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Goldman Sachs reported first-quarter earnings on Monday that trounced Wall Street's forecasts. The investment bank generated over $14 billion in net revenue and $11.58 in earnings per share. Goldman reported strong growth in investment-banking fees and asset and wealth management. Goldman's asset and wealth management arm posted an 18% rise in net revenue to $3.8 billion, helped by record quarterly management and other fees. AdvertisementIn the earnings release, Goldman CEO David Solomon said: "Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs.
Persons: Goldman Sachs, Goldman, , David Solomon Organizations: Wall, Service
Artificial intelligence is on everyone's lips, and that's expected to translate into big bucks for Goldman Sachs, according to CEO David Solomon. He said the bank has been "advising clients on these topics and how to think about potential use cases in their operations." AI's impact on jobsSolomon also explained how, internally, AI could impact its own workforce. "We see enormous opportunities for productivity gains and also opportunities for efficiency," Solomon said, describing how the AI revolution could impact Goldman's human capital. Some firms like Deutsche Bank have been piloting test cases to evaluate the impact AI could have on junior bankers' workflows.
Persons: Goldman Sachs, David Solomon, Solomon, PwC, — Goldman, Goldman, JPMorgan Chase, Reed Alexander Organizations: Business, P Global, Intelligence, Deutsche Bank, Goldman, New York Times, JPMorgan, Global Locations: ralexander@businessinsider.com
A government-appointed commission in Germany recommended on Monday that lawmakers legalize abortion during the first trimester of pregnancy, a move that could push the country into a long-avoided debate on an issue that for decades remained in a legal gray zone. Outside of exceptions for medical reasons or because of rape, abortions in Germany are technically illegal. But, in practice, they are broadly permitted in the first 12 weeks if a woman has received mandatory counseling and then waits at least three days to terminate the pregnancy. Abortion rights activists say Germany has grown increasingly out of sync with the rest of Europe, where several countries have recently moved to loosen restrictions on abortion or to bolster laws protecting access to the procedure — especially after the U.S. Supreme Court overturned Roe v. Wade in 2022. Last month, legislators in France voted to explicitly enshrine access to abortion in the Constitution, making their country the first in the world to do so.
Persons: Roe, Wade Organizations: U.S, Supreme Locations: Germany, Europe, France
To enter a secret session of Germany’s Parliament, lawmakers must lock their phones and leave them outside. Because seated alongside them in those classified meetings are members of the Alternative for Germany, the far-right party known by its German abbreviation, AfD. In the past few months alone, a leading AfD politician was accused of taking money from pro-Kremlin strategists. And some of its state lawmakers flew to Moscow to observe Russia’s stage-managed elections. It worries me,” said Erhard Grundl, a Green party member of the Parliament’s foreign affairs committee.
Persons: , , Erhard Grundl Organizations: Kremlin Locations: Germany, Moscow
David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday. Dormant capital markets and missteps tied to Solomon's ill-fated push into retail banking should give way to stronger results this year. Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division.
Persons: David Solomon, Goldman Sachs, StreetAccount Goldman Sachs, Goldman, outsized, Solomon, Philip Berlinski, Beth Hammack, Wells Fargo Organizations: LSEG Revenue, Trading, Rivals JPMorgan Chase, Citigroup, Wall, JPMorgan Locations: Davos, Switzerland
Raul Rubiera | Miami Herald | Getty ImagesWhen Carolyn Lamb saw news of Cuban spy Victor Manuel Rocha's arrest on the news last December, she recognized him immediately. The lower the value of the claims, the less the Cuban government would have to pay in any future negotiated settlement. Ashby assumed Rocha's paranoia about eavesdropping was in response to the George W. Bush administration's opposition to the Cuba claims buying business. But according to the Justice Department, by that point Rocha was already in his third decade as a Cuban agent. File photo of former US ambassador to Bolivia, Manuel Rocha, talking to the press on the 11th of July 2001.
Persons: V, Manuel Rocha, Steel Hector, Davis, Raul Rubiera, Carolyn Lamb, Victor Manuel Rocha's, Rocha, Lamb, Lamb's, Castro, Justin Solomon, CNBC Castro didn't nationalize, of Rocha, Fidel Castro's, It's, Jason Poblete, Poblete, John Kavulich, Sears Roebuck, Timothy Ashby, Ashby couldn't, Ashby, George W, Bush, Little, Covert, Gonzalo Espinoza Organizations: Miami Herald, Steel, Cuban, US State Department, National Security, Cuban Telephone Company, " Beverage Company, CNBC, Pepsi, General Electric, Century Fox, Cuba Trade, Economic Council, Justice Department, Citizen, State Department, National Security Council, DOJ, Cubans, FBI, AFP, Getty Locations: America, Omaha, Bolivia, Cuba, Havana, United States, Cuban, Rocha, Columbia, Dominican Republic, Honduras, Mexico, Argentina, Miami, Chile
Beth Hammack, a past treasurer and CEO of Goldman Sachs Bank USA, recently left after reportedly being passed over for the CFO job. April 11, 2024Carey Halio Named Global Treasurer of Goldman SachsI am pleased to announce that Carey Halio has been named global treasurer of Goldman Sachs and will become a member of the Management Committee. Previously, Carey was chief executive officer of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. He first joined Goldman Sachs in 2006 in Investment Banking, where he advised US financial institutions on capital markets and regulatory capital issues. Please join us in congratulating Jehan on his new responsibilities, and in wishing him and the Investor Relations team continued success.
Persons: Goldman Sachs, Philip Berlinski, Berlinski, Goldman, Denis Coleman, Carey Halio, Halio, David Solomon, she'll, Jehan Ilahi, who's, Coleman, Russell Horwitz, Beth Hammack, Stephanie Cohen, Solomon, Horwitz, Carey, David, Jehan, Morgan, Denis Coleman Russell Horwitz Organizations: Financial Times, Goldman Sachs Bank USA, Business, BI, Street Journal, Goldman, Management, Investor Relations, Goldman Sachs Bank, Financial, Investment Banking, Equity Investor Relations, Banking Locations: New York
Carey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Prior to running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings on Monday.
Persons: Carey Halio, Goldman Sachs, Denis Coleman, Philip Berlinski, Halio, Carey, David Solomon, Jehan Ilahi Organizations: Millennium Management, Financial Times, CNBC, Goldman Sachs Bank USA, Financial
What’s in Our Queue? ‘Kleo’ and More
  + stars: | 2024-04-10 | by ( Erika Solomon | ) www.nytimes.com   time to read: 1 min
What’s in Our Queue? ‘Kleo’ and MoreI’m a correspondent covering Germany, Austria and Switzerland. I’m drawn to culture that reflects the history of the place or people I write about, especially in ways that turn my understanding of them on its head. Here are five things I’ve been looking at, reading, watching and listening to →
Persons: , I’m Locations: Germany, Austria, Switzerland
Germany on Tuesday began defending itself at the International Court of Justice against allegations that it is furthering genocide in Gaza by supplying arms to Israel. Nicaragua brought the case against Germany to the court in The Hague. Berlin has denied violating the Genocide Convention or international humanitarian law, and sent a delegation of international lawyers, including some from Britain and Italy, to the U.N. court. Germany is Israel’s second-largest arms supplier after the United States and a nation whose leadership calls support for the country a “Staatsräson,” a national reason for existence, as a way of atoning for the Holocaust. But the mounting death toll in Gaza and humanitarian crisis in the enclave have led some German officials to ask whether that backing has gone too far.
Organizations: Tuesday, International Court of, Convention Locations: Germany, Gaza, Israel, Nicaragua, The Hague, Berlin, Britain, Italy, United States, , atoning
Germany on Tuesday defended itself against accusations that its arms sales to Israel were abetting genocide in Gaza, arguing at the International Court of Justice that most of the equipment it has supplied since Oct. 7 was nonlethal and that it has also been one of the largest donors of humanitarian aid to the Palestinians. Debate over Israel’s war with Hamas in the Gaza Strip has been muted in Germany, whose leadership calls support for Israel a “Staatsräson,” a national reason for existence, and where people have historically been reluctant to question that support publicly. But the mounting death toll and humanitarian crisis in Gaza have led some German officials to ask whether that unwavering backing has gone too far. Lawyers for Germany said Tuesday that the allegations brought by Nicaragua had “no basis in fact or law” and rested on an assessment of military conduct by Israel, which is not a party to the case. Tania von Uslar-Gleichen, an official at Germany’s Foreign Ministry and lead counsel in the case, told the 15-judge bench that Nicaragua had “rushed this case to court on the basis of the flimsiest evidence.”
Persons: , Tania von Uslar, Organizations: International Court of Justice, Hamas, Israel, Lawyers, Germany’s Foreign Ministry Locations: Germany, Israel, Gaza, The Hague, Nicaragua,
Read previewA trio of top Wall Street bosses is facing investor agitation this spring over their jobs. The attempts to add more independent oversight to the firms' boards of directors is a public rebuke to those CEOs. Last week, top proxy firms Glass Lewis and Institutional Shareholder Services recommended Goldman and BofA separate their CEO-chair jobs. AdvertisementA cyclical history of splitting CEO and chairman rolesThese proposals cycle in and out of fashion, and Wall Street has seen plenty of similar ballot questions, from shareholders large and small. Large companies — like the trio of Wall Street firms now — were targeted much more often for shareholder proposals to split the jobs than the small companies.
Persons: , Goldman Sachs, David Solomon, Larry Fink, Brian Moynihan, Glass Lewis, Goldman, BofA, Moynihan Organizations: Service, Goldman, BlackRock, Bank of America, Business, Institutional, Exxon, Stanford Graduate School of Business, Stanford, Wall Street
“Kamilla Cardoso was not going to let us lose a game in the NCAA tournament,” South Carolina head coach Dawn Staley said. While the spotlight was on Clark, South Carolina just kept winning. Ben Solomon/NCAA Photos/Getty Images Clark, right, and Kate Martin walk off the court after losing to South Carolina. Kirby Lee/USA Today Sports/Reuters Kamilla Cardoso of the South Carolina Gamecocks and Saniya Rivers jump for the opening tipoff. Ben Solomon/NCAA Photos/Getty Images South Carolina's Te-Hina Paopao walks onto the court during player introductions ahead of the game.
Persons: Iowa’s Caitlin Clark, Clark, Tessa Johnson, Kamilla Cardoso, Cardoso, “ Kamilla Cardoso, Dawn Staley, Paopao, Chloe Kitts, Staley, she’s, ” Clark, , I’m, Lisa, Bluder, ” Staley, Caitlin Clark, Morry Gash, “ Awesome, it’s, , Raven Johnson, ” Raven Johnson, They’d, ” Tessa Johnson, Aaron Doster, Steph Chambers, Ben Solomon, Kate Martin, Gregory Shamus, Morgan Engel, Bree, Carolyn Kaster, Fulwiley, Iowa's Hannah Stuelke, Gabbie Marshall, Lisa Bluder, Marshall, Justin Tafoya, Carolina's Chloe Kitts, Reuters Staley, Jason Sudeikis, Ken Blaze, Reuters Clark, Kirby Lee, Ashlyn Watkins, Martin, Kylie Feuerbach, Watkins, Sydney Affolter, Carolina's Cardoso, Stuelke, Jason Miller, Al Bello, Paige Bueckers, Brady, Aaliyah Edwards, Edwards, Nika, KK Arnold, Arnold, Zoe Brooks, MiLaysia, Baldwin, Chloe Kitts of, Sania Feagin, C, Wes Moore, Katie Peneueta, Brooks, Rivers, Reuters Kamilla Cardoso, Saniya, UConn’s Paige Bueckers, LSU’s Angel Reese, JuJu Watkins, rebounder, Naismith, Entering’s Organizations: CNN, NCAA, Gamecocks, Iowa, LSU, WNBA, South, Mortgage, ESPN, Hawkeyes, South Carolina Gamecocks, Iowa Hawkeyes, Sunday, USA, Sports, Reuters, Getty, AP, Carolina, Sydney, The Iowa Hawkeyes, UConn Huskies, Huskies, UConn, Images Iowa, Images, Getty Images Iowa, NC State Wolfpack, North Carolina State, NC State, tipoff, South Carolina, Associated Press, Wade, Eight Locations: Iowa, South Carolina, Cleveland , Ohio, Clark , South Carolina, Reuters Iowa, Carolina, Cardoso of South Carolina, Stuelke, Martin, Cleveland, Chloe Kitts of South Carolina
Goldman Sachs partner Brian Robinson at 200 West Street. The sign that Goldman Sachs partner Brian Robinson created. Robinson's mission to revamp leadership — from his high C's to neon sign creations — appears to be rubbing off on clients and colleagues alike. He is currently making one for a Goldman partner with a fifth-floor office who asked for a customized sign to hang in that workspace, he said. The goal, he said, is for the signs to stand on the walls of Goldman Sachs "for years and decades to come."
Persons: Goldman Sachs, Brian Robinson, Goldman, Robinson, It's, Robinson —, David Solomon, John Waldron, Robinson's, , He's, he's, Carlyle Organizations: Service, Wall Street, Business, Wall, Deutsche Bank Locations: Americas, Manhattan, London, New York
Goldman Sachs CEO David Solomon faces a challenge from a big investor advisor. The advisor recommended separating the CEO and chairman roles for more independent oversight. The annual meeting vote comes amid scrutiny of Goldman's consumer business and personnel issues. AdvertisementGoldman Sachs' CEO is facing a fresh challenge to his leadership from an advisor to some of the bank's biggest investors. Proxy advisor Institutional Shareholder Services, or ISS, wants Goldman to separate the CEO and chairman roles.
Persons: Goldman Sachs, David Solomon, , Goldman Organizations: Service, Services, Reuters, ISS, Business
In today's big story, we're looking at a Wall Street billionaire's prediction that the four-day workweek is coming . Billionaire hedge fund manager and New York Mets owner Steve Cohen said a four-day workweek is inevitable , Business Insider's Matthew Fox writes. Cohen put his money where his mouth is regarding the four-day workweek. As the newest four-day workweek fan club member, Cohen must be interested in implementing it at his hedge fund, Point72. Maybe the four-day workweek represents the olive branch companies can extend to get people back to their desks.
Persons: , Jack, Dave Kotinsky, Rebecca Zisser, Steve Cohen, Matthew Fox, I'd, Cohen, Tech.co, Yuki Iwamura, Jerome Powell, Powell, Tesla, Brooks Kraft, OpenAI's, Logan Kilpatrick, Kilpatrick, Carl Godfrey, Bob Iger, Nelson Peltz, Iger, he's, he'll, Goldman Sachs, David Solomon, Joe Lewis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, United Airlines, Boeing, Business, Lincoln Center, Billionaire, New York Mets, CNBC, Mets, Technologies, Workers, Federal, JPMorgan, Brooks, Brooks Kraft LLC, Getty, Services, Google, Bloomberg, BI, Reuters Locations: York, New York, London
Days after Hamas launched its Oct. 7 attacks on Israel, Germany’s chancellor, Olaf Scholz, was one of the first Western leaders to arrive in Tel Aviv. Standing beside the Israeli prime minister, Benjamin Netanyahu, he declared that Germany had “only one place — and it is alongside Israel.”That place now feels increasingly awkward for Germany, Israel’s second-largest arms supplier, and a nation whose leadership calls support for the country a “Staatsraison,” a national reason for existence, as a way of atoning for the Holocaust. Last week, with Israel’s deadly offensive continuing in Gaza, the chancellor again stood next to Mr. Netanyahu in Tel Aviv, and struck a different tone. “No matter how important the goal,” he asked, “can it justify such terribly high costs?”With international outrage growing over a death toll that Gazan health authorities say exceeds 32,000, and the looming prospect of famine in the enclave, German officials have begun to question whether their country’s support has gone too far.
Persons: Olaf Scholz, Benjamin Netanyahu, Israel’s, Netanyahu, Organizations: Hamas Locations: Israel, Tel Aviv, Germany, , atoning, Gaza
Health-tech company Masimo , best known for its successful patent litigation over the Apple Watch, is facing a proxy fight for the second time in two years — from the same activist investor who now sits on the company's six-person board. The acquisition, which frustrated some investors and was seen as unrelated to Masimo's core health-tech focus, prompted Politan's first proxy fight at the company. If successful, the activist investor would control four of the company's six board seats. In the previous proxy fight, Kiani showed no desire to settle a fight with the activist fund. Politan said in its release that it hoped to avoid another proxy fight.
Persons: Quentin Koffey's, Masimo, Politan's, Politan, Darlene Solomon, Bill Jellison, Solomon, Jellison, Michelle Brennan, Koffey, Joe Kiani, Kiani, Darlene, Bill, Quentin Koffey Organizations: Apple Watch, Sound Locations: Agilent
Apple's having a rough year
  + stars: | 2024-03-24 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com   time to read: +4 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Justin Sullivan/Getty Images; Jenny Chang-Rodriguez/BIThis week's dispatchTaking a bite out of AppleApple's having a rough year. Apple is to blame for Amazon and Microsoft's phone failures, per the DOJ, which also zeroes in on Apple's green text bubbles. It was a tech antitrust lawsuit more than two decades ago that helped create space for Apple's rise.
Persons: , Justin Sullivan, Jenny Chang, Rodriguez, Tim Cook, Steve Jobs, Apple, Rebecca Zisser, Frazer Harrison, Tyler Le, Goldman Sachs, David Solomon, Patrick Semansky Goldman, Russell Horwitz, Al Schwimmer, Frank Sinatra, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Apple, Department of Justice, DOJ, Amazon, FTC, Getty, Google, BI, David Solomon AP Locations: China, Palestine, New York
Horwitz's March 13 memo was sent to all partners, managing directors, and vice presidents in response to a recent Wall Street Journal story. Women exits at GoldmanThe story comes amid a recent spate of departures of high-profile female executives at Goldman. Other women partners who have left include Katie Koch, a former top executive in asset management; Heather Miner, ex-global head of investor relations; and Jennifer Davis, a former head of retail investment banking. We are very fortunate to have extraordinary female partners that continue to increase in numbers. Our longer term success depends significantly on developing female partners in senior roles."
Persons: Goldman Sachs, Russell Horwitz, hasn't, Horwitz, David Solomon's, Horwitz —, Goldman, Marc Nachmann, Stephanie Cohen, BI's Bianca Chan, Beth Hammack, Cohen, Hammack, Alison, , Solomon, Katie Koch, Heather Miner, Jennifer Davis, Horowitz, Russell W, David, we've Organizations: Business, Horwitz's, Goldman, Firm, Women, Media Relations
Cohen, 46, will join Cloudflare, a San Francisco-based technology company aimed at helping businesses improve their internet security and performance. It will be a familiar role, as she served as Goldman's strategy chief from 2018 to 2020. Having spent 20 years inking deals within Goldman Sachs' investment banking unit, Cohen is no stranger to the boardroom. "But the reality is, Goldman Sachs is not a technology firm," Cohen said. When she broke the news to Argenti, he told her, 'This is exactly what you should do… this is exactly the right company," Cohen recalled.
Persons: Stephanie Cohen, Cohen, " Cohen, David Solomon, Goldman, Beth Hammack, Cloudflare, Solomon, John Waldron, Matthew Prince, Michelle Zatlyn, Goldman Sachs, it'll, Lloyd Blankfein, Brendan McDermid, Reuters Cohen, they're, I, Stephanie, Prince, she'll, Marco Argenti Organizations: Business, Cloudflare, IBM, University of Illinois, Goldman, Reuters, Financial Times Locations: San Francisco, Utah, Urbana, Champaign
Chancellor Olaf Scholz and President Emmanuel Macron of France met in Berlin on Friday looking to smooth over their differences on how to support Ukraine in its war with Russia and allay concerns that the Franco-German “engine of Europe” is sputtering. Mr. Scholz hosted Mr. Macron alongside Poland’s prime minister, Donald Tusk, as Europe struggles to maintain unity at a critical moment, with U.S. support for Kyiv in question and Russian forces having made gains on the battlefield. In recent weeks, the differences between the allies have become unusually public and bitter, even as all agree that support for Ukraine is crucial to preventing further Russian aggression in Europe. Mr. Macron, eager to stake out a tougher stance toward President Vladimir V. Putin of Russia, chided allies not to be “cowards” after they strongly rebuffed his suggestion that NATO countries should not rule out putting troops in Ukraine. From being Europe’s dove on Russia, the French leader, feeling humiliated over his initial outreach to Mr. Putin, has been transformed over the past two years into its hawk.
Persons: Olaf Scholz, Emmanuel Macron, Scholz, Macron, Donald Tusk, Vladimir V, Putin, Organizations: Franco, U.S, Kyiv Locations: France, Berlin, Ukraine, Russia, German, Europe
It was more than double the value of the next-largest deal, a Japanese healthcare merger that clocked in at $22 billion. And, for its part, Seagen tapped advisors at two boutique firms: Centerview and MTS Health Partners. "We want to be the preeminent healthcare bank. Last year, during a healthcare M&A boom that's expected to continue this year, the bank onboarded 14 new staffers, including the partners, a company spokesperson said. Advertisement"We are absolutely in growth mode looking to have high-quality bankers who are capable of generating business off of this platform without all the accoutrements of a big bank," Weisenfeld continued.
Persons: Seagen, Andrew Weisenfeld, Goldman Sachs, Morgan Stanley, Dealogic, Weisenfeld, , Curtis Lane, Bear, Daun Chung, Ryan Stewart, Reed Alexander Organizations: Service, Pfizer, Guggenheim, Centerview, MTS Health Partners, MTS, Goldman, JPMorgan, Bank of America, Partners, CTI, New, Bear Stearns, London Stock Exchange, Seagen, Medicines, Novartis, Chase Securities, Health Partners, Guggenheim Securities, Triple, SVB Securities, Solomon Partners, Citigroup Locations: Wall, New York City, Seattle
For Germany — a country that knows something about how extremists can hijack a government — the surging popularity of the far right has forced an awkward question. How far should a democracy go in restricting a party that many believe is bent on undermining it? German politicians have become increasingly alarmed that someday the party could wield influence in the federal government. Its popularity has grown despite the fact that the domestic intelligence services announced they are investigating the party as a suspected threat to democracy. History hangs heavy over Germany as well — the Nazis used elections to seize the levers of the state and shape an authoritarian system.
Locations: Germany, Poland, Hungary
That led Meyer to take a lesson with a golf pro on an indoor simulator, an experience that eventually led him and his investment firm, Enlighted Hospitality Investments, to make a $20 million minority investment in Five Iron Golf, an indoor golf and entertainment company. Five Iron Golf, founded in 2017, has grown as it has looked to appeal to several types of golfers, according to CEO Jared Solomon. "The core of Five Iron Golf is to be the best place for the serious golfer as well as the entertainment-type person," Solomon said. But the amount of people who are only playing golf on courses is decreasing, down 9% from the previous year. In fact, there are more players now playing at golf entertainment venues like Topgolf , standalone driving ranges, and businesses like Five Iron Golf with simulator and screen golf setups than there are players playing on a course, according to the NGF data.
Persons: Danny Meyer, hasn't, Meyer, we've, Jared Solomon, Solomon Organizations: Shake, Enlighted Hospitality Investments, National Golf Foundation Locations: U.S
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