Wall Street sees major jump in profits, helped by soaring stock prices and deal making
Read full article: Wall Street sees major jump in profits, helped by soaring stock prices and deal makingWall Street has experienced one of its most profitable quarters, according to earnings reports from major banks on Tuesday.
Ex-Goldman Sachs banker gets 2 years in prison for plot to fleece billions from Malaysia's 1MDB fund
Read full article: Ex-Goldman Sachs banker gets 2 years in prison for plot to fleece billions from Malaysia's 1MDB fundA former Goldman Sachs banker has been sentenced to two years in federal prison for his role in a $4.5 billion scheme to ransack a Malaysian state investment fund.
Which US companies are pulling back on diversity initiatives?
Read full article: Which US companies are pulling back on diversity initiatives?A growing number of prominent companies have scaled back or set aside the diversity, equity and inclusion initiatives that much of corporate America endorsed following the protests that accompanied the Minneapolis police killing of George Floyd, a Black man, in 2020.
Stock market today: Asian stocks are mixed after Dow sets a new record
Read full article: Stock market today: Asian stocks are mixed after Dow sets a new recordAsian stocks are mixed as investors grappled with weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing.
Cleveland Fed names former Goldman Sachs executive Beth Hammack to succeed Mester as president
Read full article: Cleveland Fed names former Goldman Sachs executive Beth Hammack to succeed Mester as presidentThe Cleveland branch of the Federal Reserve says that Beth Hammack, an executive at investment bank Goldman Sachs, would be its next president effective Aug. 21.
Goldman Sachs 4Q profits jump 51%, but full year reflects difficult period for the bank
Read full article: Goldman Sachs 4Q profits jump 51%, but full year reflects difficult period for the bankGoldman Sachs’ profits jumped 51% from a year earlier, the investment bank said Tuesday, helped by the strong returns in the overall market in the last three months of the year.
Goldman Sachs 3Q profits fall 33% as trading, investment banking remains stagnant
Read full article: Goldman Sachs 3Q profits fall 33% as trading, investment banking remains stagnantGoldman Sachs saw its third quarter earnings fall 33%, with the investment bank seeing muted market conditions that allowed fewer deals and market making opportunities for the firm.
Malaysia questions Goldman Sachs lawsuit over 1MDB settlement, saying it's premature
Read full article: Malaysia questions Goldman Sachs lawsuit over 1MDB settlement, saying it's prematureThe Malaysian government has questioned a move by Goldman Sachs to file for arbitration in a dispute connected with the multibillion-dollar looting of a sovereign wealth fund.
Goldman settles gender discrimination suit for $215 million
Read full article: Goldman settles gender discrimination suit for $215 millionGoldman Sachs has agreed to pay $215 million to settle a years-long class action lawsuit that claimed the bank discriminated against women when it came to pay, performance evaluations and promotions.
Wall Street's slowdown cuts into Goldman's 2Q profits
Read full article: Wall Street's slowdown cuts into Goldman's 2Q profitsInvestment banking giant Goldman Sachs saw its second-quarter profits fall nearly half from a year ago, as the markets turmoil and warnings of a possible recession caused the bank’s deal-making business to slow down considerably.
Big bank profits decline as deal-making, mortgages slow
Read full article: Big bank profits decline as deal-making, mortgages slowFour big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow.
Ex-Goldman Sachs banker convicted in plot to loot 1MDB fund
Read full article: Ex-Goldman Sachs banker convicted in plot to loot 1MDB fundA former Goldman Sachs banker has been convicted of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to loot the Malaysian state investment fund, 1MDB.
Ex-Goldman banker testifies 1MDB scheme a 'house of cards'
Read full article: Ex-Goldman banker testifies 1MDB scheme a 'house of cards'A former top banker at Goldman Sachs has testified that he and other corrupt executives at the firm built a “house of cards” to try to conceal an audacious scheme to ransack a Malaysian state investment fund.
Goldman Sachs Q4 profits fall as compensation costs soar
Read full article: Goldman Sachs Q4 profits fall as compensation costs soarGoldman Sachs’ said its fourth-quarter profits fell by 13% from a year earlier, largely due to the bank preparing to pay out hefty pay packages to its well-compensated employees.
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Goldman Sachs' profits jump 60% helped by deal-making frenzy
Read full article: Goldman Sachs' profits jump 60% helped by deal-making frenzyGoldman Sachs’ profits jumped 60% from a year earlier, as the deal-making bonanza that dominated financial markets this summer brought in hundreds of millions of dollars in fee revenue for the investment bank.
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From CVS to Goldman Sachs, FDA move prompts vaccine mandates
Read full article: From CVS to Goldman Sachs, FDA move prompts vaccine mandatesFrom Walt Disney World to Goldman Sachs, a flurry of private and public employers are requiring workers to get vaccinated against COVID-19 after the federal government gave full approval to the Pfizer shot.
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Goldman Sachs 2Q profits beat forecasts; boosts dividend
Read full article: Goldman Sachs 2Q profits beat forecasts; boosts dividendGoldman Sachs had the second-best quarterly profit in the firm’s history in the quarter ended in June, helped by a strong performance in its investment banking division that more than made up for a decline in trading revenues.
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A philanthropic drive to aid Black women is gaining momentum
Read full article: A philanthropic drive to aid Black women is gaining momentumThe needs of Black women and girls have become a focus of philanthropic efforts as major donors seek to narrow a racial wealth gap and address chronic funding disparities for groups that serve minority women.
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Asian shares mixed as vaccine wait tempers Wall St optimism
Read full article: Asian shares mixed as vaccine wait tempers Wall St optimismAsian shares are mixed as jubilance over positive U.S. economic data and a Wall Street record high were tempered by caution in the region, where the coronavirus vaccine rollout has lagged.
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Stock trading app company Robinhood files plan to go public
Read full article: Stock trading app company Robinhood files plan to go publicFILE - This Dec. 17, 2020, file photo shows the logo for the Robinhood app on a smartphone in New York. Stock trading app company Robinhood said Tuesday, March 23, 2021 that it has submitted a confidential plan to go public later this year. (AP Photo/Patrick Sison, File)CHARLOTTE, N.C. – Stock trading app company Robinhood said Tuesday that it has submitted a confidential plan to go public later this year. Robinhood found success — as well as significant criticism — for its business model making stock trading easier for retail investors. The company's app allows investors to buy fractions of a share in a company, and turns stock trading into almost a game.
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Goldman Sachs' profits more than double, despite pandemic
Read full article: Goldman Sachs' profits more than double, despite pandemicFILE - In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. Goldman Sachs said its profits more than doubled from a year earlier thanks to a surge in both trading and advising revenue. (AP Photo/Richard Drew, File)NEW YORK – Goldman Sachs said its profits more than doubled from a year earlier thanks to a surge in both trading and advising revenue. Goldman's results reflect that Wall Street had a strong year, despite the pandemic and millions of Americans out of work. Goldman’s profits were driven higher by its investment bank and trading desks, the cornerstone to the bank’s business models.
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US loses 140,000 jobs, first monthly drop since spring
Read full article: US loses 140,000 jobs, first monthly drop since springWalcott had to furlough four employees at his restaurant, just before Christmas, after New York state stopped allowing indoor dining. Still, the nation has nearly 10 million fewer jobs than it did before the pandemic sent it into a deep recession nearly a year ago, having recovered just 56% of the jobs lost in the spring. Most other industries added jobs in December, with manufacturers, construction companies, and higher-paying professional services such as architecture, engineering and accounting hiring more workers. Friday’s monthly jobs report, the last of Donald Trump’s presidency, shows that the nation has 3 million fewer jobs than it did four years earlier. Still, Trump had pledged to create 25 million jobs in four years.
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US unemployment claims slip to still-high 787,000
Read full article: US unemployment claims slip to still-high 787,000Criminals are seizing on a surge in job losses to steal unemployment benefits from Americans nationwide. The uptick in crime complicates an already tough situation for millions of financially strapped Americans and overwhelmed state unemployment offices. Thursday's report also showed that the number of people who are receiving regular state unemployment aid fell 125,000 to 5.1 million. And fewer people were on extended unemployment benefit programs. Those declines suggested that many of those people have used up all the benefits available to them, including extended federal aid.
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Asian shares extend losses on worries about spread of virus
Read full article: Asian shares extend losses on worries about spread of virusAsian shares retreated on Tuesday, Dec. 22, extending losses on growing worries over a new, potentially more infectious strain of the coronavirus that is countering good news over U.S. economic stimulus and vaccines. (AP Photo/Koji Sasahara)Asian shares retreated on Tuesday, extending losses on growing worries over a new, potentially more infectious strain of the coronavirus. The S&P 500 fell 1.4% to 3,694.92. Even after Monday’s drop, the S&P 500 is back only to where it was earlier this month. Monday was also the first day of trading for Tesla since joining the S&P 500 index.
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US economy grew at record 33% rate last quarter
Read full article: US economy grew at record 33% rate last quarterThe U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter -- by far the largest quarterly gain on record -- rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work. Yet the recovery from the deepest recession since the Great Depression of the 1930s remains far from complete. With no further federal aid in sight this year, Goldman Sachs has slashed its growth forecast for the current fourth quarter to a 3% annual rate from 6%. Though the unemployment rate, at 7.9%, is down significantly from 14.7% at the start of the pandemic recession, it is still historically high. The economy is still roughly 10.7 million jobs short of recovering all the 22 million jobs that were lost to the pandemic.
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Goldman Sachs subsidiary pleads to US charges in 1MDB probe
Read full article: Goldman Sachs subsidiary pleads to US charges in 1MDB probeA subsidiary of Goldman Sachs pleaded guilty on Thursday and agreed to pay more than $2 billion in a foreign corruption probe tied to the Malaysian 1MDB sovereign wealth fund, which was looted of billions of dollars in a corruption scandal. The company, Goldman Sachs Malaysia, entered the plea in federal court in Brooklyn. Goldman Sachs Malaysia entered the plea in federal court in Brooklyn. Goldman Sachs' board of directors decided to claw back pay and bonuses from top executives, including current CEO David Solomon and former CEO Lloyd Blankfein. Two Goldman Sachs executives have also been personally charged for fraud.
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