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Advisers for the New York-based property company had tested appetite for the IPO at a valuation as low as $15bn, a sharp reduction from the $47bn WeWork attained during its last private fundraising. The company has nonetheless been under pressure, with Mr Neumann giving advisers at JPMorgan Chase and Goldman Sachs until the end of September to finalise the listing, which was expected to raise between $3bn and $4bn.
Goldman Sachs has hired a senior executive from Amazon Web Services (AWS) to replace departing technology boss Elisha Wiesel, in a move that could accelerate the bank’s migration to cloud services. Goldman announced the appointment of Marco Argenti, erstwhile vice-president of technology at cloud-technology provider AWS, in an internal memo on Thursday.
Goldman Sachs on Tuesday launched its "most ambitious" recruiting campaign to attract its next generation of talent.
Saudi Arabia is accelerating plans for the initial public offering of state oil giant Saudi Aramco, according to people familiar with the company, aiming to list a sliver of the business on its domestic exchange by the end of this year. The move would see it initially float just 1 per cent of the world’s largest company by revenues in Riyadh as Crown Prince Mohammed bin Salman pushes to have a faster listing. Plans to sell up to 5 per cent of Aramco were first announced by Crown Prince Mohammed — who is widely known as MBS — three years ago as the centrepiece of his plan to overhaul the kingdom’s economy and ultimately reduce its reliance on oil, but have faced frequent delays.
Mexico’s government has unveiled what it called a “realistic but conservative” 2020 budget that targets a 2 per cent rise in economic growth and a wave of social spending, but analysts warned that some of its key assumptions were too optimistic. Arturo Herrera, finance minister in the leftist administration led by President Andrés Manuel López Obrador, acknowledged a difficult international outlook had forced officials to rework their calculations after an escalation in US-China trade friction led to a weakening of the peso and oil prices. Mexico, Latin America’s second-biggest economy, is teetering on the brink of recession after a 0.2 per cent contraction in the first three months of this year. The 2020 growth projection in the budget would represent a jump from 0.6 per cent to 1.2 per cent this year and is based on assumptions of a 15 per cent rise in oil production and an increase in tax revenues that some analysts warned were too optimistic.
, the civil servant who led Theresa May’s efforts to strike a Brexit deal with the EU and became a bogeyman to Eurosceptics, is to join Goldman Sachs, in the latest example of a high-profile public service appointment to the Wall Street giant. Mr Robbins was Mrs May’s chief EU negotiator from 2017 until 2019 and was credited as the driving force behind the Leave deal struck by the prime minister in Brussels last year.
DUBAI/LONDON (Reuters) - Saudi Arabia plans a gradual listing of Aramco on its domestic market, sources familiar with the matter said on Monday, as it finalises the roles banks will play in the initial public offering (IPO) of the world's biggest oil company. The kingdom intends to list 1% of the state oil giant on the Riyadh stock exchange before the end of this year and another 1% in 2020, the sources said, as initial steps ahead of a public sale of around 5% of Aramco. Based on the indicated $2 trillion valuation that Saudi Aramco had hoped to achieve, a 1% float would be worth $20 billion, a huge milestone for the local stock market.
Goldman Sachs chief executive David Solomon is wrapping up his first year in the job by easing out long-standing partners to free up bigger jobs and rewards for the next generation. Not since it went public in 1999 has Goldman been a true “partnership”, but it has retained the title, which still brings perks and status that are unique on Wall Street. Under Mr Solomon, though, senior management at Goldman has been reviewing the top of the pyramid amid worries that the club is no longer exclusive enough.
A former Goldman Sachs banker convicted of laundering the ill-gotten gains of a former state governor of Nigeria has been ordered to pay £7.3m by a British court, or face a decade more in prison. The UK’s National Crime Agency said in a statement on Friday that Ellias Nimoh Preko, a Harvard graduate and Ghanaian national, must pay the money within three months. Preko had left Goldman when he committed the offences and the bank is not accused of wrongdoing.
WeWork owner The We Company is considering slashing the valuation it will seek in an initial public offering (IPO) to a little over $20 billion, less than half the $47 billion valuation it achieved in a private fundraising round in January, people familiar with the matter said on Thursday. The We Company's deliberations illustrate how growing investor skepticism over the U.S. office space sharing startup's lack of a roadmap to profitability, and its co-founder Adam Neumann's firm grip on its governance, are weighing on its IPO prospects. A dramatic drop in the We Company's valuation could also prove to be a seminal moment for the IPO expectations of Silicon Valley unicorns, or startups with a valuation over $1 billion.
WeWork expects to be valued at about $20bn in its forthcoming IPO, less than half the $47bn figure reached in its last round of funding from Japan’s SoftBank, according to people briefed on the listing process. The sharp fall comes after prospective investors raised doubts about the ability of the lossmaking shared office provider to become profitable anytime soon, according to the people briefed on the IPO. “WeWork is finally coming to terms with reality,” said one person working with the company.
Elisha Wiesel, Goldman Sachs’ chief information officer — and a central figure in the firm’s overhaul of its technology functions — is in talks about leaving to pursue a philanthropic project, a person familiar with the situation told the Financial Times. , as technology has shifted centre stage in the company’s bid to boost efficiency in its trading businesses and gain a foothold in new areas such as consumer banking and transaction services. The bank declined to comment on his potential departure, which was first reported by The Wall Street Journal, along with the potential departure of Steve Strongin, who heads Goldman’s research division.
Senior executives including Elisha Weisel, the bank's chief technology executive, and Steven Strongin, who runs the firm's research operation, are in discussions to step down, the newspaper reported, citing people familiar with the matter. Chief Executive David Solomon, in some cases, is culling a partnership he sees as bloated, the Journal reported, adding that up to 15% of Goldman's partners may leave this year, far higher than typical turnover. Goldman did not respond to a Reuters request for comment after market hours on Wednesday.
As many as a dozen partners at Goldman Sachs Group Inc are negotiating an exit from the bank and are likely to leave by the end of 2019, the Wall Street Journal reported on Wednesday. Senior executives including Elisha Weisel, the bank's chief technology executive, and Steven Strongin, who runs the firm's research operation, are in discussions to step down, the newspaper reported, citing people familiar with the matter. Chief Executive David Solomon, in some cases, is culling a partnership he sees as bloated, the Journal reported, adding that up to 15% of Goldman's partners may leave this year, far higher than typical turnover.
An index released by the Institute for Supply Management fell below 50, the level that marks contraction in the sector. The data “will undoubtedly add to fears that more weakness is ahead”, said Jim O’Sullivan, chief US economist at High Frequency Economics.
WeWork’s chief executive, Adam Neumann, has returned a highly criticised $5.9m payment his investment vehicle received from the company for the rights to use the trademarked word “we”. The all-stock payment, ...
Apple led another bumper day for bond sales on Wednesday, returning to the market for the first time since 2017 and taking advantage of a dramatic decline in corporate borrowing costs. Simon Property Group sold $3.5bn, health insurer Anthem* issued nearly $2.5bn and Coca-Cola offered $2bn, according to Bloomberg data and people familiar with the deals.
There is a ton of growth priced into this stock and earnings after the bell on Wednesday will further prove or disprove this valuation.
PC Connection, Camping World, Apple, Goldman Sachs and Verizon highlighted as Zacks Bull and Bear of the Day