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GS

Goldman Sachs Group Inc.

5/21/2013, 6:54 AM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
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| M&A
| On the move

Monday, May 20, 6:14 AM Goldman Sachs (GS) plans to sell the remainder of its stake in Industrial and Commercial Bank of China at between HK$5.47-5.50 per Hong Kong-listed share (~3% below Monday's closing price) for proceeds of around $1.1B. GS has divested its stake over three separate sales (counting the current offering), with the first coming in April of 2012 and the second earlier this year. GS has held a stake in the bank since 2006. Comment! [Financials]
Friday, May 17, 1:08 PM Goldman Sachs (GS) launches the Goldman Sachs Multi-Manager Alternatives Fund offering alternative and non-traditional investment strategies to investments as little as $1K. P-E firms from CG to KKR to BX have noted much of their future growth will not from the institutional side, but from individuals in search of yield. Comment! [Financials]
Thursday, May 16, 3:55 PM Described as a win for Wall Street's biggest swaps dealers - JPM, BAC, C, MS, and GS - the CFTC approves new swap trading rules 3 years after the passage of Dodd-Frank. The rules mandate new trading platforms making bids and offers public, but require traders send request for bids to just two firms before execution rather than the five some had called for. Smaller exchanges aren't sweating it, instead happy they now have a defined system to operate under. 1 Comment [Financials]
Wednesday, May 15, 3:13 PM It's a parking ticket, but Goldman Sachs (GS) is ordered by an arbitration panel to pay about $2.5M to a client who claimed being steered to an inappropriate investment in the bank's Special Opportunities Fund in 2006. In a rare move, one of the three on the panel disagreed with the verdict, and found the fund was a suitable investment for the client. 2 Comments [Financials]
Wednesday, May 15, 3:01 PM Commodity trading revenue at the top 10 global investment banks plunged 54% Y/Y to just $1.2B, according to Coalition. The outliers are Goldman Sachs (GS) and JPMorgan (JPM), both of which reported slight increases in activity (Q2 looking decent at JPM as well). Leading on the downside was a 77% drop at Morgan Stanley (MS), whose commodity desk has been alternatively on the block or set for restructuring. 1 Comment [Financials]
Tuesday, May 14, 1:16 PM Goldman Sachs (GS) wins dismissal of ACA Financial Guaranty's fraud lawsuit over the famed Abacus CDO. ACA claimed it was duped into believing Paulson & Co. was long the CDO when, in fact, the hedge fund was short. A NY appeals court said ACA could have figured this out, but chose not to investigate. Goldman has already paid the SEC $550M over the Abacus deal. Comment! [Financials]
Tuesday, May 14, 7:13 AM Goldman Sachs (GS) mulls its options in wake of Bloomberg reporters using terminals to snoop on the bank's employees, including using encrypted Twitter accounts or creating a secure instant-messaging app that could be used by the trading community inside - and outside - of Goldman. Comment! [Financials]
Tuesday, May 7, 3:34 PM A NY appeals court reverses a lower court ruling, and says Goldman Sachs (GS) will have to face a fraud suit over $275M in MBS brought by CIFG Assurance, which claims it was duped into insuring the shoddy paper. 1 Comment [Financials]
Wednesday, May 1, 9:55 AM Goldman Sachs (GS) sells a majority stake in its reinsurance business - Global Atlantic Financial Group - a move made necessary by more stringent capital requirements. Neither terms nor details on the size of Goldman's remaining stake were made available. The unit had revenue of $233M in Q1. (PR) Comment! [Financials]
Wednesday, May 1, 9:49 AM Goldman Sachs (GS) apparently sees accounting issues at Ebix (EBIX +4.8%) a bit differently than Gotham City Research as an affiliate of the bank inks a deal to buy the company for $20/share in cash. (PR) 3 Comments [Financials, Tech, M&A, Breaking News]
Wednesday, April 17, 1:38 PM "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital. 5 Comments [Financials]
Tuesday, April 16, 9:59 AM "I wish I could tell you when," says Goldman Sachs (GS -1.6%) CFO Harvey Schwartz, responding to an earnings call question about when M&A might pick up. Schwartz calls such activity a lagging indicator, meaning a longer period of solid business may be necessary before gains might be seen. Asked about implementation of the Volcker Rule (which keeps getting pushed out), Schwartz says he's more concerned with the quality of the rule-making than the timing. 1 Comment [Financials]
Tuesday, April 16, 8:48 AM Goldman Sachs (GS) is chosen by India as the asset manager for an ETF made up of state-owned companies. The fund is part of an effort by the government to raise up to $7.4B by selling stakes in state firms. The ETF is likely to be launched in the next couple of months. EPI -10.8% YTD, but the Sensex gained 2.1% overnight. Comment! [Global & FX, Financials]
Tuesday, April 16, 7:51 AM More on Goldman Sachs (GS) Q1 earnings: Investment banking revenues of $1.57B, up 36% Y/Y, led by a 63% gain in underwriting business - think lots of corporate debt offerings and commercial mortgage activity. FICC (trading) revenues continue soft, -7% Y/Y. Compensation expense flat Y/Y, compensation rato falls to 43% from 44%. Non-compensation expenses flat Y/Y. Share repurchases of $1.52B at average cost of $150.53/share. Basel capital ratio of 16.7%. Shares +0.4% premarket. (PR) Comment! [Earnings, Financials]
Tuesday, April 16, 7:36 AM Goldman Sachs (GS): Q1 EPS of $4.29 beats by $0.43. Revenue of $10.09B beats by $0.49B. (PR) 1 Comment [Earnings, Breaking News, Financials]
Tuesday, April 16, 12:05 AM Notable earnings before Tuesday’s open: AMTD, BLK, CMA, GS, GWW, JNJ, KO, NTRS, USB, WWW Comment! [Earnings]

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