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☆ Goldman Sachs Sticks the Landing at End of Tumultuous Year
▼ + stars: | 2024-01-16 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

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

☆ A C.E.O. Who Resigned in Scandal Now Wants More Money
▼ + stars: | 2023-12-02 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

As chief executive of Wells Fargo, Timothy J. Sloan failed to clean up a string of scandals that shook the bank and abruptly stepped down amid widespread criticism more than four years ago. He now says Wells Fargo owes him at least $34 million in back pay. Mr. Sloan sued Wells Fargo on Friday, saying that the bank owed him for unpaid stock awards, bonuses and unspecified “emotional distress.” His lawyers said that the bank he formerly led made him a scapegoat for problems that predated his tenure, and they recast his resignation under fire in 2019 as “an act of further loyalty to the bank.”The lawsuit was a surprise move, inasmuch as Wells Fargo for years has been trying to move on from Mr. Sloan’s tenure and improve its relationship with both customers and regulators. A Wells Fargo spokeswoman, Beth Richek, said the bank stood behind its decision to withhold the pay. “Compensation decisions are based on performance,” she said in a statement.

Persons: Wells, Timothy J, Sloan, Wells Fargo, ”, Sloan’s, Beth Richek Locations: Wells Fargo

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

☆ Bridgewater rigged its famous 'believability weighting' system after founder Ray Dalio complained that some employees scored higher than him, book says
▼ + stars: | 2023-11-09 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Bridgewater rigged its "believability weighting" system to keep founder Ray Dalio on top, a new book says. That's according to "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend," out Tuesday from New York Times finance reporter Rob Copeland. Bridgewater's believability weighting system, in theory, was supposed to help determine how much weight a person's opinion carried and to help identify hidden talent within the firm. Bridgewater started experimenting with Dalio's believability weighting system with a prototype allowing staff to see each others' scores on a scale of 1-to-10, but Dalio wasn't pleased, the book said. In response to a request for comment from Insider on the book's assertions regarding the believability rating system, Bridgewater provided excerpts of letters that its lawyers sent to the book's publisher, St. Martin's Press.

Persons: Bridgewater, Ray Dalio, outranked, Dalio, —, Rob Copeland, Dalio wasn't, He'd, Copeland Organizations: Service, Bridgewater Associates, New York Times, —, Bridgewater, New, Martin's Press Locations: Bridgewater

☆ Bridgewater's employee-rating system tracked even the lowest-paid workers — who could get dinged if the office ran out of soda, a book says
▼ + stars: | 2023-11-08 | by ( Jordan Hart | Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Bridgewater employees have famously rated one another's performance in real-time. Ray Dalio even fired an employee based on his peers' answers to a poll about him, "The Fund" says. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Information was compiled into individual employee profiles, which were known as baseball cards around the office, the book said.

Persons: Ray Dalio, —, Ray, Rob Copeland's, Copeland, Dalio, Michael Partington, Partington, Bridgewater Organizations: Bridgewater, Service, Bridgewater Associates, Workers Locations: Ray Dalio's, Bridgewater

☆ A Bridgewater-owned mansion had a written policy for hiring strippers, a new book says
▼ + stars: | 2023-11-08 | by ( Jordan Hart | Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Bridgewater employees hired strippers so often that the firm adopted rules around them, a new book said. The book also said Bridgewater spent millions renovating a mansion frequented by founder Ray Dalio. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "Stripper Policy at The Lookout," the rules read, according to the book. Guests could stay overnight at the Lookout, but the primary bedroom was almost always reserved for Dalio, according to the book.

Persons: Ray Dalio, —, Rob Copeland's, Dalio, didn't Organizations: Bridgewater, Service, Bridgewater Associates, The New York Times, LinkedIn Locations: Connecticut, Bridgewater

☆ Bridgewater spent $1 million renovating a 45-foot 'Rockstar Bus' to shuttle employees between the office, bars, and casinos, book says
▼ + stars: | 2023-11-08 | by ( Pete Syme | Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Ray Dalio's Bridgewater spent nearly $1 million turning a coach bus into an employee limo, a new book says. In a statement, Bridgewater said the book's claims about the bus were "untrue or misleading." AdvertisementAdvertisementBridgewater Associates spent $1 million turning a coach bus into a limousine to shuttle employees around to after-work entertainment, according to a new book about Ray Dalio and his hedge fund. AdvertisementAdvertisementThe bus, internally called the "Rockstar Bus," transported employees from Bridgewater's Connecticut headquarters to bars, restaurants, and casinos, according to Copeland's book. AdvertisementAdvertisement"Four of the buses are standard coach commuter buses, and one of the buses was upfitted as a limousine bus.

Persons: Ray Dalio's Bridgewater, Rob Copeland's, Bridgewater, —, Ray Dalio, Rob Copeland, Bridgewater's, Dalio Organizations: Bridgewater, Service, Bridgewater Associates, New York Times, Martin's Press Locations: Bridgewater, Bridgewater's Connecticut, Bridgewater's, New York City, Bridgewater's Westport

☆ See questions from Bridgewater's 'Principles' test, which probed employees on arrogance and whether their colleagues would steal
▼ + stars: | 2023-11-07 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Take a look at some questions from the exam, published in "The Fund," out Tuesday. Dalio even had a team put together a five-section, closed-book Principles Test that was mandatory for all employees, Copeland wrote. "The Fund" published a handful of questions from the exam. One string of questions asked:"About what percentage of the Bridgewater population would steal if they could get away with it? In 2017, Dalio published his own book chronicling the lessons he learned throughout his career, called "Principles: Life and Work."

Persons: Ray Dalio's Bridgewater, —, Rob Copeland, Ray Dalio, Dalio, Copeland, Bridgewater Organizations: Service, Bridgewater, New York Times, Bridgewater Associates, Investment, LinkedIn Locations: Bridgewater

☆ Paranoid Bridgewater employees ventured into the woods to take some calls — until a rumor spread that the company was looking into installing listening devices in the trees, a new book says
▼ + stars: | 2023-11-07 | by ( Grace Dean | Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Some staff at Bridgewater Associates took personal calls in the woods so their employer couldn't listen in, a new book says. This stopped when a rumor claimed the firm might install devices in the trees, per "The Fund." AdvertisementAdvertisementSome employees at Ray Dalio's investment-management firm Bridgewater Associates took non-work calls in the woods near their offices because they were worried about their employer listening in, according to a new book. This practice stopped, though, when a rumor claimed that the firm was looking into installing devices in the trees that could intercept calls, per the book. AdvertisementAdvertisementIt added that the company "did not investigate installing 'devices in the trees.'"

Persons: Rob Copeland's, —, Ray, Rob Copeland, Ray Dalio, James Comey, printout, printouts, Bridgewater, Dalio Organizations: Bridgewater Associates, Service, New York Times, FBI, Staff, Bridgewater, St Martin's Press Locations: Bridgewater, New, keystroke

☆ Ending the 40-hour workweek is possible, but it'll require sacrifices from all of us
▼ + stars: | 2023-11-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at the internet calling for changes to the "soul-crushing" and "depressing" 9-to-5 workday. The 40-hour workweek is facing a reckoning after a recent grad's viral TikTok emotionally questioning how people have time for a personal life while working a full-time job. AdvertisementAdvertisementSo yes, upending the 9-to-5 is possible — and worth considering — but only with a bit of sacrifice from all of us. Earnings today: Uber, eBay, H&R Block, Nintendo, and other companies.

Persons: —, Dolly Parton, Jeff Kravitz, FilmMagic, Dolly, Gen, Insider's, Gen Z, Tim Paradis, I've, we'd, Rebecca Zisser, Ray Dalio, That's, Rob Copeland's, Dalio, Warren Buffett's, Sam Altman Justin Sullivan, OpenAI's, Sam Altman, Slack, Lidiane Jones, Bumble, Tesla, Samantha Lee, WeWork, they're, Billie Jean King, Bryan Johnson, Dustin Giallanza, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Bridgewater Associates, Bank of America, EV, Microsoft, Billie Jean King Cup, eBay, Nintendo Locations: Taylor, Berkshire, Kentucky, Mississippi, Sevilla, Spain, Australia, Canada, Czech Republic, France, Germany, Italy, Kazakhstan, Poland, Slovenia, Switzerland, New York City, San Diego, London, New York

☆ An agitated Ray Dalio once ordered an extensive study of urine on the men's room floor at Bridgewater, new book says
▼ + stars: | 2023-11-07 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Ray Dalio once ordered a probe into urine on the men's room floor, a new book says. Bridgewater said Dalio did complain about restroom tidiness, but the book passage is "exaggerated" and "false." In "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend," Copeland wrote that Dalio once excused himself from a meeting to use the restroom and he found pee on the floor. "It was a true circus," Copeland wrote in the book. Bridgewater even brought in new urinals and added stickers as targets, the book said, and later reviewed their exact placement.

Persons: Ray Dalio, Dalio, Bridgewater, —, Rob Copeland, Copeland Organizations: Service, New York Times, Bridgewater Associates, LinkedIn, Bridgewater Locations: Bridgewater

☆ Ray Dalio Interrogated His Pregnant Employee Until She Cried: Book
▼ + stars: | 2023-11-06 | by ( Rob Copeland | ) www.businessinsider.com time to read: +11 min

She was one of Ray Dalio's favorites. The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend by Rob Copeland. Excerpted from THE FUND: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend by Rob Copeland. A spokesperson for Ray Dalio told Insider, "This book is just another one of those classic tabloid books, authored by someone who applied for a job at Bridgewater and was rejected more than a decade ago. He then became an investigative reporter at a prominent newspaper and made a career of writing distorted stories about Bridgewater and Ray Dalio, at first in articles and now in this book.

Persons: Ray Dalio's, Katina Stefanova, mentee, Dalio, Stefanova, wasn't, lackeys, Bridgewater, hadn't, Who, Dalio's leveragers, Ray Dalio, Rob Copeland, Ray, Dustin Hoffman's Oscar Organizations: Bridgewater Associates, Bridgewater, Transparency, Martin's, Martin's Publishing, New York Times, Wall Street Journal Locations: Bridgewater, Bridgewater's Westport, Conn, St

☆ Ray Dalio once interrogated his pregnant protégé in front of his top execs until she cried
▼ + stars: | 2023-11-06 | by ( Rob Copeland | ) www.businessinsider.com time to read: +11 min

She was one of Ray Dalio's favorites. Dalio announced to the room that he would first "probe" and then deliver what he called a "diagnosis." The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend by Rob Copeland. Excerpted from THE FUND: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend by Rob Copeland. He then became an investigative reporter at a prominent newspaper and made a career of writing distorted stories about Bridgewater and Ray Dalio, at first in articles and now in this book.

☆ How Does the World’s Largest Hedge Fund Really Make Its Money?
▼ + stars: | 2023-11-01 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

For years, the whispered questions have passed from one Wall Street trading floor to the next. Bridgewater Associates, a global investing force, had $168 billion under management at its peak in 2022, making it not just the world’s largest hedge fund, but also more than twice the size of the runner-up. Yet the hedge fund’s overall descriptions of its investment approach could be maddeningly vague. Mr. Dalio often said he relied on Bridgewater’s “investment engine,” a collection of hundreds of “signals,” or quantitative indicators that a market was due to rise or fall. (One rule reads, in part: “Not all opinions are equally valuable so don’t treat them as such.”)

Persons: Ray Dalio, Dalio, Bridgewater Organizations: Bridgewater Associates, Bridgewater, White, Federal Reserve Locations: Manhattan, Bridgewater

☆ Morgan Stanley Names Ted Pick, a Bank Veteran, Its Next C.E.O.
▼ + stars: | 2023-10-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Pick, 54, joined Morgan Stanley in 1990 and rose through the ranks in its investment banking and trading businesses, most recently serving as a co-president overseeing those units. In an interview, he said he hadn’t found out that he would be named chief executive until around 4:30 p.m. Wednesday, when the bank’s board of directors called him into a meeting and welcomed him with a standing ovation. He stands to inherit a very different bank from the one Mr. Gorman took over after the 2008 financial crisis. The power struggle was captured in “Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley,” by the journalist Patricia Beard. With a strong technology banking practice, Morgan Stanley played a central role last year in Mr. Musk’s takeover of Twitter, now known as X.

Persons: Pick, Morgan Stanley, hadn’t, Gorman, Morgan Stanley’s, John J, Mack, Philip J, Purcell, ”, Patricia Beard, Smith Barney, Morgan Organizations: Credit Suisse, Elon, Twitter

☆ For Goldman Sachs, No Bad News Is Good News After a Brutal Stretch
▼ + stars: | 2023-10-17 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

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

☆ Billionaire Bridgewater founder Ray Dalio says he's focusing on running his family office, not returning to run the world's largest hedge fund
▼ + stars: | 2023-10-03 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Ray Dalio says he's not plotting a comeback to Bridgewater, the fund he founded in 1975. Speaking at a Greenwich conference Tuesday, Dalio denied a New York Times report saying he might return. He said he will focus on running his family office and mentoring Bridgewater's leadership team. Dalio is building out his family office with a new office in Abu Dhabi and hiring in its other hubs in the US and Singapore, according to Bloomberg. The world's largest hedge fund is now being run by Nir Bar Dea, who has already shaken up the firm with a restructure and layoffs.

Persons: Ray Dalio, he's, Dalio, —, Mark Baumgartner, Rob Copeland, Nir Bar Dea Organizations: Bridgewater, New York Times, Service, Bridgewater Associates, Carnegie, Greenwich Economic, Times, Wall Street, New York Post, Bloomberg Locations: Greenwich, China, Westport , Connecticut, Abu Dhabi, Singapore, Bridgewater

☆ Billionaire Ray Dalio Pushes for Return to Hedge Fund in Succession Clash
▼ + stars: | 2023-09-15 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Less than a year after retiring, Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, is threatening his former colleagues with the one thing they have worked hard to prevent: his return. The billionaire investor, who is 74, doesn’t necessarily want to come back to run the firm he founded 50 years ago. Bridgewater’s main fund has been on a downward slide since Mr. Dalio’s retirement. Some of Bridgewater’s top staff and board members, including its chief executive, Nir Bar Dea, whom Mr. Dalio appointed, have repeatedly told him that they will quit if he interferes. They fear that Mr. Dalio might use the proposed fund as a way to come back and reassert control, according to people briefed on internal deliberations but not authorized to speak publicly.

Persons: Ray Dalio, Dalio, Dalio’s, Nir Bar Dea Organizations: Bridgewater Associates Locations: Bridgewater

☆ Citi, Falling Behind Peers, Unveils ‘Uncomfortable’ Changes and Layoffs
▼ + stars: | 2023-09-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Citigroup unveiled a wide-ranging management shake-up on Wednesday and its chief executive, Jane Fraser, admitted in unusually frank terms that the bank was headed in the wrong direction and said that for the foreseeable future her employees “might not enjoy it so much.”The global banking colossus said it would cut some divisions and move others to report directly to Ms. Fraser. Long known for its international arms, it will wind down some of its operations abroad and all but eliminate the overlapping, co-heads of various business lines. The firm’s three regional chiefs, who previously had wide authority to make decisions in their geographic areas, were eliminated. The changes amount to a public confession that the bank has failed to crack the upper echelon of its peers in areas like investment banking and wealth management since Ms. Fraser took over two and a half years ago. Citi’s stock is down 13 percent over the past year, though shares rose more than 2 percent on Wednesday after the bank announced the changes.

Persons: Jane Fraser, Fraser . Long, Fraser Organizations: Citigroup

☆ CBS News President Steps Down
▼ + stars: | 2023-08-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: 1 min

The CBS News president Neeraj Khemlani stepped down on Sunday after a little more than two years in his post, the latest executive reshuffling in a tumultuous period for television news. Mr. Khemlani had been in charge of flagship programs such as “CBS Evening News,” and “60 Minutes.” He will remain at CBS in a different capacity, he told staff in an internal email. He has signed a multiyear deal to develop content for the conglomerate, including documentaries, series and books. “It’s an opportunity that will allow me to write, report and develop stories that I’ve long wanted to pursue,” Mr. Khemlani said in the email. He had been co-head of the news division with the local news veteran Wendy McMahon, who will remain in her role.

Persons: Neeraj Khemlani, reshuffling, Khemlani, “, ” Mr, Wendy McMahon Organizations: CBS, CBS Evening

☆ Zuckerberg Says It’s ‘Time to Move On’ From ‘Cage Fight’ With Musk
▼ + stars: | 2023-08-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

The will-they-or-won’t-they drama between Elon Musk and Mark Zuckerberg over a potential “cage fight” appeared on Sunday to end with a whimper, as Mr. Zuckerberg said that Mr. Musk’s delays and excuses had rendered the discussion moot. In a post to his nascent social-networking platform, Threads, Mr. Zuckerberg, the chief executive of Meta, wrote, “I think we can all agree Elon isn’t serious and it’s time to move on.” He included the hint of a taunt, “If Elon ever gets serious about a real date and official event, he knows how to reach me.”Mr. Zuckerberg’s message seemingly ended the suspense around a stranger-than-fiction summer of tension between the technology titans. Less than two months ago, Mr. Musk mused that he was “up for a cage match.” That was just before Instagram, owned by Meta, introduced Threads as a competitor to Mr. Musk’s Twitter (now renamed “X”). Whether or not he was serious at the time, intermediaries between the men began sketching out the contours of a match. Both executives continued to fan the flames; Mr. Zuckerberg posted photographs of himself shirtless in training, and Mr. Musk said in posts on X that the event could happen in Italy.

Persons: Elon Musk, Mark Zuckerberg, ”, Zuckerberg, “, Elon isn’t, Elon, Mr, Musk’s, Musk Organizations: Elon, Meta, Musk’s Twitter Locations: Italy

☆ Goldman’s C.E.O. Is Stuck, Without a Clear Lifeline
▼ + stars: | 2023-08-11 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Mr. Solomon had not been expecting it. He made it clear to Mr. Solomon that his patience was waning, according to three people briefed on the conversation. Mr. Solomon, politely but firmly, turned Mr. Blankfein down. It has been a slog for Mr. Solomon. It isn’t just Mr. Blankfein who is fed up.

Persons: Lloyd Blankfein, David Solomon, Goldman Sachs, Solomon, Blankfein, Solomon’s, Goldman

☆ PacWest Bank, Thrashed by Deposit Crisis, Will Be Taken Over
▼ + stars: | 2023-07-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday. The development was a humbling end for the 24-year-old PacWest, a once fast-growing Los Angeles bank whose clients fled amid turmoil for regional lenders this year. The PacWest name will be retired, and the combined banks will operate under the Banc of California name. Jared Wolff, the chief executive of Banc of California, will run the new entity. In an indication of how weakened PacWest has become, the combined bank will have just $30.5 billion in deposits — considerably less than the $34 billion that PacWest had at the start of the year.

Persons: Jared Wolff, PacWest, Warburg Pincus Organizations: PacWest Bank Locations: Banc, California, Los Angeles

☆ UBS Is Fined Nearly $400 Million in Credit Suisse’s Archegos Mess
▼ + stars: | 2023-07-24 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS. That UBS is now left with the bill is a reminder of the risk it took when it agreed, under pressure from the Swiss authorities, to rescue Credit Suisse for $3.2 billion. The settlement increases the takeover price more than 10 percent, and it saddles UBS with a host of measures ordered by regulators to prevent a repeat of such losses. Regulators also ordered UBS “to address additional longstanding deficiencies in other risk management programs at Credit Suisse’s U.S. operations.”

Persons: Credit Suisse’s, ” Organizations: UBS, Credit Suisse, Credit, Archegos Capital Management, Suisse, Federal Reserve, Regulators, UBS “, Credit Suisse’s Locations: United States, Britain

☆ Steep Profit Fall at Goldman Sachs Highlights Wall St. Giant’s Woes
▼ + stars: | 2023-07-19 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

The NumbersGoldman Sachs reported a profit of $1.1 billion in the second quarter, down more than 60 percent from last year. Goldman acquired GreenSky less than two years ago, as part of an ill-fated foray into consumer lending. Goldman has gone through at least three rounds of layoffs this year, taking head count down 8 percent so far this year. Having already conceded some losses in that area, Goldman can now shift attention to other areas of the business. The bank is still unwinding the businesses, at a loss, and it may expect more ugly headlines until that is finished.

Persons: Goldman Sachs, Goldman, GreenSky, ” David Solomon, Solomon, JPMorgan Chase, Marcus Organizations: JPMorgan Locations: yore

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