Goldman Sachs Group Inc.

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  • Jul. 16, 2015, 11:08 AM
    • Macro jitters may be making the headlines, but Goldman Sachs (GS -1%) M&A bankers aren't seeing any dip in confidence from their clients, says CFO Harvey Schwartz on the earnings call. "In terms of the degree of conversations we are having, any activity levels, it feels quite good."
    • Talking about Goldman's decision to move into online consumer and small-business banking, Schwartz takes note of a particular advantage: No legacy costs or legacy infrastructure to overcome.
    • Commenting on Goldman's earnings, Citi's Keith Horowitz calls the quarter "noisy," but - excluding FICC (revenue down 28% Y/Y) - strong, with investment banking a notable outperformer. He rates the stock a Neutral with $210 price target.
    • WSJ Live Blog
    • Conference call webcast
    • Previously: Goldman beats after backing out legal charges (July 16)
    • Previously: Goldman Sachs beats by $0.86, beats on revenue (July 16)
    | Jul. 16, 2015, 11:08 AM
  • Jul. 16, 2015, 7:49 AM
    • Q2 net income of $1.05B or $1.98 per share vs. $2.037B and $4.10 one year ago. This year's net income includes a $1.45B or $2.77 per share charge for mortgage-related litigation and regulatory matters. Backing this out, annualized ROE was 11.5% in Q2.
    • Investment banking revenue of $2.02B up 13% Y/Y. Financial advisory revenue of $821M up 62%. Underwriting revenue of $1.2B down 6%. Backlog slipped during quarter, but is up from last year.
    • Institutional client services revenue of $3.6B down 6% Y/Y. FICC revenue of $1.6B down a whopping 28% from last year. Equities revenue of $2B up 24%.
    • Investing & lending revenue of $1.8B down 13% Y/Y.
    • Investment management revenue of $1.65B up 14% Y/Y.
    • Operating expenses of $7.34B up 16% Y/Y (mortgage litigation), with compensation and benefits of $3.81B down 3%. Ratio of comp and benefits to revenue of 42% for H1 is down 100 bps from a year ago.
    • CET 1 ratio of 12.5% slips 10 basis points during quarter.
    • Tangible book value per share of $160.11 about flat from last quarter.
    • Conference call at 9:30 ET
    • Previously: Goldman Sachs beats by $0.86, beats on revenue (July 16)
    • GS -1% premarket
    | Jul. 16, 2015, 7:49 AM | 2 Comments
  • Jul. 16, 2015, 7:37 AM
    • Goldman Sachs (NYSE:GS): Q2 EPS of $4.75 beats by $0.86.
    • Revenue of $9.07B (-0.5% Y/Y) beats by $290M.
    | Jul. 16, 2015, 7:37 AM
  • Jul. 15, 2015, 5:30 PM
    | Jul. 15, 2015, 5:30 PM | 2 Comments
  • Jul. 14, 2015, 4:49 AM
    • The nation's largest banks report their second-quarter results this week, beginning with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) today.
    • Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are due to report later in the week, along with private equity firm Blackstone (NYSE:BX) and asset manager BlackRock (NYSE:BLK).
    • Despite the stable economy in the U.S., analysts are expecting relatively ho-hum results.
    | Jul. 14, 2015, 4:49 AM
  • Jul. 13, 2015, 1:05 PM
    • San Francisco-based Imprint Capital has 17 employees and over $530M in AUM, and advises clients on investing based on their environmental, social, and governance views.
    • It's the latest in a number of small deals made by Eric Lane and Tim O'Neill - co-heads of Goldman's (NYSE:GS) investment-management division - in an effort to boost revenues by more than 10% per year. The unit last year had just over $6B in revenue, or roughly 17% of the bank's total.
    • Terms were not disclosed.
    • Source: Bloomberg
    | Jul. 13, 2015, 1:05 PM
  • Jul. 6, 2015, 4:41 PM
    • Last year, the Fed and FDIC found most of wind-down plans submitted by twelve of the largest U.S. banks (or U.S. units of overseas banks) had numerous deficiencies, and sent the lenders back to the drawing board.
    • The two government agencies today posted public sections of the latest versions of the living wills, and said they will begin reviewing. Feedback is expected before year-end.
    • The lucky 12: BAC, BK, C, GS, JPM, MS, STT, UBS, WFC, BCS, CS, DB.
    | Jul. 6, 2015, 4:41 PM | 6 Comments
  • Jun. 24, 2015, 7:43 AM
    • After tough starts to the year for Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS), both have rebounded to produce market-beating returns year-to-date. Goldman's 12.7% advance is nearly 1K basis points ahead of the S&P 500 and 1.1K points ahead of the XLF. Citi's 6% gain is about 300 bps ahead of the S&P and 400 more than the XLF.
    • Deutshce's Matt O'Connor downgrades both to Hold from Buy.
    • -0.9%, GS -0.6% premarket
    | Jun. 24, 2015, 7:43 AM | 4 Comments
  • Jun. 19, 2015, 2:54 PM
    • Ahead of what is expected to be its first issuance of ETFs later this year, Goldman Sachs (NYSE:GS) has hired iShares veteran Tony Kelly as head of product development for its ETF operation.
    • Kelly spent 15 years at iShares - first under Barclays and then BlackRock. He left BlackRock two months ago with plans to hit the beach for awhile, before Goldman came calling.
    • Looking to take a piece of the fast-growing $3T industry, Goldman has 11 ETFs up for regulatory approval.
    • Source: Bloomberg
    | Jun. 19, 2015, 2:54 PM
  • Jun. 19, 2015, 11:06 AM
    • At stake is a package of (mostly non-performing/defaulted) Irish real estate loans held by Lloyds (NYSE:LYG) with a face value of €4.2B. Initial offers were submitted for theProject Poseidon  portfolio - which could go for less than €0.30 on the euro  - earlier this month, with Goldman Sachs (NYSE:GS) and Deutsche Bank (NYSE:DB) facing off to be the lucky buyer, according to Bloomberg.
    | Jun. 19, 2015, 11:06 AM | 8 Comments
  • Jun. 19, 2015, 7:51 AM
    • Goldman Sachs (NYSE:GS) has been hired to replace JPMorgan (NYSE:JPM) as the U.K. government's adviser for the privatization of Royal Bank of Scotland (NYSE:RBS), reports Bloomberg.
    • JPMorgan was hired in 2013 with the expectation that the role would come up for review from time to time.
    • The government owns about 79% of RBS.
    • Goldman's winning of the business comes as the bank bids for more than $20B in mortgages being sold by U.K. Asset Resolution, Ltd. JPMorgan bought about $4B in mortgages from the operation late last year.
    | Jun. 19, 2015, 7:51 AM
  • Jun. 16, 2015, 8:22 AM
    • FQ2 (ending May 31) fixed-income net revenue at Jefferies (NYSE:LUK) jumped 56% from a slow Q1, but fell 29% from a year ago. Total net revenue of $792M climbed 9.4% Y/Y.
    • CEO Richard Handler notes fixed-income results improved each month during the quarter.
    • Jefferies results often provide clues about how larger rivals like JPMorgan (NYSE:JPM), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS) may fare when they report their Q2s next month.
    | Jun. 16, 2015, 8:22 AM
  • Jun. 15, 2015, 3:07 PM
    • While still in the early planning stages, Goldman (GS -0.7%) plans to go head-to-head with Main Street banks, not to mention online startups like Lending Club (LC -1.3%), Prosper, and PayPal (Pending:PYPL) to offer loans of a few thousand dollars to regular folk.
    • Goldman's effort will also be strictly online, and it's being led by new hire Harit Talwar, who joined the bank from Discover.
    • Fans are already looking forward to Goldman dinging ordinary Americans' credit reports, and the congressional panels and Matt Taibbi articles sure to follow.
    • Meanwhile, Oppenheimer's Chris Kotowski questions the capital allocation decision: “I refuse to believe that hiring a couple of programmers and offering to make $15K loans online is a highly value-added banking strategy.”
    • Source: NYT
    | Jun. 15, 2015, 3:07 PM | 14 Comments
  • Jun. 10, 2015, 10:01 AM
    • More than six years after the bottom, only four of the globe's biggest banks sport stock prices trading at a premium to book value. Leading the way is UBS at about 1.4x book. Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Morgan Stanley (NYSE:MS) also trade for north of book.
    • Deutsche Bank (NYSE:DB) - whose ROE of 2% is about one-tenth of what it was pre-crisis - brings up the rear at just about 0.5% of book. Barclays (NYSE:BCS) sells for roughly 0.7x book, and Bank of America (NYSE:BAC) only slightly more than that.
    • Checking further on ROE, Goldman leads the way at about 12%. Citigroup (NYSE:C) is less than 5%, but stands out as being the only bank with a higher ROE today than before the crisis.
    • Looking at total return since the crisis, Goldman again leads the way at about 170%, with Morgan Stanley and JPMorgan a close second/third. Citigroup is the only major bank with a negative total return over that time frame.
    • Source: Bloomberg
    | Jun. 10, 2015, 10:01 AM | 13 Comments
  • Jun. 5, 2015, 2:36 PM
    • Cost-cutting is still a catalyst for Bank of America (BAC +2.5%), says JPMorgan's Vivek Juneja, noting the lender could add another $0.06 to annual EPS and improve its efficiency ratio by 100 basis points by cutting LAS expenses another $250M (as it plans to do). The bank has also just begun its SIM program (Simplify and Improve) to find cost savings which will free up money for growth investments.
    • Goldman Sachs (GS +0.5%), says the team at Wells Fargo, is set to benefit from continued strength in M&A, plus potential to see greater client activity as rates rise. The bank's greater expense flexibility suggests it will maintain a healthy ROE advantage to peers. The consensus for peer ROE next year is 8.8% - for Goldman to maintain its edge, says Wells, it would need to generate a ROE of 15.4% vs. the 14.7% it posted in Q1 this year.
    • Previously: Financials on the move as rate hike draws nearer (June 5)
    | Jun. 5, 2015, 2:36 PM | 17 Comments
  • Jun. 5, 2015, 7:39 AM
    • A deal for Goldman Sachs (NYSE:GS) to pay $2B-$3B to settle MBS claims could be reached with the DOJ within weeks, reports Bloomberg.
    • The biggest players - BofA, JPMorgan, and Citigroup - cut deals last year totaling $35B in cash and consumer relief. Morgan Stanley earlier this year agreed to pay $2.6B, but that has yet to be inked.
    | Jun. 5, 2015, 7:39 AM | 2 Comments
Company Description
Goldman Sachs Group Inc is a investment banking, securities and investment management firm. Its segments include Investment Banking, Trading and Principal Investments, Asset Management and Securities Services.