YHD - Delayed Quote • USD 2750582 (GSF) Follow - - (-) At close: June 28 at 6:07 PM EDT All News Press Releases SEC Filings All SEC Filings Corporate Changes & Voting Matters Periodic Financial Reports Proxy Statements Tender Offer/Acquisition Reports Offering Registrations Does Goldman Sachs have a women problem? City Comment: The latest Government data shows Goldman at the top — or bottom depending on your perspective — of the banking pay gap league table Questions rise over Goldman's ability to promote top women bankers City Comment: Change is coming too slowly at the giant investment bank Wave of retirement is starving UK stocks of pension fund investment, warns Goldman Sachs British businesses risk being starved of investment as pension funds sell off assets to meet a wave of retirement claims, Goldman Sachs has warned. Goldman must act to stop its female talent exodus City Voices: The whole banking industry needs a cultural overhaul Goldman Sachs should split CEO and chairman roles, proxy adviser ISS says (Reuters) -Goldman Sachs should separate the CEO and chairman roles currently held by David Solomon, top proxy adviser Institutional Shareholder Services (ISS) recommended on Wednesday. "Shareholders would benefit from more independent oversight," ISS wrote in a report sent by a representative, ahead of the bank's annual shareholder meeting on April 24. Several high-profile executives have also departed Goldman, including Stephanie Cohen, the former head of its consumer and fintech unit, Jim Esposito, co-head of global banking and markets this year, and Julian Salisbury, an asset management executive in July last year. Goldman Sachs veteran Stephanie Cohen resigns in latest senior exit (Reuters) -Goldman Sachs' Stephanie Cohen, global head of its platform solutions division, became the latest executive to depart the Wall Street giant on Monday after a series of senior exits. Cohen, who joined the bank as an analyst in 1999 and was promoted to partner 2014, ran Goldman's consumer and fintech operations, an internal memo showed. She is taking a new role at cloud services company Cloudflare as its first chief strategy officer after taking a leave of absence from Goldman in June. Goldman bumps up 2023 pay for top three executives NEW YORK (Reuters) -The pay of Goldman Sachs' top three executives jumped by an average of nearly 24% in 2023, the Wall Street investment banking company disclosed in a filing on Friday, even as its profit fell last year. The compensation committee determined the pay based on factors such as decisive leadership that recognized the need to simplify the firm's strategy and a series of actions that narrowed the focus of the firm. Since 2022, CEO David Solomon has significantly scaled back Goldman's consumer ambitions by selling assets such as financial technology lender GreenSky at a loss. Goldman Sachs no longer expects US interest rate cut in May Goldman Sachs' analysts no longer expect a U.S. interest rate cut in May and see four 25 basis point cuts this year, as policymakers' rhetoric suggests they are in no rush. Federal Reserve Governor Christopher Waller said on Thursday he needed to see a few more months of inflation data to check the economy was on track toward price stability. "Because there are only two rounds of inflation data and a little over two months until the May (Fed) meeting, his comments suggest to us that a rate cut as early as May, which we had previously expected, is unlikely," Goldman Sachs analysts said in a note. Goldman raises global equities to 'overweight' on economic growth prospects Recent data has shown signs of improvement in global manufacturing activity, including in the United States, and market participants will assess incoming economic data to determine the trajectory of interest rate cuts of major central banks. "We expect growth to become a more important driver of risk appetite and equity/bond correlations should be more negative this year," Goldman said in a note dated Feb. 16. However, the potential for global earnings growth remains 'relatively muted' due to falling revenue growth and minimal room for margin improvement, Goldman said, although adds that global economic growth creates 'upside risks' to earnings growth. 'Magnificent Seven' continued market dominance rests on sales growth, Goldman says Strong sales growth will be the key to whether the "Magnificent Seven" group of U.S. tech and growth stocks can continue outperforming following their explosive gains in 2023, Goldman Sachs equity strategists said. The Magnificent Seven -- Apple, Microsoft, Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla -- individually soared between around 50% and 240% in 2023, while collectively they accounted for over 60% of the S&P 500's total return last year. The group is also outperforming so far this year, returning 7.9% vs. 2.6% for the remaining 493 stocks, Goldman's strategists led by David Kostin said in their weekly kickstart note. Goldman Sachs pushes back Fed rate cut expectation to May from March The Wall Street brokerage, in a note dated Wednesday, maintained its forecast of five 25 basis points rate cuts this year and expects four consecutive cuts starting in May through September and a final cut in December. The Fed kept its policy rate unchanged on Wednesday at 5.25%-5.50%. Chair Jerome Powell declined to declare victory in the U.S. central bank's two-year inflation fight, vouch that it had achieved a sought-after "soft landing," or promise that rate cuts would come as soon as the Fed's March 19-20 meeting. Goldman Sachs banking, trading co-head Jim Esposito to retire (Reuters) -Jim Esposito, co-head of Goldman Sachs' global banking and markets division, plans to retire after almost three decades at the bank, the latest executive to leave the Wall Street giant in recent months. Esposito, who jointly runs Goldman's powerhouse trading and investment banking unit alongside Dan Dees and Ashok Varadhan, will leave around the end of the quarter and become a senior director. Esposito has also served as the co-chair of Goldman's partnership committee since 2021. Goldman Sachs predicts faster interest rate cuts The Bank of England will cut interest rates faster than previously expected, economists at Goldman Sachs have predicted, softening the blow to households from higher mortgage rates by £11bn. Goldman Sachs Asset Management raises $650 million for life sciences fund "Life sciences represents one of the most exciting areas in the private investing landscape, with advances in technology transforming healthcare at an unprecedented pace," said Marc Nachmann, global head of Asset & Wealth Management at Goldman Sachs. Goldman said Life Sciences I has already committed about $90 million to five companies, including cancer drug maker Nested Therapeutics and precision medicine firm MOMA Therapeutics. Goldman Sachs says 'Stop shorting UK real estate' as interest rates to ease “The real estate market is holding up” strategists including Sharon Bell wrote in a note to clients Goldman Sachs projects two Fed rate cuts next year with first in Q3 The brokerage had earlier predicted the Fed to begin cutting rates next December. Two cuts would imply a Federal Funds Rate of 4.875% by the end of 2024, compared to its previous forecast of 5.13%. While data on Friday showed a stronger-than-expected U.S. labor market, traders bet that the Fed will still proceed with interest-rate cuts next year amid declining prices. Goldman CEO and predecessor Blankfein talk careers as analysts compete Goldman Sachs Chief Executive Officer David Solomon and his predecessor gave career advice to about 4,000 analysts as junior bankers pitched for grants to be given to charity on Tuesday. Solomon interviewed former CEO Lloyd Blankfein, who handed over the reins in 2018, for an audience of junior employees and senior partners that drew laughter and smiles in the auditorium at its New York headquarters. The current CEO invoked Winston Churchill's philosophy on giving. Exclusive-Goldman Sachs discusses bigger bonuses for top traders, dealmakers -sources Goldman Sachs bosses are considering fatter bonuses to retain star traders and dealmakers this year as the bank looks to win over some who were disappointed by smaller payments in 2022, according to five sources with knowledge of the situation. The bank has been through a dismal year with earnings down 34% in the first nine months of 2023, pressured by tepid dealmaking and writedowns for a consumer business that lost $3 billion in three years. Goldman's weaker year-to-date profit suggests payouts should be flat or lower, said Stephen Biggar, an analyst at Argus Research. Goldman Sachs developing dozen generative AI projects -exec Goldman Sachs is working on a dozen projects which will incorporate generative artificial intelligence into its business practices, a senior executive at the Wall Street giant told the Reuters NEXT conference in New York on Thursday. Among the most mature of the projects include writing code in English-language commands, and being able to generate documentation, said George Lee, co-head of Goldman's office of applied innovation. None of the projects are directly client facing, such as where the bank delivers financial advice to customers, because of the regulated nature of financial services, he added. Goldman profits tumble and CEO steps back from the dancefloor No more DJ D-Sol for David Solomon
