NO ONE IS more aware of the value of a brand than Goldman Sachs. The investment bank, founded in 1869, has advised the biggest and best American companies on the value of theirs for the past 150 years. It helped F.W. Woolworth, a pioneering department store, with its initial public offering in 1912. It took Ford and Disney public in the 1950s, helped Amazon buy Whole Foods in 2017 and will take Uber public later this year.
But criminal charges have been filed against the firm in Malaysia. Though Goldman is contesting the case, it is spooking shareholders, who worry about both onerous fines and what it implies about oversight at the bank. Since November its share price has underperformed an index of other bank stocks by 10.3 percentage points, suggesting that the scandal may have wiped as much as $9.1bn off its value.
In 2016 Mr Solomon’s predecessor, Lloyd Blankfein, took the first steps towards a new strategy by launching a consumer bank, Marcus. In 2017 Goldman announced a target of increasing yearly revenues by $5bn by 2020. But the focus on expanding consumer lending, which offers a relatively low return on investment, did not impress shareholders.
When it comes to the required shift in strategy, however, Goldman’s efforts may soon start to bear fruit. Its expansion into consumer businesses is continuing apace. In 2018 it acquired Clarity Money, a personal-finance app. Last month Tim Cook, Apple’s chief executive, announced that it will launch a credit card with Goldman this summer. When Marcus launched it was as a consumer lender; since then it has added deposit-taking.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman Sachs says chance of a recession is now just 10%Goldman Sachs economists say Fed policy has reduced the risk of a recession over the next year to just 10% from a previous 20%, at the end of the fourth quarter. Can’t we just have a short one so we can get rid of Trump? ну долги вот?долги*
Source: CNBC - 🏆 12. / 72 Read more »
Former Goldman Sachs CEO Lloyd Blankfein cracks Twitter joke about bank CEOs being dragged before CongressFormer Goldman Sachs CEO Lloyd Blankfein was happy to be watching from the sidelines this week as CEOs from seven of the country's largest banks appeared before Congress.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Here comes Goldman Sachs earnings...Goldman Sachs is scheduled to report first-quarter earnings on Monday. Check the results of a lottery. ..
Source: BusinessInsider - 🏆 729. / 51 Read more »
Goldman Sachs is set to report first-quarter earnings — here's what the Street expectsIt's only Goldman Sachs CEO David Solomon's second quarter running the bank, but analysts will have plenty of questions for him. Pocahontas ewarren is ready to bash the ‘greedy bankers’ regardless of earnings report numbers!
Source: CNBC - 🏆 12. / 72 Read more »
Goldman's stock gains as big profit beat helps offset revenue missShares of Goldman Sachs Group Inc. gained 0.5% in premarket trade Monday, after the blue-chip bank reported first-quarter earnings that were well above... 1% up, 99% down. Typical.
Source: MarketWatch - 🏆 3. / 97 Read more »
Stocks making the biggest moves premarket: Goldman Sachs, CVS, Best Buy, Facebook & moreSome of the names on the move ahead of the open. The best deal will be $BA at open
Source: CNBC - 🏆 12. / 72 Read more »
Goldman Sachs profit beats estimates on lower expenses, higher advisory feesGoldman Sachs Group Inc beat quarterly profit estimates on Monday as the bank ea... Yay! Make it fall more! BOOHOOHOO!!
Source: Reuters - 🏆 2. / 97 Read more »
Here comes Goldman Sachs ... (GS) | Markets InsiderGoldman Sachs crushes earnings and hikes dividend, but equity trading comes up short (GS)
Source: BusinessInsider - 🏆 729. / 51 Read more »
Goldman Sachs says Trump has a 'narrow advantage' in 2020 electionA second term for President Donald Trump is more likely than not, Goldman Sachs said. They wouldn't have a stake in that at all, would they? Trump 2020 is a fantasy. His dementia is getting exponentially worse lately. In 6 months he won't be functional, let alone 18 months. He's never going to make it to campaign season. MSM in denial because they've been riding the ratings gravy train. Of course they do. The managing partners will be in jail once he's out.
Source: CNBC - 🏆 12. / 72 Read more »
Goldman Sachs supertanker starts to turnThe Wall Street firm’s revenue shrank in the first quarter, but its shift from investment banking is gaining speed. Goldman gets $6 of every $10 in revenue from stable business lines, including interest. Boss David Solomon has more to trim, but what’s underneath is encouraging.
Source: Breakingviews - 🏆 470. / 51 Read more »
Goldman Sachs CEO David Solomon slashes pay for his employees as revenue dropsThe lion's share of Goldman's profit beat came from setting aside less for pay than analysts had expected, according to Citigroup analysts led by Keith Horowitz. 9 Wall Street Execs Who Cashed In on the Crisis. Meet the moguls who made out like bandits. (NO JAIL TIME) BIG FAT BONUSES.!! 2008.!! TAX CUTS TO THE RICH DON'T WORK!! … WHEN YOU DON'T PUT THESE SOB'S IN JAIL YOU GET MORE OF THE SAME.!! Will raise his own later Why doesn’t he take a pay cut he’s the CEO!!! HE should take responsibility not his employees
Source: CNBC - 🏆 12. / 72 Read more »