GS
Goldman Sachs Group Inc.NYSE
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  • Tue, Jul. 19, 7:45 AM
    • Goldman Sachs (NYSE:GS): Q2 EPS of $3.72 beats by $0.72.
    • Revenue of $7.93B (-12.6% Y/Y) beats by $350M.
    • Shares -0.51% PM.
    • Press Release
    | Tue, Jul. 19, 7:45 AM | 2 Comments
  • Tue, Jul. 19, 3:45 AM
    • The Republican convention has left Wall Street banks on edge by embracing a proposal to reinstate Glass-Steagall, the banking separation rule which was dropped during the Clinton administration after a bipartisan effort to overturn it.
    • The repeal is often cited as a cause of the financial crisis in 2008, even though two of the institutions at the core of the crisis, Lehman and Bear Stearns, were unaffected by the act's prohibition of combining investment and commercial banks.
    • Related tickers: C, JPM, BAC, WFC, GS
    | Tue, Jul. 19, 3:45 AM | 82 Comments
  • Mon, Jul. 18, 5:30 PM
    | Mon, Jul. 18, 5:30 PM | 6 Comments
  • Fri, Jul. 15, 10:10 AM
    | Fri, Jul. 15, 10:10 AM | 53 Comments
  • Fri, Jul. 15, 9:47 AM
    • Pelham Capital’s main hedge fund lost about 10% in June as the U.K.’s shock decision to exit the EU sparked turmoil in global equity markets, sources say.
    • The losses in Pelham Long/Short Fund, which managed 3.8 billion euros ($4.2B) at the end of May, left it down about 9% in the first half of the year.
    • The fund, one of the largest in Europe betting on rising and falling share values, had gained about 15% last year.
    • Source: Bloomberg
    | Fri, Jul. 15, 9:47 AM
  • Thu, Jul. 14, 8:19 AM
    • Among the items boosting the quarter was a big rebound in markets revenue (which includes FICC) - up 23% Y/Y to $5.56B. The bank had previously unofficially guided to more than a 10% gain in trading revenue.
    • Jamie Dimon has previously said that the myriad legal and regulatory issues pressuring the bank were beginning to dissipate, and this quarter JPMorgan reported a legal benefit of $430M vs. $291M of expenses a year ago.
    • Energy? JPMorgan's Corporate  &  Investment bank booked a $235M credit loss vs. $50M a year ago, though $185M of that loss came from one customer. The commercial bank had a reserve release of $25M vs. needing to add $304M in Q1.
    • Citigroup (NYSE:C+2.6%, Bank of America (NYSE:BAC+2.1%, Goldman Sachs (NYSE:GS+2.25%, Morgan Stanley (NYSE:MS+1.8%, Wells Fargo (NYSE:WFC+1.4% premarket
    | Thu, Jul. 14, 8:19 AM | 13 Comments
  • Mon, Jul. 11, 1:17 PM
    • A rebound in credit markets and elevated trading activity ahead of the Brexit vote are likely to both filter down to solid sequential revenue growth and profits for Morgan Stanley (MS +0.5%) and Goldman Sachs (GS +1.3%), says Credit Suisse.
    • Both stocks are down more than 15% YTD, but Goldman could rally 20% from here, says the analyst team, noting Q2 was the best quarter for credit market asset prices since 2009.
    | Mon, Jul. 11, 1:17 PM
  • Fri, Jul. 8, 10:49 AM
    • Jose Manuel Barroso, the former president of the European Commission, has joined Goldman Sachs (GS +2.1%) as non-executive chairman for its international business.
    • Barroso, the former prime minister of Portugal, served at the helm of the EC from 2004 to 2014.
    • He'll act as an adviser to the wider group as well. "Jose Manuel brings immense insights and experience to Goldman Sachs, including a deep understanding of Europe," says a statement from Michael Sherwood and Richard Gnodde, co-chiefs of the company's international business.
    | Fri, Jul. 8, 10:49 AM | 1 Comment
  • Thu, Jun. 30, 2:43 PM
    • While a "no objection" clearly would have been preferable for Morgan Stanley (MS +2.5%), says the team at JMP, $3.5B of buybacks is 41% more than last year and ahead of consensus expectations for $2.8B; the quarterly dividend of $0.20 is up by one-third.
    • Together, they represent 87% of GAAP net income, and the bank has no boosted capital returns for four consecutive years. "We are encouraged that it continues to take steps forward as we view CCAR as a long-term process toward reaching optimal capital return."
    • Goldman Sachs (GS +1.9%) historically does not disclose how much it's approved for, and this year is no different. The team isn't 100% certain progress was made, but Goldman did say it was approved for a hike in the dividend, and back-of-the-envelope calculations would lead one to believe the buyback was increased as well. They're estimating a total of about $6B in capital returns.
    | Thu, Jun. 30, 2:43 PM
  • Thu, Jun. 30, 10:51 AM
    • Dividend increases and boosted buybacks must already have been priced into the shares of the big banks, as share prices are showing little reaction to last night's capital plans.
    • Citigroup (C -0.6%) is notably lower despite announcing more than a tripling in the dividend. Bank of America (BAC -0.8%) was more cautious with its payout boost, but is faring about the same. JPMorgan (JPM unch) chose not to lift its dividend, but did raise the buyback. Morgan Stanley (MS +0.6%) lifted both. Wells Fargo (WFC -0.5%) didn't give details other than saying its capital plan was approved; same for Goldman Sachs (GS +0.1%).
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF, KBE
    | Thu, Jun. 30, 10:51 AM | 23 Comments
  • Mon, Jun. 27, 6:55 AM
    | Mon, Jun. 27, 6:55 AM | 62 Comments
  • Fri, Jun. 24, 8:27 AM
    • "Goldman Sachs (NYSE:GS) has a long history of adapting to change, and we will work with the relevant authorities as the terms of the exit become clear," says CEO Lloyd Blankfein in an internal memo following the Brexit vote.
    • He reminds there will be no immediate change as negotiations between the U.K. and the EU on terms of their divorce could take years.
    • Goldman has about 6K employees based in London.
    • Shares -5.8% premarket
    | Fri, Jun. 24, 8:27 AM | 11 Comments
  • Fri, Jun. 24, 5:22 AM
    | Fri, Jun. 24, 5:22 AM | 129 Comments
  • Thu, Jun. 23, 4:51 PM
    • Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
    • American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
    • Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
    • BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
    • BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
    • BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
    • BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
    • Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
    • Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
    • Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
    • Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
    • Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
    • Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
    • Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
    • HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
    • Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
    • JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
    • KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
    • M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
    • Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
    • Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
    • PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
    • Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
    • Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
    • State Street (NYSE:STT): 13%, 9.6%, 9.6%
    • SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
    • TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
    • U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
    • Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
    • Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
    • Previously: All 33 banks pass this year's stress tests (June 23)
    | Thu, Jun. 23, 4:51 PM | 64 Comments
  • Thu, Jun. 23, 3:33 PM
    • Hoping to remove bias from the process, Goldman Sachs (NYSE:GS) plans to end the age-old ritual of on-campus interviews for undergraduates.
    • It's part of a broader overhaul as the bank looks to standardize its recruitment process. Also at work is an effort to broaden the pool of applicants beyond those who were in the right frat or happened to play lacrosse or field hockey at certain schools (CFO Harvey Schwartz is a Rutgers grad, and President Gary Cohn went to American U).
    • Goldman is also experimenting with a personality test, and trying to reach candidates through social media. A recent Snapchat (Private:CHAT) campaign was successful, according to Mike Desmarais, global head of recruiting.
    | Thu, Jun. 23, 3:33 PM | 2 Comments
  • Tue, Jun. 21, 8:56 AM
    • Jefferies' fiscal quarters end one month ahead of those for JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), and Bank of America (NYSE:BAC), so investors in those banks like to keep an eye out in order to get a preview.
    • What they'll get from Jefferies' FQ2 is that fixed-income trading has experienced a sharp reversal to the upside after a lame Q1. Bond-trading revenue at Jefferies was up 55%, the largest quarterly gain since 2014, and the best Mar-May quarter since 2012. Wall Street executives for a few weeks have touted a Q2 trading rebound, and the news from Jefferies backs that up.
    • On the downside, stock and bond underwriting income continued to slump.
    | Tue, Jun. 21, 8:56 AM | 1 Comment