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☆ Goldman’s brainwaves are best left for its clients
▼ + stars: | 2022-10-18 | by ( John Foley | ) www.reuters.com time to read: +4 min

A strategic swerve is an acknowledgement that brainwaves are best pitched to clients than executed by the Wall Street firm itself. Jamie Dimon’s bank drops around $12 billion a year on technology, an entire quarter of Goldman’s revenue. It’s a U-turn, but that’s okay since Goldman is still a leader on the bread-and-butter Wall Street stuff. The Wall Street firm made an 11% return on equity. Revenue from fixed-income trading increased 41% year-on-year, and equities trading revenue slipped 14%.

☆ Goldman Plans Sweeping Reorganization, Combining Investment Banking and Trading
▼ + stars: | 2022-10-17 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Goldman has been beefing up the businesses that command higher valuations on Wall Street. Goldman Sachs Group plans to fold its biggest businesses into three divisions, undertaking one of the biggest reshuffles in the Wall Street firm’s history. Goldman will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and wealth-management unit, the people said.

☆ Goldman Plans Sweeping Reorganization, Combining Investment-Banking and Trading
▼ + stars: | 2022-10-17 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Goldman, which has offices in New York, is scheduled to report third-quarter earnings this week. Goldman Sachs Group plans to fold its biggest businesses into three divisions, undertaking one of the biggest reshuffles in the Wall Street firm’s history. Goldman will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and wealth-management unit, the people said.

☆ Time for someone else to ride the Peloton bike?
▼ + stars: | 2022-09-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Peloton also announced job cuts at the time of McCarthy’s hiring and revealed more layoffs in August. Peloton is one of several pandemic era winners that are now finding it difficult to keep the boom times going. With that in mind, Nike (NKE) or Adidas (ADDDF) could work out as potential Peloton buyers. Amazon (AMZN) is also compelling as a potential Peloton owner. Nike and Amazon were both mentioned in various media reports as potential acquirers for Peloton in February, just before McCarthy was hired.

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