GS
Goldman Sachs Group Inc.NYSE
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  • Tue, Aug. 30, 2:21 AM
    • More than 76,000 people have signed a petition demanding former European Commission President Jose Manuel Barroso be stripped of his pension after taking a job at Goldman Sachs (NYSE:GS).
    • Organizers plan to present it to current leaders of the EU institutions at the end of September.
    • Critics claim the role is inappropriate given Goldman's role in the U.S. subprime crisis and Greek debt talks.
    | Tue, Aug. 30, 2:21 AM | 4 Comments
  • Wed, Aug. 17, 3:04 PM
    • The bank's Private Equity Group bought into legacy-to-live carrier Enstar in April 2011 with a $291M investment. That 19% stake could be worth in the area of $600M today, and Goldman (NYSE:GS) has begun to approach potential buyers, according to The Insurance Insider.
    | Wed, Aug. 17, 3:04 PM
  • Fri, Aug. 12, 2:05 AM
    • Big Wall Street banks, including Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and JPMorgan Chase (NYSE:JPM), have asked the Federal Reserve to grant them an additional five-year grace period to comply with the Volcker rule, according to Reuters.
    • If granted, the extension would see the changes not kick in until 2022.
    • The Fed also said the lenders must specify the investments they are referring to, before it makes a decision.
    | Fri, Aug. 12, 2:05 AM | 46 Comments
  • Wed, Aug. 10, 3:15 PM
    • Incentive pay for fixed-income sales and trading may fall 10-15% this year, according to Johnson Associates. Three months ago, the firm forecast a 15-20% decline. Bankers involved in corporate M&A may see bonus pay fall just 5-15% vs. an earlier expectation for 10-15%.
    • Source: Bloomberg's Laura Keller
    • The Brexit vote, notes Alan Johnson, may not erode H2 revenue as much as previously thought.
    • It's a little bit of good news for an industry still having to deal with sluggish revenue. Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Morgan Stanley (NYSE:MS) slashed first-half compensation by the most in at least four years, according to the most recent filings. At Goldman, the average H1 compensation fell 29% to $168.65K.
    | Wed, Aug. 10, 3:15 PM | 5 Comments
  • Mon, Aug. 8, 9:29 AM
    • Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS) and the European Bank for Reconstruction & Development have invested $150M in TFI TAB Gida, the Turkish company that controls the biggest international Burger King franchise.
    • The trio of investors may also be involved in an IPO in the next couple of years, although their current funding will be invested in new restaurants.
    | Mon, Aug. 8, 9:29 AM | 8 Comments
  • Fri, Aug. 5, 2:23 AM
    • In a new regulatory filing, Goldman Sachs (NYSE:GS) warned that Brexit could force it to "restructure" some of its U.K. operations, in one of the clearest signs that Wall Street institutions are preparing specific measures following the landmark vote.
    • New York state's financial regulator has also sent Goldman a second request for information about its fundraising for Malaysian state fund 1MDB and requested a meeting with the bank by the end of the month.
    | Fri, Aug. 5, 2:23 AM | 4 Comments
  • Wed, Aug. 3, 3:38 PM
    • Under pressure to drum up more business, Goldman Sachs (NYSE:GS) investment banker Joseph Jiampietro used confidential information from Rohit Bansal - a Fed employee who later was hired by Goldman - to bring in clients, according to the charges.
    • The offenses occurred between Feb. 2012 and Oct. 2014, and Goldman is paying $36.3M to settle.
    • Both Jiampietro and Bansal were fired some time ago.
    • In a statement Goldman places the blame squarely on those two workers, but the Fed goes further, saying Goldman did not have sufficient policies, procedures and training in place to ensure compliance with laws.
    | Wed, Aug. 3, 3:38 PM | 5 Comments
  • Mon, Aug. 1, 4:33 AM
    • U.S. authorities have issued subpoenas to Goldman Sachs (NYSE:GS) for documents related to 1MDB, the Malaysian investment fund at the center of an international corruption scandal, WSJ reports.
    • Goldman received the orders earlier this year from the DOJ and SEC, which also want to interview current and former Goldman employees in connection with the inquiries.
    | Mon, Aug. 1, 4:33 AM | 5 Comments
  • Wed, Jul. 27, 11:49 AM
    • Having covered bank stocks on and off since 1985, the team at Oppenheimer says portfolio managers have never been fans of the sector, but the hatred today is off the charts - even as the reasons for that hatred have gone away.
    • Banks used to be opaque, they overpaid for acquisitions, and often had frothy growth that almost invariably backfired. It's hard to say that today. While banks will always be somewhat opaque, today they're returning capital rather than blowing it on acquisitions, and their "growth initiatives are the epitome of financial probity."
    • Oppenheimer's six large bank composite has on average churned out quarterly pretax earnings of $31.4B per quarter since 2013 (including $30.5B in Q1 this year, and $33.4B in Q2). That's a lot of money, especially since most of it is being used to buy back stock at less than 10x earnings and below tangible book value.
    • While lower-for-longer interest rates will continue to hamper earnings, banks are managing appropriately for the current environment, and the math of buying back stock below book will eventually win the day.
    • Favorite picks are Bank of America (NYSE:BAC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS).
    • ETFs: KBE, KRE
    | Wed, Jul. 27, 11:49 AM | 20 Comments
  • Tue, Jul. 26, 10:49 AM
    • Private equity firm Primus Pacific Partners is the largest shareholder of Malaysian bank EON Capital. It's suing Goldman Sachs (GS +0.2%) for $510M, alleging fraud and breach of fiduciary duty, claiming a conflict of interest with Malaysia PM Najib Razak when it was advising EON.
    • Goldman, of course, was an advisor to 1MDB, the now-scandalized development fund established by the prime minister. At the same time, the bank was advising EON, which was mulling a takeover bid by Hong Leong Bank - which allegedly has close ties to the PM's brother.
    • Previously: Goldman probed over Malaysia fund 1MDB (June 7)
    • Previously: Goldman's Malaysia business evaporates (May 25)
    | Tue, Jul. 26, 10:49 AM | 1 Comment
  • Mon, Jul. 25, 7:00 PM
    • In a bit of a surprise, the Fed is readying new enforcement actions against Goldman Sachs (NYSE:GS) tied to an information leak between one of its New York employees and a Goldman banker two years ago, The New York Times reports.
    • Goldman is expected to pay a new penalty to settle this; it paid $50M to New York State two years ago due to ineffective supervision of the banker.
    • The new actions may include a third man, a former Goldman exec who reportedly plans to fight back if the Fed files a case against him.
    • A new penalty would come from the Fed in Washington, D.C., rather than in New York, and may be smaller than the $50M penalty from the previous action on this case.
    • After hours: GS -0.2%.
    | Mon, Jul. 25, 7:00 PM | 8 Comments
  • Fri, Jul. 22, 2:09 AM
    • Goldman Sachs (NYSE:GS) will soon begin promoting a new corporate-buyout fund of between $5B-$8B, according to the WSJ, marking the first time it's launched such a fund since 2007.
    • The new pool is named West Street Capital Partners, after Goldman's lower Manhattan address, in order to comply with a post-crisis rule that prevents P-E funds from bearing their parent bank's name.
    | Fri, Jul. 22, 2:09 AM
  • Thu, Jul. 21, 7:03 PM
    • For the first time since the global financial crisis, Goldman Sachs (GS -1.1%) is jumping heavily back into corporate-buyout funding.
    • The bank is raising a private-equity fund of $5B-$8B, its first of that type since 2008, The Wall Street Journal reports. It's smaller than the $20B fund it raised in 2007 -- and in accordance with new rules, it will have less Goldman capital and even less of its name (it will be called West Street Capital Partners).
    • In an effort to cut big-bank betting, the Dodd-Frank financial law's "Volcker Rule" says that banks can contribute no more than 3% of the money raised by P-E or hedge funds, and that sum can't be more than 3% of the bank's capital.
    • Overall, Goldman's private-equity arm oversees $65B in assets.
    | Thu, Jul. 21, 7:03 PM
  • Wed, Jul. 20, 2:17 PM
    • Alongside falling profits at Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Morgan Stanley (NYSE:MS), the trio collectively cut employee pay in Q1 and Q2 by 17% to $19B, according to a Bloomberg review of regulatory filings.
    • It's a big change from a year ago when the three boosted H1 compensation by 4%.
    • Goldman cut the most, setting aside 28% less to $5.99B. Morgan Stanley trimmed 14% to $7.7B, and JPMorgan 6% to $5.3B. Citigroup and Bank of America don't break out compensation for the IB units.
    • Source: Laura Keller at Bloomberg
    | Wed, Jul. 20, 2:17 PM | 6 Comments
  • Tue, Jul. 19, 10:08 AM
    • FICC revenue up 20% was a bright spot, but business in other units was sluggish, notably in investment banking, where revenue fell 11%, in part thanks to a slump in M&A business, but mostly due to a major drop in IPO business - equity issuance dropped 55%.
    • Both Nomura's Steven Chubak and Citi's Keith Horowitz remind Goldman has already had a nice run on the back of the post-Brexit bounce and earlier earnings reports from JPMorgan, Citi, and Bank of America (Goldman's ahead 10% in July), so perhaps today's pause shouldn't be a surprise.
    • Speaking on the earnings call, CFO Harvey Schwartz says client volume levels were down headed into Brexit, but hit peak activity following the shock vote. He doesn't expect Brexit to be a headwind to the bank's business.
    • WSJ blog
    • GS -0.5%
    • Previously: Trading revenue bounces back at Goldman, but conditions remain challenging (July 19)
    | Tue, Jul. 19, 10:08 AM | 1 Comment
  • Tue, Jul. 19, 7:48 AM
    • Q2 net earnings of $1.82B or $3.72 per share vs. $1.98 one year ago. It's a sizable beat from $3.00 expected for this quarter, but revenues fell 12.6% on a Y/Y basis. ROE of 8.7% in Q2 and 7.5% in H1.
    • Investment Banking revenues of $1.79B fell 11% Y/Y. Financial advisory revenue of $794M down 3% as M&A slowed down. Underwriting revenue of $993M down 17% from a strong quarter one year ago, reflecting a big decline in industry-wide activity, though debt underwriting rose smartly.
    • Institutional Client Services revenue of $3.68B up 2% Y/Y. FICC revenue of $1.93B up 20% - while conditions improved vs. three months ago, the environment remains challenging, says the bank.
    • Compensation and Benefits of $3.33B down 13% Y/Y. The ratio of comp and benefits to revenue of 42% for H1 of 2016 is flat from the year-ago period. Total staff fell 5% in Q2.
    • Tangible book value per share of $166.90 up 2% for the quarter.
    • CC at 9:30 ET
    • Previously: Goldman Sachs beats by $0.72, beats on revenue (July 19)
    • GS is bouncing around in premarket action, but currently marginally higher.
    | Tue, Jul. 19, 7:48 AM