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☆ Goldman Sachs' Stephanie Cohen is taking a leave of absence — her second since 2022
▼ + stars: | 2023-06-09 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Goldman consumer banking exec Stephanie Cohen is taking a leave of absence. Goldman will welcome Cohen back "when she is ready," CEO David Solomon said. Stephanie Cohen, a leader of Goldman Sachs' retail banking expansion, is stepping away from the bank for an undisclosed period, employees were told on Friday. Cohen has been with Goldman since 1999 and is known as a key architect of the bank's consumer banking strategy. Cohen also took a leave of absence in 2022 that was not widely shared within the consumer banking division she co-headed, as Insider's Dakin Campbell previously reported.

Persons: Stephanie Cohen, Philip Berlinski, Ericka Leslie, Goldman, Cohen, David Solomon, Goldman Sachs, " Cohen, John Waldron, Stephanie, Solomon, Waldron, Insider's Dakin Campbell Organizations: Apple, General Motors, Solutions, Goldman Sachs Bank USA, Goldman

The tech company will begin its latest round of layoffs today, in its Facebook, WhatsApp, Instagram and Reality Labs units, according to Vox, with up to 4,000 positions possibly set to go. Disney will cut thousands of jobs next week, as part of the C.E.O. Commentators and investors said the moves were a long-awaited recognition that Goldman should focus on its strengths. The online chatboard company told The Times that it would start making others pay to use its application programming interface, the method that allows outside entities to download its vast offering of user discussions. projects by tech giants — which must be trained on huge amounts of data — as a reason for the move.

☆ Goldman Sachs Moves to Keep Shrinking Its Consumer-Lending Business
▼ + stars: | 2023-04-18 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs Group Inc. is moving forward with its plans to pull away from Main Street lending. The bank said Tuesday that it had sold part of the portfolio of Marcus personal loans and put the rest up for sale, even though it had to take a revenue hit to do so. It also said it would start the process to explore the sale of GreenSky, a specialty lender that it bought about a year ago.

April 18 (Reuters) - Goldman Sachs Group Inc's (GS.N) profit fell 19% as dealmaking and bond trading slumped in the first quarter and it lost money on the sale of some assets in its consumer business. Goldman booked a $470 million loss on the sale of some loans from Marcus, dragging down first quarter results. The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. But deposits held in the Marcus business remain core to Goldman and are not under review, a source familiar with the matter had told Reuters earlier this year. Goldman's lackluster trading results contrast with those of Bank of America Corp (BAC.N), which also reported earnings on Tuesday.

☆ 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

☆ Goldman Sachs misses revenue estimates after taking $470 million hit on Marcus loans
▼ + stars: | 2023-04-18 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Unlike its more diversified rivals, Goldman gets the majority of its revenue from Wall Street activities, primarily trading and investment banking. Bad compsFixed income trading revenue fell 17% to $3.93 billion, roughly $230 million below the StreetAccount estimate, on lower activity in currencies and commodities. Despite the decline, it was still one of the Equities trading revenue slipped 7% to $3.02 billion, edging out the $2.9 billion estimate. While investment banking revenue remained weak, falling 26% from a year earlier to $1.58 billion, that was better than the $1.44 billion estimate. The bank's platform solutions business generated $564 million in revenue, a 110% increase from a year earlier and topping the $535.1 million estimate.

April 18 (Reuters) - Goldman Sachs Group Inc (GS.N) is exploring the sale of its Greensky fintech business, the bank's CEO said on Tuesday, its latest move to scale down its retail ambitions. Greensky, which facilitates home improvement loans to consumers, was acquired by Goldman in September 2021 in a $2.24 billion stock deal, which closed a year ago. At the time, Goldman said it expected "significant growth" from combining GreenSky's products with those offered by its Marcus digital bank. GreenSky is a "good business" that is performing well, Goldman CEO David Solomon told analysts after the company reported first quarter earnings that sank 19%. Goldman booked a $470 million loss on the sale of some Marcus loans, which dragged down first quarter results.

☆ Goldman has its fingers in the wrong pies
▼ + stars: | 2023-04-18 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, April 18 (Reuters Breakingviews) - Rising interest rates have been a gift to big U.S. banks – except Goldman Sachs (GS.N). Boss David Solomon is reshaping the firm, but for now Goldman has to earn its money the hard way. Goldman, with interest just 15% of its revenue compared with roughly half at its banking peers, missed out. Solomon wants to remold Goldman as a bank for all seasons, but he isn’t there yet. Goldman’s fixed-income trading revenue fell 17% year-on-year, with “significantly lower” revenue in currencies and commodities.

☆ Jim Cramer's top 10 things to watch in the stock market Wednesday: China, stocks, retail
▼ + stars: | 2023-03-01 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

(See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Premarket stocks: Meme stocks have revolutionized investor days
▼ + stars: | 2023-03-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But they’re also bowing to pressure from retail investors to be more transparent. What’s happening: Investor days evolved from analyst days — meetings that large, public companies historically held privately for their core institutional investors and Wall Street analysts. But the recent influx of retail investors into the stock market has changed that. “A lot of these companies know they need to focus on retail investors now,” said Katie Perry, general manager of investor relations at investing platform Public. ▸ Tesla’s first-ever investor day will be live-streamed Wednesday from its Gigafactory in Austin, Texas.

☆ Analysis: Goldman Sachs faces hard sell for its consumer assets
▼ + stars: | 2023-03-01 | by ( Saeed Azhar | ) www.reuters.com time to read: +5 min

NEW YORK, March 1 (Reuters) - Goldman Sachs Group Inc (GS.N) is embarking on a tough sales pitch to investors for assets in its troubled consumer business, which has dragged on earnings and may lack appeal for potential buyers. In an unexpected move, Chief Executive Officer David Solomon said on Tuesday the bank is looking at 'strategic alternatives' for the consumer business, a signal of a possible sale. Solomon had championed Goldman's foray into consumer banking since taking the reins at the Wall Street powerhouse in 2018. The consumer operations largely failed to gain traction against well-established consumer banks and lost billions of dollars due to credit provisioning. Mike Mayo, an analyst at Wells Fargo, wrote in a note that the key question about Goldman's consumer business is: "who would be willing to buy it, and at what price?"

☆ Goldman Considers Shrinking Its Consumer Business
▼ + stars: | 2023-02-28 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs is exploring alternatives while it works to make the specialty lender GreenSky and its credit-card partnerships profitable. Goldman Sachs Group Inc. Chief Executive David Solomon said Tuesday that the bank is “considering strategic alternatives” for its consumer platforms business, which includes the specialty lender GreenSky and credit-card partnerships with Apple Inc. and General Motors Co.Mr. Solomon made the comments while speaking at the bank’s investor day.

☆ David Solomon says Goldman Sachs is exploring 'strategic alternatives' for its struggling consumer business
▼ + stars: | 2023-02-28 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business, CEO David Solomon and executives revealed on Tuesday at the Wall Street bank's second ever investor day. The phrase "strategic alternatives" is often used as company jargon for a sale or merger. Beyond a sale, strategic alternatives can also involve a spinoff, or other restructuring or alliance to drive value for shareholders. Screenshot of Stephanie Cohen speaking at Goldman Sachs' investor day ScreenshotSolomon held the bank's first ever investor day in 2020 just before the pandemic.

☆ The Atlanta Billionaire Behind Goldman’s Latest Consumer-Lending Push
▼ + stars: | 2023-02-09 | by ( Annamaria Andriotis | Peter Rudegeair | ) www.wsj.com time to read: 1 min

A billionaire entrepreneur who owns more of Goldman Sachs Group Inc. than Chief Executive David Solomon is leading an effort to refresh the Wall Street stalwart’s Main Street lending ambitions. Goldman is shrinking Marcus, its homegrown consumer-banking business. But it is doubling down on GreenSky , a home-improvement lender it bought last year over the objection of some senior executives.

☆ Barclays nabs a former Goldman Sachs Marcus exec to lead its US cards and partnerships business
▼ + stars: | 2023-02-01 | by ( Dakin Campbell | Carter Johnson | ) www.businessinsider.com time to read: +4 min

Goldman Sachs' consumer business is under pressure as CEO Solomon pivots. Villone will join Barclays this April from Goldman Sachs Marcus, where he was a managing director and led global operations and consumer delivery for the Wall Street firm's consumer business. A pivot for Goldman Sachs and MarcusVillone's departure for Barclays also comes as top Goldman Sachs leadership telegraph a retreat from core parts of its consumer business. Goldman Sachs' consumer business was particularly impacted when the firm laid off roughly 3,000 employees last month, or roughly 6% of its workforce. Do you work on Wall Street or at Goldman Sachs or Barclays?

Here are four key takeaways from fourth-quarter earnings that could influence Goldman Sachs' cost-cutting efforts in 2023. In the fourth quarter, they were 66% higher compared to last year, although they fell from the quarter prior. Cutting expenses through attritionTo be sure, Goldman Sachs might not have to resort to more job cuts as it looks to slim down expenses in 2023. Goldman Sachs will begin announcing annual incentive rewards on Wednesday. Goldman Sachs could also gently push employees, particularly higher-level executives, out the door.

☆ Goldman Sachs is still hiring amid sweeping job cuts and a $3 billion consumer lending hit. Here's where the bank continues to recruit talent.
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Carter Johnson | ) www.businessinsider.com time to read: +4 min

Despite cutting thousands of jobs, Goldman Sachs still has some 400 job openings. In a brutal bloodletting, Goldman Sachs laid off as many as 3,200 employees this week and reported steep losses in its troubled consuming lending division. The highest share of postings (48) are for Goldman's asset and wealth management division. Most of the asset and wealth management roles are dedicated to servicing the ultra-wealthy as well as institutional clients. Editor's note: A previous version of this story said Goldman Sachs declined to comment.

☆ Goldman Sachs platform solutions business lost $1.2 billion in 9-months
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - Goldman Sachs Group Inc (GS.N) disclosed a pretax loss for its newly-created platform solutions business of $1.2 billion for the first nine months of 2022, the bank said in a regulatory filing on Friday. The platform solutions business posted higher revenue for the first nine months, but also recorded higher provisions for credit losses and operating expenses. In October, Goldman folded its consumer business, Marcus, into wealth management and created the platform solutions business, which included GreenSky, the fintech lender Goldman bought in a deal valued at $2.2 billion. The bank's three main businesses are now global banking and markets, asset and wealth management, and platform solutions. The disclosure did not provide separate numbers for its direct-to-consumer business, Marcus, which is under asset and wealth management.

☆ 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.

☆ Wall Street says a recession is coming. One investment pro names her favorite stocks to tough it out
▼ + stars: | 2022-12-09 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Tengler, who's been a proponent of dividend growth strategies for more than three decades, named four stocks she owns. Her firm uses what's known as a relative dividend yield strategy to judge the value of a stock. A high relative dividend yield is a buy signal if the dividend level is expected to be sustained and increased over time. Goldman also fits into one of Tengler's top investment themes: old economy stocks that are embracing digital transformation. Two asset managers face off Another old economy stock that Tengler likes is California-based self-storage firm Public Storage .

☆ Goldman Sachs Embeds Software Developers Deeper Into the Business
▼ + stars: | 2022-10-19 | by ( Katie Deighton | ) www.wsj.com time to read: +4 min

PREVIEWHistorically, developers were asking “how” questions, Mr. Argenti said Wednesday during an online Wall Street Journal CIO Network members event. Mr. Argenti joined Goldman in 2019 as co-CIO after serving as vice president of technology at Amazon Web Services. Developers have only gained more power in business since then, Mr. Argenti said. “It’s kind of an evolution…to really manage the customer as one, no matter how many touch points they have within Goldman Sachs, ” Mr. Argenti said. The process can help developers feel more empowered and has led to higher retention rates, Mr Argenti said.

The bank will now have three operating segments - asset and wealth management, global banking and markets, and platform solutions. Goldman Sachs outlined leadership changes for the new units, with Marc Nachmann becoming global head of the asset and wealth management division. In the consumer and wealth management business, Goldman saw revenue jump 18% to $2.38 billion in the quarter, reflecting higher demand for loans and higher fees from managing assets. Goldman said its consumer unit will be folded into two separate businesses - wealth management and the newly created platform solutions. The Platform Solutions unit will include GreenSky, the fintech lender Goldman bought in a $2.2 billion deal.

☆ CEO David Solomon Is Restructuring Goldman Sachs Again
▼ + stars: | 2022-10-18 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

David Solomon is changing up Goldman Sachs divisions like he switches tracks. Goldman Sachs's third restructuring in four years comes as insiders have been questioning the direction that Solomon is taking the storied investment bank in. But first, read Dakin's rundown of who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon. The Swiss bank's investment bank chief Christian Meissner is also set to leave the company in the coming weeks. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.

☆ 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.

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