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☆ 3 big questions about the state of Goldman Sachs heading into its second-ever investor day
▼ + stars: | 2023-02-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

All eyes are on 200 West Street in lower Manhattan today, the global headquarters of Goldman Sachs and site of the bank's second-ever investor day. Goldman's first investor day, in 2020, included plenty of discussion about the importance of building out its consumer bank. Will new details emerge regarding the asset and wealth management division that show the business is heading in the right direction? Goldman's asset and wealth management division will likely get plenty of attention today. Speaking of David Solomon... Goldman's CEO appeared on a recent episode of the bank's podcast, "Exchanges at Goldman Sachs."

☆ How Wall Street firms lift the velvet rope on funding deals for buzzy startups like Stripe for their wealthiest clients
▼ + stars: | 2023-02-24 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs has invited wealth management clients to invest in fintech unicorn Stripe, as reported by Bloomberg. The message was a rare peek into how the richest bank clients can access investments normally off-limits to individual investors. Insider redacted the wealth management vice president's name and email address to protect their privacy. Citi and JPMorgan, for instance, both have teams dedicated to direct private investments for private bank clients. Private wealth is a real power alley for us, and those continue to be good sources of funding," said Salisbury at a conference in September.

☆ Goldman Sachs Asset Management closes $5.2 billion growth equity fund
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 7 (Reuters) - Goldman Sachs Asset Management said Tuesday it had closed a $5.2 billion direct private markets fund that invests in high-growth businesses. The West Street Global Growth Partners fund attracted $3.7 billion from institutional and high net worth investors, as well as commitments from Goldman Sachs Group Inc (GS.N) and its employees. Goldman Sachs Asset Management oversees more than $2 trillion in assets. Last year it closed a $9.7 billion private-equity fund, its largest since 2007, that seeks to invest in companies with an enterprise value of about $750 million to $2 billion. The latest fund is managed by its growth equity business division led by Darren Cohen in New York, Nishi Somaiya in London and Stephanie Hui in Hong Kong.

☆ Exclusive: Goldman Sachs to cut asset management investments that weighed on earnings
▼ + stars: | 2023-01-23 | by ( Saeed Azhar | ) www.reuters.com time to read: +4 min

NEW YORK, Jan 23 (Reuters) - Goldman Sachs Group Inc's (GS.N) asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings, an executive told Reuters. "It's not going to zero because we will continue to invest in and alongside funds, as opposed to individual deals on the balance sheet." The positions included $15 billion in equity investments, $19 billion in loans and $12 billion in debt securities, alongside other investments. If the environment improves for asset sales, Salisbury said he expected to see "a faster decline in the legacy balance sheet investments." Goldman Sachs' asset management arm closed a $15.2 billion fund earlier this month to make junior debt investments in private equity-backed businesses.

☆ Goldman Sachs to cut asset management investments that weighed on earnings
▼ + stars: | 2023-01-23 | by ( ) www.cnbc.com time to read: +4 min

Goldman Sachs Group Inc's asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings, an executive told Reuters. "It's not going to zero because we will continue to invest in and alongside funds, as opposed to individual deals on the balance sheet." The positions included $15 billion in equity investments, $19 billion in loans and $12 billion in debt securities, alongside other investments. If the environment improves for asset sales, Salisbury said he expected to see "a faster decline in the legacy balance sheet investments." Goldman Sachs' asset management arm closed a $15.2 billion fund earlier this month to make junior debt investments in private equity-backed businesses.

☆ Why wealth management is Goldman Sachs' new 'crown jewel' with dealmaking at a standstill
▼ + stars: | 2023-01-18 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

CEO David Solomon acknowledged that a stronger wealth and asset management business would have helped the bank weather the storm. One of Solomon's three key priorities for Goldman Sachs is growing management fees in the asset and wealth management arm. Solomon touted the potential for its workplace wealth offering Ayco in October, but private wealth management is another opportunity. Of 43 job postings in asset and wealth management based in the US, 15 are within the private wealth unit. The wealth management business also boosts Goldman's other services, as the bank's co-head of asset management Julian Salisbury said in September.

☆ Inside the lives of some of the most powerful people on Wall Street
▼ + stars: | 2022-12-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

We're highlighting profiles we've done of some of the most powerful people on Wall Street. They are, as you will see, largely white males — a telling reminder of who still wields the power throughout most of Wall Street. Gregg Lemkau was considered a future CEO candidate at Goldman Sachs before he shocked Wall Street by leaving for Michael Dell's investment firm in 2020. Soft-spoken types can sometimes get bulldozed on Wall Street, where so-called alphas often reign supreme. Inside his strategy for turning Goldman into the Amazon of Wall Street.

☆ 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.

☆ How to Spend Your FSA
▼ + stars: | 2022-11-30 | by ( ) www.wsj.com time to read: +4 min

Read on to find out more about how your FSA works and your best options to spend down your balance. Acupressure mat and pillowKanjo Acupressure Mat and Pillow Set $80 at AmazonYou might not have realized that an acupressure mat is FSA eligible. SunscreenEltaMD UV Clear SPF 46 Face Sunscreen $37 at AmazonThere’s a wide variety of sunscreen available on Amazon that’s FSA eligible. Why this December is differentThis year’s December FSA spending crunch could be worse than usual. Fortunately, while you must spend your FSA on medical costs, the options are a lot wider than just doctors visits and prescription meds.

☆ Where to expect yield, with Goldman Sachs' Julian Salisbury
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhere to expect yield, with Goldman Sachs' Julian SalisburyJulian Salisbury, global co-head of Goldman Sachs Asset Management, joins 'The Exchange' to discuss renewable energy strategies, secular trends to get behind and the upcoming consolidation period.

☆ Watch CNBC's full interview with Goldman Sachs' Julian Salisbury
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Goldman Sachs' Julian SalisburyJulian Salisbury, global co-head of Goldman Sachs Asset Management, joins 'The Exchange' to discuss renewable energy strategies, secular trends to watch and the upcoming consolidation period.

☆ 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.

☆ Who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon
▼ + stars: | 2022-10-17 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +9 min

And he will also oversee a wealth management business that is now going to include portions of the consumer business, but wrapped in a wealth management offering. Both, according to Bloomberg's reporting, are being demoted to senior positions within Nachmann's asset and wealth management division. Stephanie CohenAnother executive thought by insiders to have lost some of her territory is Stephanie Cohen, the co-head of the consumer and wealth management division. Had Cohen been able to successfully helm the consumer and wealth management division alongside Tucker York, the currently discussed changes wouldn't have been needed, the people said. Cohen's co-head, York, will now return to his prior role of running the bank's successful private wealth management business.

☆ Digitization, energy transference & enterprise-software are investable long-term, says Goldman's Salisbury
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDigitization, energy transference & enterprise-software are investable long-term, says Goldman's SalisburyCNBC's Tyler Mathisen speaks with Julian Salisbury, Goldman Sachs Asset Management global co-head, who joins 'The Exchange' to discuss the next big thing in investing at Delivering Alpha.

☆ Goldman Sachs closes $9.7 bln private-equity fund, largest since 2007
▼ + stars: | 2022-09-27 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo/File PhotoNEW YORK, Sept 27 (Reuters) - Goldman Sachs Group Inc has closed a $9.7 billion private-equity fund, its largest since 2007, that seeks to invest in companies with an enterprise value of about $750 million to $2 billion, the bank said on Tuesday. The fund sits under the Wall Street giant's asset management arm and is known as "West Street Capital Partners VIII." Register now for FREE unlimited access to Reuters.com RegisterGoldman's money managers are not alone in raising PE funds. BlackRock Inc (BLK.N) has about $35 billion focused on PE strategies, and last year alone, it raised $3 billion to invest in PE secondary market deals.

☆ The Best Cash Back Card on the Market Right Now
▼ + stars: | 2022-06-04 | by ( ) www.wsj.com time to read: +6 min

By Ian SalisburyWells Fargo Active Cash® Card offers a flat 2% cash rewards on purchases (exclusions include things like gift cards). But if your goal is to find an easy-to-use credit card with a top cash rewards rate, you can’t go wrong with Wells Fargo Active Cash Card. It’s why Buy Side from WSJ named this card Best Cash Back Card for 2022. Visa Signature concierge, which offers travel and dining assistance3% foreign transaction feeWho benefits most from Wells Fargo Active Cash Card? While Wells Fargo Active Cash Card is, according to our criteria, the best all-around cash rewards credit card, there are some caveats.

☆ 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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