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☆ The move to consumer banking was antithetical to what I regarded as my Goldman Sachs, says Cramer
▼ + stars: | 2023-03-01 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe move to consumer banking was antithetical to what I regarded as my Goldman Sachs, says CramerMad Money host Jim Cramer expresses his displeasure over Goldman Sachs' move into the consumer banking space, and says the company should package the consumer division and sell it.

☆ Why Goldman’s consumer ambitions failed, and what it means for CEO David Solomon
▼ + stars: | 2023-02-27 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

That's because many of the decisions Solomon made over the next four years — along with aspects of the firm's hard-charging, ego-driven culture — ultimately led to the collapse of Goldman's consumer ambitions, according to a dozen people with knowledge of the matter. Goldman executives were eager to seal the deal with the tech giant, which happened before Solomon became CEO, they added. The rapid growth of the card, which was launched in 2019, is one reason the consumer division saw mounting financial losses. Within months, Ismail left Goldman, sending shock waves through the consumer division and deeply angering Solomon. Goldman should plow some of those volatile earnings into more durable consumer banking revenues, the thinking went.

☆ Huawei turns to patents for a lifeline — including those in the U.S.
▼ + stars: | 2023-02-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

In 2022, Huawei announced it signed more than 20 new or extended licensing agreements for its patents. But the sheer number of patents filed meant Huawei ranked fourth last year by the number of patent grants in the U.S., IFI said. For Huawei, licensing its patents to other companies has the potential to claw back a bit of that revenue. Huawei did not break down specific figures, and only said it met its intellectual property revenue expectations for 2021. "I don't think they had a choice in terms of sort of boosting their licensing revenue."

☆ What's next for Goldman following deep cuts and organization overhaul
▼ + stars: | 2023-01-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

On tap we've got stories on JPMorgan's Jamie Dimon fielding questions about the bank's acquisition strategy, another bank plans to make cuts, and fast food options that won't completely crush your diet. On Wednesday the bank conducted a majority of its cuts, reducing its global workforce by about 6.5%. A few days later, on Friday, the bank reported losses of more than $3 billion since 2020 in the unit that houses the bank's consumer lending business. Meanwhile, some of the recently axed Goldman employees have been left in the dark on what's next for them, according to reporting from Hayley and Emmalyse Brownstein. Here are some fast food options that won't completely wreck your diet.

☆ Goldman Sachs' year-end bonuses are going to be brutal, and everyone's pointing fingers on who's to blame
▼ + stars: | 2022-12-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

When things were going good, Goldman Sachs' CEO David Solomon could seemingly do no wrong. Last year, thanks to a booming M&A market and a favorable trading environment, life was good at the elite Wall Street bank. Top tech executives from 10 Wall Street firms, including Goldman Sachs, Citadel, and KKR, share their predictions for the top public-cloud trends next year. Bad news: You're not the only one waiting for rates to drop to buy a home; so is Wall Street. Here's what a home-buying spree from Wall Street could mean for the entire industry.

☆ Goldman insiders are up in arms over David Solomon's plan to slash bonuses. They fear widescale departures and point to the CEO's failed foray into consumer banking.
▼ + stars: | 2022-12-22 | by ( Dakin Campbell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +11 min

Some are pointing the finger at CEO David Solomon and his spending on the consumer banking business. "Out of control" spendingGoldman insiders are also still fuming over spending on Goldman's consumer business, and there are fears this resentment could escalate with next month's earnings. The consumer bank includes Marcus, a digital banking platform that offers high-yield savings accounts, and the Apple credit card. It was key to Solomon's plan to diversify the company away from its core investment banking business. Goldman pulled back on its consumer banking ambitions earlier this year amid questions about how much cash was being burned on the strategy, led by Stephanie Cohen.

☆ Goldman Sachs has plans for deep headcount cuts in the new year
▼ + stars: | 2022-12-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, the Goldman cuts go deep. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon. Click here to read more about the cuts set to hit Goldman Sachs. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley.

☆ The M&A market just went out with a bang after a terrible year, and it could be a sign of good times to come
▼ + stars: | 2022-12-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

(Hint: it's not on Wall Street.) Meanwhile, the largest deal of the year — Microsoft's $68.7 billion bid for Activision — might not even happen, thanks to regulators. But credit unions and community banks aren't happy with the new terms, The Wall Street Journal reports. Big tech nabs from Wall Street. Company culture on Wall Street: not great!

☆ What to watch for as J&J gets ready to split into two separate companies next year
▼ + stars: | 2022-12-06 | by ( Paulina Likos | ) www.cnbc.com time to read: +11 min

During Monday's "Morning Meeting" for members, Jim Cramer said that J & J has the "best balance sheet in America." According to projections from J & J and rival Medtronic (MDT), the robotics market captures a low 2% to 3% of global procedures. In an economic slowdown, J & J is a solid name to own that can outperform the broader market. We also like that J & J has consistently raised its dividend. We rate J & J a 1 for the Club , meaning we would buy the stock at current levels given it aligns with our strategy.

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☆ The former CEO of WarnerMedia predicts only 3 major entertainment companies will survive in the streaming space
▼ + stars: | 2022-12-06 | by ( Travis Clark | ) www.businessinsider.com time to read: +4 min

Media exec Jason Kilar predicts only 3 entertainment companies will survive the streaming war. In a piece for The Wall Street Journal, Kilar predicted that only three of the global entertainment companies, not including tech giants Amazon and Apple, will come out of the "streaming war" unscathed. But based on Kilar's threshold, Disney is well-positioned to survive, with 235 million global subscribers across its services, 164 million of which belong to Disney+. Kilar added that "two or three major mergers and/or acquisitions" in the entertainment industry would occur in the next two years because of shifts in the streaming space. Former Disney CEO Bob Chapek, who was ousted last month, hinted in September that he'd want to integrate Hulu into Disney+ once the deal is complete, though it's unclear what returning CEO Bob Iger's plans are.

☆ Disney succession plan is a top priority for returning CEO Bob Iger: 'People would struggle to write down three names' at the company who could step up
▼ + stars: | 2022-12-03 | by ( Lucia Moses | Reed Alexander | ) www.businessinsider.com time to read: +6 min

Former Disney CEO Bob Iger is back in his old job, in a move that shocked the media world. From cost cuts to streaming to a solid future succession plan, here's what they hope the CEO will tackle. Following the stunning November 20 announcement that former Disney CEO Bob Iger would be returning to his old job, the happiest place on earth might actually be Wall Street. "What I like about Bob Iger is Bob Iger has always been direct, he's been honest, he's been willing to make tough choices," Michael Nathanson, a senior research analyst and co-founder of the firm, said in a CNBC interview. Are you a Disney insider with insight to share about Bob Iger's return?

Iger is widely considered entertainment industry royalty, celebrated for his management acumen and creative chops. He turned Disney into a global powerhouse by acquiring marquee brands such as Pixar, Marvel, Lucasfilm and 21st Century Fox. Bob Chapek, left, and Bob Iger, in Orlando, Fla.,on Sept. 30, 2021. Shares of the Walt Disney Co. are down 40% this year, and layoffs are pending. But almost immediately, the entertainment industry media zeroed in on what was thought to be a frosty relationship between the two men.

☆ Some Disney employees were so shocked by CEO Bob Iger's return they suspected an email announcement was a scam
▼ + stars: | 2022-11-21 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +5 min

Some Disney staffers thought the press release about Bob Iger's return was a scam, Variety reported. Iger, who led Disney from 2005 to 2020, was asked to come back to replace current CEO Bob Chapek. Disney stock is down nearly 40% so far this year, though it got a boost on news of Iger's return. The news of Iger's replacement of current Disney CEO Bob Chapek came around 6:45 p.m. Pacific Time, while some top Disney leaders were at a pre-show reception at Los Angeles's Dodger Stadium for Elton John's farewell show, according to Variety. Arnold added that Iger is "greatly admired by Disney employees worldwide."

☆ Inside Bob Iger's return to Disney: A senior executive's outreach to the former chief followed months of complaints to the board about CEO Bob Chapek
▼ + stars: | 2022-11-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +6 min

Bob Iger is returning to Disney as CEO, ending the rocky tenure of his successor, Bob Chapek. This person said the board realized its chief executive simply wasn't up to the job after the high-level company executives shared their frustrations. "Bob Iger is one of the top executives of the last decade. Daniel and a handful of other top executives are expected to find out their fate in the next 24 hours, said the senior Disney Insider. "I'm really happy pleased that Bob Iger has accepted this has decided to come back at a critical time for the company," the senior Disney insider said.

☆ Bob Iger's return to Disney is fueling concern over future CEO succession plan: 'People would struggle to write down three names inside Disney' who could step up
▼ + stars: | 2022-11-21 | by ( Lucia Moses | Reed Alexander | ) www.businessinsider.com time to read: +6 min

Former Disney CEO Bob Iger is back in his old job, in a move that shocked the media world. From cost cuts to streaming to a solid future succession plan, here's what they hope the CEO will tackle. Following the stunning announcement late Sunday night that former Disney CEO Bob Iger would be returning to his old job, the happiest place on earth might actually be Wall Street. "What I like about Bob Iger is Bob Iger has always been direct, he's been honest, he's been willing to make tough choices," Michael Nathanson, a senior research analyst and co-founder of the firm, said in a CNBC interview on Monday. Are you a Disney insider with insight to share about Bob Iger's return?

☆ Amazon starts cutting jobs, with layoffs hitting Alexa unit and cloud gaming division
▼ + stars: | 2022-11-15 | by ( Annie Palmer | ) www.cnbc.com time to read: +1 min

Andy Jassy, chief executive officer of Amazon.Com Inc., speaks during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021. Amazon on Tuesday began laying off employees in its corporate and tech workforce as CEO Andy Jassy steps up efforts to rein in costs. The company notified workers in several divisions, including Alexa and the Luna cloud gaming unit, that they were being let go, according to LinkedIn posts from Amazon employees who said they had been impacted. Amazon is aiming to eliminate about 10,000 jobs, mostly in retail, devices and human resources, The New York Times reported Monday. One employee, who asked to remain anonymous, said Amazon informed her earlier this month that it wouldn't be renewing her contract.

☆ Leaked memo: Here's how Walmart is enticing its 1.6 million employees to sign up for its newly acquired online bank
▼ + stars: | 2022-11-09 | by ( Ben Tobin | Carter Johnson | ) www.businessinsider.com time to read: +5 min

But some Walmart employees are skeptical. A Walmart employee from Michigan who wished to remain anonymous asked, "What does Walmart get out of this?" The memo sent from One to Walmart employees specified that users aren't required to have a One account to get their paychecks from Walmart. The rollout of One to Walmart employees comes as current users of the neobank have expressed frustration that features they liked have disappeared in the wake of the acquisition. Many said they received little or no communication about changes to their accounts and described fears of being left behind as One execs turned their attention to Walmart employees and customers.

☆ J&J's nearly $17 billion offer to buy a heart pump maker goes right to why we own it
▼ + stars: | 2022-11-01 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

The spin-off of J & J's consumer business, including such brands as Band-Aid and Tylenol, is expected in November of next year. Bottom line The new standalone J & J consumer company will be called Kenvue . A decision like this, to lay out nearly $17 billion, or $380 per Abiomed share, upfront, can therefore speak to management's confidence in the opportunity this acquisition presents. Fortunately, Johnson & Johnson has one of the best balance sheets in the world. Johnson & Johnson headquarters in New Brunswick, N.J. Mel Evans | AP

☆ Goldman Sachs's CEO David Solomon concedes that some of his efforts to transform the powerhouse bank have not been paying off
▼ + stars: | 2022-10-18 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

Goldman Sachs CEO David Solomon took major steps to restructure the Wall Street bank in 2020. This week he acknowledged that some of his bets, including consumer bank Marcus, are not paying off. Despite the move away from consumer banking, Solomon appears to want to continue to push into wealth management. In October, he said Goldman Sachs Asset Management has grown into the nation's fifth largest asset manager. "We also believe that reaching and serving employees in their workplace is a significant growth opportunity for Goldman Sachs," Solomon said on the third-quarter call.

☆ Some Big Tech firms were the top landing spot for recent Goldman Sachs tech departures, and it could be an early sign of the changing tides in the war for talent
▼ + stars: | 2022-10-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, the latest installment in Wall Street's war for tech talent. Big Tech wants its engineers back. In the ongoing war for top engineering talent, Big Tech has landed the latest blow against one of Wall Street's most powerful firms. Read more about the top firms scooping up recent Goldman departures, and how it could be representative of the larger issues Wall Street faces when trying to attract tech talent. Robo-advisor Betterment just launched customized crypto portfolios, the Wall Street Journal reports.

☆ Google and Amazon are two of the biggest poachers of Goldman's tech talent. We mapped out the top 10 firms snapping up the bank's recent departures.
▼ + stars: | 2022-10-12 | by ( Bianca Chan | Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +7 min

Amazon was the biggest poacher of Goldman tech talent from June to August. The organization tracked the LinkedIn profiles of people who left Goldman Sachs and picked up another job from June through August. Wall Street's tech hiring ambitions ramp up as tech powerhouses and startups pull backNonetheless, the demand for tech talent on Wall Street has remained strong. JPMorgan, the biggest beneficiary of the departures, hired 18 former Goldman Sachs employees. Citi and Morgan Stanley were also among the top poachers of Goldman talent, with the firms both scooping up 12 Goldman employees each.

☆ Disney names Alisa Bowen president of Disney+ as it prepares to launch ad tier
▼ + stars: | 2022-09-29 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

The Walt Disney Company has named its Alisa Bowen president of Disney+. On Thursday, the company said Bowen, who had been its executive vice president of business operations for Disney streaming, will immediately take over as the lead executive at its Disney+ subscription service. Michael Paull previously served as president of Disney+ in addition to the company's other streaming brands. In the new standalone role, Bowen is expected to lead the launch of Disney+'s ad-supported tier as well as the promotion of the service and its slate of content. Bowen joined Disney in 2017 as its senior vice president of digital media and chief technology officer of the company's international operations.

☆ Goldman Sachs is going through a massive transformation under CEO David Solomon
▼ + stars: | 2022-05-16 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Goldman Sachs CEO David Solomon has been taken steps to transform the bank. Here's a rundown of other must-know news at Goldman, from struggles at its Marcus consumer bank to its return-to-office push, hires and exits. In November 2021, Goldman Sachs elevated 643 people to its 2021 class of managing directors, marking its largest class yet. Read more:Junior bankers in focusPeople enter and exit 200 West Street the Goldman Sachs building in New York. The going rate for investment-banking analysts on Wall Street, including Goldman Sachs, is now $110,000 before bonus, up from $85,000 pre-pandemic.

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