   time to read: 1 min
A Wall Street Journal investigation, using thousands of emails and schedules, uncovered new people who associated with Jeffrey Epstein for years after he was a convicted sex offender. The reporting revealed the kinds of favors he did—and threats he made—for those in his circle. Here are key articles from our investigation:Epstein’s Private Calendar Reveals Prominent Names, Including CIA Chief, Goldman’s Top Lawyer
Persons: Jeffrey Epstein Organizations: Journal, CIA
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
The bank’s third-quarter profit fell about a third from a year earlier, to $2.1 billion, though that drop was expected. Trading revenue stayed steady, an encouraging sign given the slowdown in such activities across Wall Street in face of a potential recession. “We’re confident that the work we’re doing now provides us a much stronger platform for 2024,” the bank’s chief executive, David M. Solomon, said in a statement. It has been a year to forget for Goldman and Mr. Solomon. Mr. Solomon has contended with what amounts to a staff revolt, by the buttoned-up standards of a Wall Street bank, as scores of prominent partners have departed and others have complained about his unyielding management style.
Persons: Goldman Sachs, David M, Solomon, Goldman, Lloyd C, Mr Organizations: Wall, Mr
Goldman Sachs chief executive (and noted party DJ) David Solomon will no longer perform at high-profile events, picking Wall Street over South Beach, a representative from the second-largest investment bank confirmed to CNN. Solomon, who performed under the alias DJ D-Sol, began spinning tracks at festivals and in night clubs a few years ago. “David [Solomon] doesn’t work to play diplomat,” Jeffrey Sonnenfeld, who runs Yale School of Management’s Chief Executive Leadership Institute, recently told CNN. And while shares of Goldman Sachs (GS) may be down by more than 8.4% this year, they’re still up by about 40% since he took over in 2018. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.
Persons: Goldman Sachs, David Solomon, “ David, , Goldman, Tony Fratto, Solomon, DJ, ” Solomon, Doja, Andrew Cuomo, it’s, Marcus, ” Jeffrey Sonnenfeld, they’re, Organizations: New, New York CNN, CNN, New York State Department of Health, Financial, Yale School of Management’s, Leadership Institute, Revenue Locations: New York, South Beach, Dua Lipa
David Solomon’s Goldman remix is audibly off-key
  + stars: | 2023-10-17 | by ( John Foley | ) www.reuters.com   time to read: +4 min
NEW YORK, Oct 17 (Reuters Breakingviews) - Having given up a side-gig in DJ-ing, Goldman Sachs (GS.N) boss David Solomon has one less distraction. Goldman reported a one-third year-on-year drop in earnings on Tuesday, in a quarter riddled with one-off charges. Those included a hit related to buy-now-pay-later lender GreenSky, which Goldman bought only two years ago, and is selling. Absent all that, Goldman would have made a return on equity of just over 10%. Goldman made a 7.1% return on equity in the quarter, on an annualized basis, which would have been 10.2% without one-off charges.
Persons: Goldman Sachs, David Solomon, Goldman, GreenSky, Morgan Stanley, Solomon, Marc Nachmann, Nachmann, Jonathan Guilford, Sharon Lam Organizations: Reuters, JPMorgan, Thomson Locations: tomorrow’s, Basel, GreenSky
Goldman Sachs warns US energy policy is backfiring
  + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview. That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year. Saudi Arabia has an incentive to keep oil prices high in order to balance their budget. “Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.
Persons: Goldman Sachs, Daan Struyven, Biden, , Jennifer Granholm, Saudi Arabia’s, , ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s Organizations: New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, , Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department Locations: Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC
Fed unlikely to raise rates in November, says Goldman Sachs
  + stars: | 2023-09-16 | by ( ) www.reuters.com   time to read: +2 min
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsSept 16 (Reuters) - The Federal Reserve is unlikely to raise interest rates at its Oct. 31-Nov. 1 meeting, Goldman Sachs strategists wrote on Saturday, while also forecasting the U.S. central bank would lift its economic growth projections when policymakers gather next week. The odds for the policy rate, which is currently in the 5.25%-5.50% range, staying unchanged at the Oct. 31-Nov. 1 gathering stood at roughly 72% on Saturday, CME's data showed. Next year could see "gradual" rate cuts if inflation continues to cool, Goldman's strategists added. They also said the central bank could raise its estimates for 2023 U.S. growth to 2.1% from 1%, when policymakers update their economic projections on Wednesday, reflecting the economy's resilience.
Persons: Sarah Silbiger, Goldman Sachs, Janus Henderson, Ira Iosebashvili, Paul Simao Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal, Morgan Asset Management, Janus Henderson Investors, Thomson Locations: Washington ,
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Persons: Dow Jones, 5a58746b
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