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☆ Want to work at Goldman Sachs? These are the traits the bank looks for, according to CEO David Solomon.
▼ + stars: | 2024-08-19 | by ( Jaures Yip | ) www.businessinsider.com time to read: +3 min

Read previewGetting a job at Goldman Sachs is even harder than Havard, according to its CEO. In an episode of "The David Rubenstein Show," CEO David Solomon revealed that of over 300,000 applications last year for entry-level jobs out of undergraduate university, the bank hired around 2,500 people — less than 1%. AdvertisementWhile he listed off more classic desirable traits — people who are hardworking, smart, and "believe in excellence" — Solomon emphasized tenacity. In a letter to their 2024 summer internship cohort, Solomon advised them to "embrace your unique skills and experiences." AdvertisementThe investment bank received a record-breaking 315,126 applications for its 2024 internship program, admitting only 2,700 spots — slightly less than 0.9%.

Persons: —, Goldman Sachs, Havard, David Rubenstein, David Solomon, Solomon, — Solomon, Rubenstein, Goldman, Robbie Stankard Organizations: Service, Business, Colombia University

☆ Goldman's global head of equity research shares 2 fundamental issues with the AI craze — and how to prepare for a bubble pop
▼ + stars: | 2024-07-19 | by ( Christine Ji | ) www.businessinsider.com time to read: +10 min

And to him, AI doesn't exhibit the signs of a truly groundbreaking innovation like the ones he's seen before. AdvertisementAI comes with a trillion-dollar price tagIt's no secret that AI technology isn't cheap. Advertisement"A lot of people say, 'Well, we'll be able to replace call centers with AI,'" Covello said. However, once it encounters unfamiliar situations outside its training set, AI doesn't have the ability to reason like humans do. If AI doesn't actually have the ability to conduct higher-order reasoning, it won't leave a trillion-dollar impact on the economy.

Persons: —, Goldman Sachs's Jim Covello, Covello, Goldman Sachs, it's, buildout, we'll, Tesla, who've Organizations: Service, Business, Investors, Nvidia, Amazon, CVS, Big Tech Locations: Netherlands

☆ CNBC's Inside India newsletter: How will India spend its billions?
▼ + stars: | 2024-07-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

New Delhi, India – February 01: Finance minister, Nirmala Sitharaman, outside Finance Ministry on the Budget Day, with other members of Finance Ministry in New Delhi on February 01, 2024. (Photo by Hardik Chhabra/ The India Today Group via Getty Images)This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. There are high expectations for a "populist" budget since the recent general election results delivered a slimmer than expected win for Modi. The demands from the various members of the fragile alliance could mean the government opens the taps on welfare spending. Bank of America analysts, who are also open to the idea that the deficit may fall, believe it is "refreshing" to see a finance minister "under-promise, over-deliver."

Persons: Nirmala Sitharaman, Hardik Chhabra, Narendra Modi's, Premal Kamdar, Modi, Goldman Sachs, Santanu Sengupta, Sengupta, It's, Goldman, Staples, Adity Suresh, Aastha Gudwani Organizations: Finance, Finance Ministry, India Today, Getty, BJP, Modi, UBS Wealth Management, Bank of America, Reserve Bank of India, UBS, Kamdar, Columbia India Consumer ETF, Hindustan Unilever, Unilever, " Bank of America's, Central Public Sector Enterprises Locations: Delhi, India, New Delhi, Bihar, Hindustan, " Bank of America's India

☆ This AI skill pays over $100,000 a year and is in 'crazy demand,' says IBM exec—it's one 'you can use almost anywhere'
▼ + stars: | 2024-06-05 | by ( Morgan Smith | ) www.cnbc.com time to read: 1 min

Bosses want to hire people with AI aptitude, but many employees aren't focused on the new technology. Yet over two-thirds of desk workers say they've never used AI, according to a March 2024 Slack Workforce Lab survey of more than 10,000 professionals. People who don't learn AI risk losing career opportunities to those who do, says Lydia Logan, IBM's vice president of global education and workforce development. Generative AI is expected to affect more than 300 million jobs worldwide, per Goldman Sachs's estimates. The one AI skill that's in "crazy demand," according to Logan, and that she encourages everyone to learn, is prompt engineering.

Persons: aren't, Lydia Logan, Goldman Organizations: — Locations: Logan

☆ Tim Cook is finally talking about AI on his own terms
▼ + stars: | 2024-02-02 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Everyone has been waiting for Tim Cook to talk about Apple's foray into AI. The comments come as Apple's Big Tech rivals benefit from their early moves in the technology. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt's been a long time coming, but Tim Cook is finally talking about artificial intelligence on his own terms. CEO Satya Nadella described the period as one in which the company "moved from talking about AI to applying AI at scale."

Persons: Tim Cook, —, It's, Mark Zuckerberg, Josh Edelson, Satya Nadella, Mark Gurman, John Giannandrea, Craig Federighi, Cook, Christoph Dernbach, Goldman, Mike Ng, We've Organizations: Big Tech, Service, Apple, Apple's Big Tech, —, Google, Meta, Microsoft, Amazon, Getty, Vision, Apple Vision Pro, Huawei Locations: AFP, China

☆ One of Goldman Sachs' top executives running investment banking and global markets is set to step down: Read the full memo
▼ + stars: | 2024-01-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Jim Esposito, one of three co-heads of Goldman Sachs's powerful global banking and markets division, is set to step down. His previous roles include co-head of the global financing group, co-head of global markets, and global co-head of investment banking. Most recently, Jim played an important role in bringing together our Global Markets and Investment Banking franchises to form the Global Banking & Markets business. Jim's passion for our distinctive culture has also been reflected in his commitment to recruiting, developing and mentoring talented individuals around the world, including the next generation of leaders across Global Banking & Markets. Prior to assuming his current role, Jim was global co-head of the Global Markets Division and before that global co-head of the Investment Banking Division.

Persons: Jim Esposito, Goldman, Esposito, He's, David Solomon, Solomon, John Waldron, Waldron, Julian Salisbury, —, Salisbury's, Eric Lane, Gregg Lemkau, Goldman Sachs, Jim, Jenn, David Organizations: Business, Goldman, Wall Street, Business Insider, Bloomberg, Tiger Global, IB, Global Banking, Markets, Management, Investment Banking, Global Markets, Global Markets Division, Global, Group, Trustees, Corporation, Brown University, Advisors, Tuck School of Business, Dartmouth College

Here are 6 signals investment bankers are watching as they pray for an M&A rebound in 2024. By contrast, activity from private equity firms "was off almost 40%," he said. In 2021, private equity firms transacted $1.5 trillion across 2,869 deals, according to Dealogic. Last year, private equity M&A made up 40% of total activity, according to Goldman Sachs. AI companies, many of which are only now being formed, need to mature, and the winners and losers need to come into focus, bankers said.

Persons: Wall, LSEG, Goldman Sachs, Vito Sperduto, Sperduto, we've, Stephan Feldgoise, Hess, Anthony J, Carfang, Cash, Goldman, Goldman's Feldgoise, Feldgoise, Mark Sorrell, I'm, Harold M, Lambert, Jerome Powell, Greg McBride, McBride, Jonathan Gray, dealmaking, Gray, Rob Chisholm, Chisholm Organizations: Fed, London Stock Exchange, Business, RBC Capital Markets, Conference Board, Conference, Federal, Goldman, Federal Reserve, Private, Bankers, DOJ, FTC, Federal Reserve Board, Bankrate, of Labor Statistics, Cisco, LSEG, Qatalyst Partners, Citi, & $ Locations: LSEG, Ukraine

☆ S&P 500 to see small gain in 2024 as US economic risks rise - Reuters poll
▼ + stars: | 2023-11-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

The S&P 500 is up about 18% for 2023 to date. WFII sees the S&P 500 ending next year between 4,600 and 4,800. Geopolitical problems are among other risks to the market heading into 2024, strategists said, with investors closely watching the war between Israel and Hamas militants in Gaza. Overall S&P 500 earnings growth for 2023 is estimated at 2.3% after a weak first half of the year, according to LSEG data. The S&P 500 index's forward 12-month price-to-earnings ratio is now at 19.1, up from 17 at the end of 2022 and its long-term average of about 16, based on LSEG data.

Persons: Brendan McDermid, Paul Christopher, WFII, CME's, Goldman, Tim Ghriskey, Ingalls & Snyder, Dow, Caroline Valetkevitch, Chuck Mikolajczak, Sinead Carew, Stephen Culp, Pranoy Krishna, Rahul Trivedi, Sarupya Ganguly, Alexandra Hudson Organizations: New York Stock Exchange, REUTERS, Reuters, Wall, Federal, Wells, Wells Fargo Investment Institute, U.S, Ingalls &, Dow, Alexandra Hudson Our, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza, New York, Monday's, Bengaluru

A panel displays the Hang Seng Index during afternoon trading, in Hong Kong, China May 4, 2020. Other economic and policy highlights across the continent this week include preliminary Japanese third-quarter GDP, Indian inflation, and a policy decision from the Philippine central bank on Thursday. Some, like the China and aggregate emerging market indexes, last week fell to their lowest in three months. Perhaps the most interesting of all Goldman's FCIs is its Japanese index. Citi's economic surprises index for Japan turned negative last week and is now the lowest since June.

Persons: Tyrone Siu, Jamie McGeever, Wall, Goldman, Joe Biden, Xi Jinping, Diane Craft Organizations: REUTERS, Nasdaq, Bank of Japan, Mizuho, Mitsubishi UFJ, Sumitomo, Economic Cooperation, China's, Tencent Holdings, Alibaba, Lenovo, APEC, Thomson, Reuters Locations: Hong Kong, China, U.S, Philippine, Asia, Japan, San Francisco, India

☆ Nasdaq ends down on higher yields, chipmaker share declines
▼ + stars: | 2023-10-17 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. U.S. Treasury yields rose on robust economic data. Higher yields dull the allure of stocks by offering investors comparatively high income on risk-free government bonds. Helping to limit the declines, though, were upbeat earnings reports from companies including Bank of America (BAC.N), whose stock was up following its quarterly results. In other earnings news, Goldman Sachs's (GS.N) third-quarter profit dropped less than expected, though its shares fell.

Persons: Brendan McDermid, Goldman Sachs, Biden, Peter Cardillo, Anthony Saglimbene, Joe Biden, Goldman Sachs's, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Companies, Biden, Semiconductor, Nvidia, Treasury, Bank of America, Spartan Capital Securities, Nasdaq, Dow Jones, Federal, Investors, U.S, Israel, Hamas, Thomson Locations: New York City, U.S, China, chipmakers, Philadelphia, New York, Troy , Michigan, Israeli, Gaza City, Gaza, Bengaluru

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsSept 11 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. According to Goldman Sachs's real-time indexes, financial conditions in China, emerging markets and globally are now the tightest since last November. The economic data spotlight this week will shine on China. Money supply, loan growth, social financing (a broad measure of credit and liquidity in the economy), retail sales, industrial production, unemployment, house prices and fixed asset investment are all due for release by September 15.

Persons: Aly, Jamie McGeever, Goldman Sachs's, Diane Craft Organizations: REUTERS, U.S, Nasdaq, Thomson, Reuters Locations: Shanghai, Shenzhen, China, India, Beijing, Asia, Japan, Philippine, Indonesia, Malaysia

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. As the week gets underway, asset markets across Asia yet again will be dominated by key economic indicators, market- and growth-supportive policy steps and diplomatic signals from China. The Asian market headwinds are strong and clear - financial conditions are tightening sharply, in large part due to the steady rise in U.S. Treasury yields. According to Goldman Sachs's financial conditions indexes, global, emerging market and Chinese financial conditions last week hit their tightest levels this year.

Persons: Aly, Jamie McGeever, Jackson, Jerome Powell, Christine Lagarde, Kazuo Ueda, Gina Raimondo, Goldman, Fed's MIchael Barr, Diane Craft Organizations: REUTERS, China Securities Regulatory Commission, . Commerce, Treasury, Higher, Thomson, Reuters Locations: Shanghai, Shenzhen, China, Asia, India, Indonesia, Vietnam, Beijing, Japan, U.S, Australia

REUTERS/Kim Kyung-Hoon/file photo Acquire Licensing RightsAug 18 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. At the very least, investors are nervous and scrambling to adjust to the higher yield environment. But given the tightening of financial conditions around the world, investors remain wary. The 10-year U.S. Treasury yield is above 4.30%, a whisker from highs not recorded since 2007 and the 10-year real yield at almost 2.0% is already at levels last seen in 2009. This is taking its toll - financial conditions across emerging markets are the tightest since early December, according to Goldman Sachs's EM financial conditions index, and risk assets are getting pounded.

Persons: Kim Kyung, Jamie McGeever, Bonds, Japan's, Goldman Sachs's, Josie Kao Organizations: REUTERS, U.S, Treasury, Bank of, People's Bank of China, Thomson, Reuters Locations: Ameyoko, Tokyo, Japan, Bank of Japan, China, Asia, Malaysia

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsAug 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian market sentiment on Thursday will again be a mix of caution and nervousness, with familiar roots: a supercharged dollar and rising U.S. bond yields, tightening financial conditions, and deepening concern over China. Goldman Sachs's financial conditions indexes show that Chinese and aggregate emerging market financial conditions have tightened sharply this month, by more than 100 basis points, and are both now the tightest this year. But the pressure on Beijing to do more to support the creaking economy can be seen in the 10-year yield's slide to its lowest since May 2020. Remarkably, China's 10-year yield is now 170 basis points below the 10-year U.S. Treasury yield, the widest gap since 2007.

Persons: Dado Ruvic, Jamie McGeever, Goldman, Brent, Josie Kao Organizations: REUTERS, People's Bank of, Treasury, Thomson, Reuters Locations: China, U.S, Asia, Hong Kong, Philippines, Tokyo, People's Bank of China, Beijing, Japan, Australia

☆ What to Know About Goldman Sachs's Results and More Bank Earnings
▼ + stars: | 2023-07-19 | by ( Wsj Staff | ) www.wsj.com time to read: +1 min

Goldman Sachs reported quarterly results Wednesday, the last of the major Wall Street institutions to turn in its numbers. Investors have generally cheered bank earnings this quarter. The KBW Nasdaq Bank Index is ahead some 4% this week through Tuesday's close, while the KBW Regional Banking Index is up more than 6%. Goldman reported significantly lower profit for the second quarter, hurt by write-downs in its consumer and asset-management businesses. Here's our report on Tuesday's bank results, including quarterly numbers from Morgan Stanley and Bank of America.

Persons: Goldman Sachs, Goldman, Morgan Stanley Organizations: Nasdaq, Bank of America, The Locations: Tuesday's, KBW

July 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The macro and market week in Asia starts with a bang on Monday, with a raft of top-tier economic indicators from China culminating in second-quarter GDP growth data. A raft of Chinese economic indicators for June - investment, retail sales, industrial production and unemployment - will be released on Monday, as well as the second-quarter GDP report. A sub-consensus Q2 GDP print on Monday could tilt expectations toward further easing. Here are key developments that could provide more direction to markets on Monday:- China GDP (Q2)- China investment, retail sales, industrial production, unemployment (June)- Indonesia trade (June)By Jamie McGeever; Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Goldman, Morgan Stanley, Goldman Sachs Organizations: Bank of America, Tesla, Netflix, Thomson, Reuters Locations: Asia, China, U.S, Japan, New Zealand, Australia, Indonesia

☆ India is on pace to pass the US on the list of the world's biggest economies — but there's a looming chance it squanders this promise
▼ + stars: | 2023-07-14 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

According to a recent Goldman report, India's economy is projected to top America's around 2075, becoming the second-largest in the world. India's economic growth is fueled by several key factors, including its vast labor force, technological advances, and burgeoning capital investment. A significant driver of this growth is innovation and technology, as noted by Goldman Sachs's chief India economist, Santanu Sengupta. The Goldman Sachs team noted that the biggest risk facing the country is if the labor force participation rate does not reverse its current 15-year downward trend. "If you have more opportunities — especially for women, because the women's labor force participation rate is significantly lower than men's — you can shore up your labor force participation rate, which can further increase your potential growth."

Persons: Goldman Sachs, Goldman, Zahra Tayeb, Goldman Sachs's, Santanu Sengupta, Sengupta, Tan, Elon Musk Organizations: Service, Apple, SpaceX, Goldman Locations: India, China, Wall, Silicon, India's, Mexico, Pacific

☆ Why it's not that great that everyone is flocking to their online bank
▼ + stars: | 2023-06-03 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Smaller and regional banks are important for the US financial system. "Regional banks have a combination of regional knowledge and expertise that makes lending more efficient," C. Michael Zabel, a former executive at M&T, the Buffalo-based regional bank, told Dealbook in April. Broadly, regional banks are staring down two main headwinds. In the first quarter, Ally Financial and Goldman Sach's Marcus online bank saw them rise, while regional-bank powerhouses like US Bank, Truist Financial, and Citizens Financial saw deposits fall, according to The Wall Street Journal. The pressure on regional banks hasn't abated yet.

Persons: Goldman Sachs's Marcus, Wells, Michael Zabel, Dealbook, They're, Goldman Sach's Marcus, they've, Bankrate's, we'll, Robert Hockett Organizations: Morning, Citibank, bonanza, Bank, Truist, Citizens, Wall Street, Silicon Valley Bank, First, JPMorgan, Western Alliance ., Federal Deposit Insurance Corp, Fed, Bloomberg, Cornell University, CNN Locations: JPMorgan, Wells Fargo, Buffalo, Silicon, First Republic, PacWest, they're, Wall, San Francisco

☆ Goldman Sachs names a slew of energy companies to buy right now as attitudes shift
▼ + stars: | 2023-05-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs has identified a number of energy stocks to own ahead of an expected turn in the market's sentiment toward the oil and gas sector. Goldman's analysis comes after the energy sector posted stellar gains last year. Goldman expects a 10% increase in revenue from green investments at these companies this year compared to last year. The trend also indicates that a turning point may be approaching where larger energy companies could attract even more investment if they continue transitioning toward greener practices, the analysts added. Oil and gas companies have also been particularly attractive to investors over the past year thanks to their bumper profits.

☆ Subway comes up with $5 billion debt plan to clinch $10 billion-plus sale, sources say
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: +4 min

This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. Barclays, a major player in the market for WBS financing, is one of the banks in discussions about long-term financing, the sources said. JPMorgan's financing package also offers the option of a preferred equity component with a roughly 15% interest rate, the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added.

That is the biggest net short position since October 2011, and marks the fourth week in five that funds have increased their bet on weaker U.S. stocks. Reuters ImageA short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. It has been a mixed bag with almost a fifth of the S&P 500 firms having reported. The S&P 500 has rebounded nearly 10% from the March banking shock lows, and if the options market is any guide, traders are sanguine about the near-term outlook. The VIX index of implied volatility - the Wall Street "fear index" - last week hit its lowest since November 2021.

☆ Goldman Sachs took a beating in the first quarter. Here are 5 things David Solomon can do to quell the dissenters in 2023.
▼ + stars: | 2023-04-18 | by ( Carter Johnson | ) www.businessinsider.com time to read: +3 min

Goldman Sachs' first-quarter earnings, released on Tuesday, fell short of analysts' expectations. Here are 5 things the CEO can do to prove he has the right plan for Goldman Sachs. David Solomon just came off the most challenging year of his tenure as CEO at Goldman Sachs. During the bank's first-quarter conference call, Solomon sounded optimistic about the bank's M&A pipeline. Here are the 5 things Solomon will need to do to prove Goldman is on the right track.

☆ Goldman Sachs took a beating in the first quarter. Here are 5 things David Solomon needs to do to quell the dissenters in 2023.
▼ + stars: | 2023-04-18 | by ( Carter Johnson | ) www.businessinsider.com time to read: +3 min

The bottom line: The Ally High Yield Savings Account is a strong high-yield savings account with a competitive interest rate and solid savings tools. Ally High Yield Savings Account Learn more On Ally's site. Compare Today's Savings RatesHow Ally WorksAlly is an online bank with several strong accounts, including its high-yield savings account. We've compared the Ally High Yield Savings Account with savings accounts at two other online banks: Discover and Marcus by Goldman Sachs. See how Ally compares Ally High Yield Savings AccountDiscover Online Savings AccountMarcus by Goldman Sachs High Yield Online Savings Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ Nvidia, Tesla and Meta are helping power a growth-stock surge that has challenged BlackRock and Goldman Sachs
▼ + stars: | 2023-03-25 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +6 min

Growth stocks are beating value peers by the most in 3 years, despite interest-rate increases and banking-sector turmoil. Sizzling rallies in Nvidia, Meta and Tesla shares have helped power the surge in growth stocks. BlackRock strategists projected a similar view, saying in a late February report that they expect value stocks to outperform. Nvidia, Tesla, MetaStunning rallies in the shares of tech giants such as Nvidia and Meta as well as electric-vehicle maker Tesla have helped growth stocks beat their value peers by such an impressive margin. "Lower rates feed into lower discount rates, making future cash flows of growth companies more attractive," Dutta said.

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