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☆ Here's what the Credit Card Competition Act could do to your airline miles and travel rewards
▼ + stars: | 2024-04-07 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

Major airlines' bottom line depends on credit card companiesThe Credit Card Competition Act , which was introduced to Congress in June 2023 would require major banks to use at least one credit card payment network that isn't Mastercard or Visa — companies that control more than 80% of US credit card transactions — to introduce more competition into the credit card market. AdvertisementSen. Dick Durbin, a Democrat from Illinois, is the lead sponsor of the Credit Card Competition Act. AdvertisementCredit card rewards incentivize travelersBusinesses typically make up for these credit card swipe fees by raising prices for customers. Bohorquez, however, said increased credit card competition is unlikely to lower prices in practice. "I hope that people continue to earn and enjoy their credit card points and take a lot of free trips."

Persons: —, Jess Bohorquez, Bohorquez, she's, Banks, Sen, Dick Durbin, Durbin, I'm Organizations: Service, Sydney Opera House, Business, Federal, Mastercard, Visa, Airlines, United, Southwest Airlines, United Airlines, BI, Airlines for America, American Airlines, America, Banking, Housing, Urban Affairs, House Locations: Illinois, Delta

☆ Why this Goldman partner is on a mission to convince bankers to get more sleep
▼ + stars: | 2024-04-05 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

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

☆ Why Wall Street's biggest wealth managers could face an avalanche of lawsuits thanks to one judge's ruling
▼ + stars: | 2024-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +10 min

The banks, in turn, make shareholders happy by reporting lower compensation costs since deferred compensation is marked as a liability. At Morgan Stanley, advisors forfeit this pay if they leave for another employer before four years of service. This ruling was used by a lawyer on another case, Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. In November, Morgan Stanley successfully fought off a class action attempt by 12 ex-Morgan Stanley advisors. Lawyers told Business Insider that the award and the ruling in Shafer v. Morgan Stanley will likely inspire more ex-advisors to sue.

Persons: —, Morgan Stanley, Morgan Stanley's, Alan Rosca, Cerulli, Rogge Dunn, Biden, Dunn, Goldman Sachs, Spencer Platt, Rosca, It's, Shafer, Judge Paul Gardephe, Meaghan VerGow, Pamela Miller, O'Melveny, Jack Edwards, Edwards, Street Former Morgan Stanley, Phil Waxelbaum, They've, you've, — Rosca, Waxelbaum, We're Organizations: Service, Wall, Business, Advisors, Biden Administration, FTC, Getty, Financial Industry Regulatory Authority, Street Former, Ajamie LLP, JPMorgan Locations: Cleveland, Dallas, New York, Shafer, Houston, Wells

☆ Forget Recession, New York City Is Entering a Wild New Gilded Age
▼ + stars: | 2024-04-04 | by ( Linette Lopez | ) www.businessinsider.com time to read: +16 min

In a country roiled by recession worries, those at the top of New York City — for better or worse — couldn't give a single gilded shit. For New York City, a brush with death called for a time of decadence. "New York City's restaurants and bars are experiencing an uneven pandemic recovery nearly four years after COVID-19 struck our city," Andrew Rigie, the executive director of the New York City Hospitality Alliance, said. AdvertisementIf a pandemic can't defeat New York City, a little inflation certainly isn't going to do it. And what that looks like is the affluent in New York City eating caviar, and poorer Americans eating cereal.

Persons: Steve Jobs, it's, Jennifer Saesue, Saesue, Fish Cheeks, Z, bistros, James Murphy, us Carbone, Casas — Cruz, Cipriani, Jean, Georges Vongerichten, Bongo, Andrew Rigie, Corey Mintz, we're, WK Kellogg, Gary Pilnick, Gary Pilnick's Organizations: Grand Prospect Hall, New, New York City, Apple, Mastercard, Chefs, Casas, Soho House, Bangkok Supper, Village, IBA, Hospitality Alliance, Nationwide, National Restaurant Association, Nasdaq, The University of Michigan Consumer, UBS, New York Locations: New York City, New York, Rome, Xinjiang, New, Manhattan, Coqodaq, Las Vegas, York, Bangkok, Hell, TouchBistro, Brooklyn, The Bronx

☆ Cocoa and coffee prices have soared to record highs — and Citi says there may still be room to run
▼ + stars: | 2024-04-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Citi says a record-breaking rally for cocoa and coffee prices could yet have further room to run, citing adverse weather conditions and demand expectations. In New York, benchmark ICE cocoa futures traded 1.6% lower at $9,370 per metric ton on Thursday. Citi expects cocoa trading to stabilize in a range between $9,000 to $10,000 per metric ton over the next three to four weeks. Citi said cocoa grindings, which result from bean processing and are a measure of demand, will be one key factor likely to determine whether prices have any further upside. Overall, Citi says it remains "mildly bearish" on cocoa prices through to year-end and more so in the 2025 calendar year.

Organizations: Citi Locations: New York, London

☆ Stocks making the biggest moves midday: Tesla, GE Vernova, UnitedHealth Group and more
▼ + stars: | 2024-04-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Tesla — Tesla shares sank more than 6% after the electric vehicle maker reported an 8.5% year-over-year decline in deliveries in the first quarter. GE Vernova — Shares jumped more than 3% after GE Vernova started trading on the New York Stock Exchange on Tuesday under the ticker "GEV," following its spinoff from General Electric. Shares of GE Aerospace , which was formerly General Electric and is keeping the "GE" ticker symbol, gained roughly 1%. Figs — Shares of the health-care apparel maker slipped 6.2% following a Bank of America downgrade to underperform from neutral. Horton — The homebuilder's shares slipped 3.7%.

Persons: PVH, Calvin Klein, Tommy Hilfiger, Blackstone, Nextracker, Horton —, Wedbush, Horton, Brent Bowman, Tim Cabral, —, Sarah Min, Alex Harring, Samantha Subin Organizations: GE, —, GE Vernova, New York Stock Exchange, General Electric, GE Aerospace, SLB, CVS, Health, Medicare, Medicaid Services, CVS Health, UnitedHealth, Endeavor, Silver, Blackstone —, UBS, Barclays, Bank of America, Veeva Locations: Europe, D.R

☆ Stocks making the biggest moves premarket: PVH, UnitedHealth, CVS Health, ChampionX and more
▼ + stars: | 2024-04-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

PVH — Shares of the Calvin Klein and Tommy Hilfiger parent tanked more than 21% on weak revenue guidance for the first quarter and full year. Humana , UnitedHealth — Health insurance managed care stocks declined after the Center for Medicare and Medicaid Services announced rates for the 2025 calendar year will increase 3.7%, as previously proposed. Humana shed 9.6%, while CVS Health tanked 5.3%. GE Aerospace — General Electric shares ticked higher by 0.6% after the company completed spinning off its energy business from its aerospace business. GE Vernova will begin trading on the New York Stock Exchange at market open under the ticker GEV, while General Electric — which becomes GE Aerospace — will keep the GE ticker symbol.

Persons: Calvin Klein, Tommy Hilfiger, Estee Lauder —, Estee Lauder, Blackstone — Blackstone, —, Sarah Min, Hakyung Kim, Jesse Pound Organizations: Center, Medicare, Services, CVS, UnitedHealth, Citi, Blackstone, UBS, Trump Media, Technology, Truth, Bank of America, GE Aerospace — General Electric, GE Vernova, New York Stock Exchange, General, GE Aerospace, GE, SLB Locations: Europe

☆ Now that Nvidia's launched powerful AI chips, Goldman expects these 3 stocks to get a boost
▼ + stars: | 2024-03-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

In the wake of Nvidia 's launch of powerful new artificial intelligence chips, Goldman Sachs is predicting major growth for memory chips used in AI systems. Called Blackwell, the new GPU chips from Nvidia that power AI models require the latest third-generation memory chips, also known as high-bandwidth memory (HBM/HBM3E). The investment bank expects the total addressable market for HBM to expand tenfold to $23 billion by 2026, up from just $2.3 billion in 2022. The Wall Street bank sees three major memory makers as prime beneficiaries of the booming HBM market: SK Hynix , Samsung Electronics and Micron . Investors have been cautious about the memory market for AI systems since all three major suppliers are due to expand manufacturing capacity and add downward pressure on profit margins.

Persons: Goldman Sachs, Blackwell, Giuni Lee, Goldman, Peter Lee, Jensen Huang, — CNBC's Michael Bloom Organizations: Nvidia, HBM, SK Hynix, Samsung Electronics, Micron, Investors, Intelligence, Innovation Fund, MU, Goldman, Citi Locations: U.S, Germany

☆ Is it time for investors to hedge for a market decline? The pros share their views and strategies
▼ + stars: | 2024-03-28 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Last week, Goldman Sachs told clients they should start hedging for a market decline . Here's how Goldman suggests investors worried about a declining market can hedge their positions. Others also believe that it's time to start hedging — or at least take a more conservative stance. 'Shift into more value names' Top hedge fund manager David Neuhauser says it would depend on where investors are positioned right now. But he isn't a fan of hedging strategies like options, saying "over time you just end up with lower returns."

Persons: Goldman Sachs, Goldman, David Neuhauser, that's, Russell, Neuhauser, Brian Arcese, he's, Arcese, It's, Freddie Lait, Lait Organizations: Dow Jones Industrial, Nasdaq, CNBC Pro, Livermore Partners, London, Nvidia, Foord Asset Management, CNBC, Latitude Investment Locations: Europe, U.S

☆ The Citigroup division beset by sexual-harassment claims was also the worst performer among big banks
▼ + stars: | 2024-03-24 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Bloomberg reported new details about sexual harassment in Citigroup's equities division. A former managing director filed a lawsuit last year, saying the toxic culture persisted until 2022. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The bank's equities division, which helps hedge funds execute trades, has been plagued by a culture of "persistent harassment and discrimination," Bloomberg reported after interviewing 22 people who "worked in or closely with the equities division." This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bloomberg, Service, Citigroup, Business

☆ See the pitch deck that helped a former Goldman Sachs exec raise $5 million for an AI-powered networking startup that feeds deal ideas to bankers
▼ + stars: | 2024-03-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Doctor, then a Goldman Sachs managing director who ran the bank-solutions group based in Hong Kong, was visiting the bank's London office. The AI startup was built to suggest potential deals based on the data it's exposed to. Louisa AI knows that a current Goldman employee used to work at the semiconductor company, and the AI knows a project-finance employee in New York. In an article about solar panels, Louisa AI would link the words "solar panels" to "solar" and then to "renewables." Here's the pitch deck Louisa AI used to raise $5 million to fund its AI-powered deal prompter.

Persons: Rohan Doctor, Goldman Sachs, Doctor, Jim Esposito, Louisa AI, Louisa, Janet Yellen Organizations: Business, Blue9, Insight Partners, Goldman, Oxford Locations: Hong Kong, London, Asia, Oxford, Canada, Here's, Taiwan, New York

☆ Goldman Sachs issued these 12 talking points for managers amid criticisms that it's bleeding women leaders. See the full memo here.
▼ + stars: | 2024-03-20 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

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

☆ The average Wall Street bonus dipped 2% last year, to $176,500
▼ + stars: | 2024-03-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —Last year wasn’t the most lucrative for Wall Street bankers, but their bonus payouts still easily trounced US median household income. The average Wall Street bonus for 2023 was $176,500, according to estimates that will be released Tuesday morning by New York State Comptroller Thomas DiNapoli. Wall Street earnings last year were mixed, and merger and acquisition activity was underwhelming. Nevertheless, a little perspective: The average Wall Street bonus, which comes on top of the nearly half-a-million-dollar average Wall Street salary, was itself almost 2.5 times higher than the median US household income of $74,580, according to Census data for 2022. Beyond bringing in tax revenue for government coffers, Wall Street workers contribute substantially to the local Gotham economy.

Persons: Thomas DiNapoli, ” DiNapoli, DiNapoli Organizations: New, New York CNN, Wall Street, New York, Wall Locations: New York, New York State, New York City, Gotham

☆ Goldman Sachs just added — and removed — stocks on its 'conviction list' of top Asian picks
▼ + stars: | 2024-03-13 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Goldman Sachs has refreshed its "conviction list" of top picks in Asia Pacific for March, adding some key stocks and removing others. Here are two of the latest additions to Goldman Sachs' conviction list: Xero Goldman analyst Kane Hannan said he was positive on the outlook for New Zealand-headquartered accounting software company Xero . Goldman Sachs has a price target of $152 on the stock, giving it potential upside of around 12%. Hyundai Motor Another addition to Goldman's conviction list is South Korean automobile manufacturer Hyundai Motor . Meanwhile, the Wall Street bank removed Singapore-headquartered bank OCBC and Japanese conglomerate Sony from its conviction list as it no longer deems them "a top investment idea."

Persons: Goldman Sachs, Xero Goldman, Kane Hannan, Hannan, Intuit's Quickbooks, Sage, Kota Yuzawa, Yuzawa, Goldman, Michael Bloom Organizations: Asia, Hyundai, South, Hyundai Motor, Won, Sony Locations: Asia Pacific, U.S, Mar, New Zealand, Australia, South Korean, Singapore

☆ Barclays names three global stocks to buy for the next quarter, giving them major upside
▼ + stars: | 2024-03-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Barclays has named three European stocks — Smurfit Kappa , Leroy Seafood and Raiffeisen Bank — for investors to consider buying for the upcoming quarter. 7: Smurfit Kappa Barclays is bullish on paper packaging maker Smurfit Kappa with a £38.30 ($49.10) price target, indicating 16% upside potential. SKG-GB 1Y mountain Leroy Seafood Barclays also highlighted Leroy Seafood Group, a Norwegian seafood company. Raiffeisen Bank Barclays named Raiffeisen Bank International, an Austrian banking group, as another stock to own in the next quarter, giving it an upside potential of 35%. "Strabag deal improves credibility on Russia exit plan," Barclays analyst Krishnendra Dubey said in a note to clients on Mar.

Persons: Kappa, Leroy Seafood, WestRock, Gaurav Jain, Leroy, Krishnendra Dubey Organizations: Barclays, Raiffeisen Bank, U.S, Mar, Smurfit Kappa Barclays, Kappa, Seafood Barclays, Leroy Seafood Group, Raiffeisen Bank Barclays, Raiffeisen Bank International, Raiffeisen, Strabag Locations: London, New York, Norwegian, Austrian, U.S, Russia

☆ Goldman says the bear market for battery metal prices is far from over
▼ + stars: | 2024-03-05 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Goldman Sachs finds it is too early to call an end to a battery raw materials price plunge, warning that significant supply pipelines and Western electric vehicle headwinds could keep prices lower for longer. Goldman Sachs said the outlook appeared bearish for nickel, lithium and cobalt. On a 12-month basis, analysts at Goldman said the Wall Street bank is targeting a 12%, 15% and 25% downside in cobalt, nickel and lithium carbonate, respectively. Lithium prices are down nearly 70%, compared to the same period last year. Nickel prices on the London Metal Exchange (LME) were last trading at $17,945 per metric ton on Tuesday, while cobalt prices on the LME stood at $28,550 per metric ton.

Persons: Goldman Sachs, Nicholas Snowdon, Goldman Organizations: Western EV, London Metal Exchange Locations: China

☆ Citi names 'Super 7' global stocks similar to the Magnificent 7 — but cheaper
▼ + stars: | 2024-03-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Citi has identified European stocks it says are similar to the high-flying " Magnificent Seven " U.S. technology stocks, but trade at cheaper valuations leaving more room for them to rise. Citi's resulting Super Seven picks are Novo Nordisk , ASML , LVMH , SAP , Schneider Electric , Richemont and Ferrari . All of the stocks stocks also trade in the United States. Despite the rally over the past year, Citi points out that as a group, the Super Seven have lagged the Magnificent Seven, with 70% less appreciation since early 2023, leaving more upside potential. Looking ahead, Citi said the Super Seven was well positioned to continue outperforming should current "narrow" market conditions persist, and cautioned against selling stocks on the basis of a narrow market leadership.

Persons: Beata M, — CNBC's Charlotte Reed Organizations: Citi, Nvidia, Apple, Microsoft, Meta, Novo Nordisk, ASML, SAP, Schneider, Ferrari Locations: Europe, LVMH, United States

☆ The 11 GRANOLAS stocks power Europe to record highs, drawing Magnificent Seven comparisons
▼ + stars: | 2024-02-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 19, 2024. Staff | ReutersOver the last 12 months, just 11 stocks made up half of the gains that powered the pan-European Stoxx 600 stock index to a record-high close on Friday. "From a Global point of view, the GRANOLAS have even outperformed the so-called Magnificent 7 over the past two years. Their (out)performance is even more impressive on a risk-adjusted basis: with a volatility 2x lower than for the Magnificent 7, the GRANOLAS help to boost the Sharpe ratio." "This suggests that, in Europe, nearly all revenue growth of the STOXX 600 will come from the GRANOLAS.

Persons: Goldman Sachs, Sanofi —, Goldman, Tim Hayes, Ned Davis, Hayes Organizations: Staff, Reuters, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Street, Ned, Ned Davis Research, CNBC Locations: Frankfurt, Germany, Europe

☆ Drugs like Ozempic and Wegovy could strengthen the US economy, Goldman Sachs predicts
▼ + stars: | 2024-02-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy is set to reap considerable benefits from Americans taking popular medications used for weight loss, including Ozempic and Wegovy, Goldman Sachs analysts wrote in a recent research report. Originally developed to treat type 2 diabetes, they proved to be highly effective at helping people shed weight in clinical trials. (Ozempic has not been approved for weight loss by regulators, though Wegovy, a similar drug, has.) Goldman Sachs argues that since poor health unambiguously weighs on the economy, improving health outcomes due to GLP-1s could lower costs and boost productivity, shoring up economic output. For some Americans who are obese but don’t have diabetes, obtaining those drugs has become difficult, if not impossible.

Persons: Goldman Sachs, Eli Lilly, Jody Dushay, Beth, Doug Langa, they’ve Organizations: DC CNN, Government, Novo Nordisk, Beth Israel Deaconess Medical, CNN Locations: Washington, United States, North America, Novo

☆ Want a Nvidia alternative? These 6 chip suppliers look set to gain big from the AI boom
▼ + stars: | 2024-02-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

A number of stocks that supply Nvidia look set to gain from the AI boom, as the U.S. chip giant published another bumper quarter of earnings. Nvidia, which makes chips that are used to train artificial intelligence models, said sales had risen 265% year-on-year to more than $22 billion in its latest quarter . TSMC also makes chips for companies such as Apple and AMD . Samsung Electronics and SK Hynix make "high bandwidth memory" chips used in the latest AI chips. Japanese firm Advantest makes equipment and materials used to test AI chips during manufacturing.

Persons: TSMC, Morgan Stanley, CNBC's Michael Bloom Organizations: Nvidia, CNBC, Samsung Electronics, Micron Technology, Taiwan Semiconductor Manufacturing Company, Apple, AMD, SK Hynix, GPU, Street, BESI, BE Semiconductor Industries, TSMC, Intel, Samsung Locations: U.S, NVDA, Dutch

☆ Chip analysts boost Nvidia price targets in race to catch up to chipmaker's relentless 'joyride'
▼ + stars: | 2024-02-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

That led several Wall Street banks to hike their price targets to account for the unrelenting demand. Bernstein and other Wall Street shops raced to catch up with Nvidia's share price, hiking their price targets in reaction to nonstop demand and the company's enormous total addressable market. Rasgon's new target was the equivalent of 48% upside from Wednesday's close, while the average price target according to FactSet implied more than 22% upside. Bank of America's Vivek Arya also lifted his Nvidia price target to $925 per share, equal to about 37% upside. JPMorgan analyst Harlan Sur boosted his price target to $850 to reflect strong data center growth and future product launches.

Persons: Bernstein's Stacy Rasgon, Bernstein, America's Vivek Arya, Harlan Sur, allaying, Sur, Goldman Sachs, Toshiya Hari, Morgan Stanley's Joseph Moore, Moore, Deutsche Bank's Ross Seymore, Seymore, Timothy Arcuri, Arcuri, — CNBC's Michael Bloom Organizations: Nvidia, Bank, America's, JPMorgan, Deutsche, UBS Locations: CY24

☆ Goldman’s list of hedge fund favorite stocks is almost doubling the market. Here’s what’s in it
▼ + stars: | 2024-02-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Hedge funds' most-loved stocks have nearly doubled the S & P 500 's return this year due to the continuous strength in Big Tech, according to Goldman Sachs. It then compiled a basket of the most popular long positions, dubbed Goldman's Hedge Fund VIP basket, comprising 50 stocks that most frequently appear among the largest 10 holdings of hedge funds. The group of hedge funds' favorite stocks has gained 9% this year through Feb. 14, outperforming the S & P 500's 5% return during the same period. Amazon and Microsoft , which climbed 10% and 6% this year, respectively, were the two most popular stocks among fundamental hedge funds as of the end of 2023. Meta Platforms , Alphabet and Nvidia were also well-loved among hedge funds last quarter.

Persons: Goldman Sachs, Goldman, Meta Organizations: Big, Amazon, Microsoft, Nvidia, Natural Resources, Visa Locations: Big Tech

☆ UBS hikes its S&P 500 target to 5,400, highest on Wall Street
▼ + stars: | 2024-02-20 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

UBS just raised its S & P 500 year-end target to the highest among major Wall Street banks, saying it was "not bullish enough." "Despite our bullish outlook, it appears we were not bullish enough," Jonathan Golub, chief U.S. equity strategist at UBS, said in a note. .SPX YTD mountain S & P 500 Golub is not the only strategist raising his forecast. On average, strategists anticipate the S & P 500 will end the year at 4,961, according to a CNBC survey. The S & P 500 is higher by more than 4%, having notched fresh record highs in recent weeks.

Persons: Jonathan Golub, Golub, Goldman Sachs Organizations: UBS, PPI, CNBC

☆ Bank of England rate cuts likely later but larger, Goldman Sachs says
▼ + stars: | 2024-02-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Mike Kemp | In Pictures | Getty ImagesThe Bank of England is likely to hold interest rates higher for longer before slashing them more sharply than expected in the second half of the year, new forecasts from Goldman Sachs show. But it said the central bank was then likely to cut rates more quickly than previously anticipated as inflation shows signs of cooling. Goldman now sees five consecutive 25 basis point interest rate cuts this year, lowering rates from their current 5.25% to 4%. Bank of England Governor Andrew Bailey said Tuesday that bets by investors on interest rate cuts this year were "not unreasonable," but resisted giving a timeline. Goldman said there was a 25% chance the BOE would delay rate cuts beyond June if wage growth and services inflation remained sticky.

Persons: Mike Kemp, Goldman Sachs, Goldman, BoE, Andrew Bailey, Bailey, Huw Pill, BOE Organizations: Bank of England, of England, Treasury, Bank Locations: City of London, London, United Kingdom

☆ Here's the latest sign that Goldman Sachs CEO David Solomon isn't going anywhere: His 2023 pay.
▼ + stars: | 2024-02-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

Of that bonus, $20.3 million, or roughly 70%, will be awarded in stock, with a remaining cash bonus portion of about $8.7 million. Solomon's freshly-announced 2023 comp puts him just behind his fellow Wall Street bosses. Everyone knows that, on Wall Street, money talks. But Wall Street is a notoriously competitive gauntlet and Solomon has yet to beat his personal 2021 record this time around. There's always next year — and it looks like Solomon will still be here to take another bite at the apple.

Persons: David Solomon, Goldman Sachs, Jamie Dimon, Morgan Stanley, James Gorman, he's, Goldman, —, Solomon, Adebayo Ogunlesi, What's, There's Organizations: Service, JPMorgan Chase, Wall

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