Goldman Sachs Group – The News Desk

The Dow Jones Industrial Average Is So Back. Here Are the Stocks Sending It to New Highs.

13Dec

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Money

The Dow Jones Industrial Average Is So Back. Here Are the Stocks Sending It to New Highs.

The Dow Jones Industrial Average is poised to become the first major U.S. stock index to set a record since the Federal Reserve started raising interest rates.Investors on Wednesday drove the blue-chip index up more than 225 points to 36805, after Federal Reserve officials penciled in three interest-rate cuts next year at the conclusion of their December meeting. The rally puts the benchmark on the cusp of topping its previous closing high of 36799.65 set on Jan. 4, 2022. The 30-stock index has risen for six consecutive weeks and is up 10% this year through Tuesday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

7Dec

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Money

Big Banks Need More Out of Wall Street

As the calendar turns for the biggest banks, a big question mark looms: Where will growth come from next year?A major feature of the global Wall Street banks is the diversity of their revenue sources. They don’t just make money from lending and deposits, like many regional banks, but also via trading and corporate advisory fees. And while volatile interest rates are known to scare chief executives and corporate boards from making big acquisition moves, they can sometimes be a big boost for trading desks.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

McKinsey Shrinks New Partner Class by Roughly 35%

7Dec

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World

McKinsey Shrinks New Partner Class by Roughly 35%

Updated Dec. 6, 2023 6:51 pm ETIt got a lot harder to make it to the top of McKinsey & Co.The closely held firm named its new class of partners, and the group is roughly a third smaller than last year, according to people familiar with the matter, in the latest sign that economic conditions have dented demand for high-price consultants.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

2Dec

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Money

A Divorce With Apple, Internal Strife: How Goldman’s Main Street Bet Failed

Updated Dec. 2, 2023 12:23 am ETAt an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them.Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. But it was Apple that sealed it. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.Copyright ©2023 Dow Jones & Company, Inc. All Right...

2Dec

By adminNo Comments

World

A Divorce With Apple, Internal Strife: How Goldman’s Main Street Bet Failed

Updated Dec. 2, 2023 12:23 am ETAt an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them.Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. But it was Apple that sealed it. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.Copyright ©2023 Dow Jones & Company, Inc. All Right...

Apple Pulls Plug on Goldman Credit-Card Partnership

29Nov

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Money

Apple Pulls Plug on Goldman Credit-Card Partnership

Apple is pulling the plug on its credit-card partnership with Goldman Sachs, the final nail in the coffin of the Wall Street bank’s bid to expand into consumer lending. The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months, according to people briefed on the matter. The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

28Nov

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World

Apple Pulls Plug on Goldman Credit-Card Partnership

Apple is pulling the plug on its credit-card partnership with Goldman Sachs, the final nail in the coffin of the Wall Street bank’s bid to expand into consumer lending. The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months, according to people briefed on the matter. The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Fast-Fashion Giant Shein Files to Go Public

28Nov

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Money

Fast-Fashion Giant Shein Files to Go Public

Updated Nov. 27, 2023 7:11 pm ETShein, the China-founded online fashion company that won over hundreds of millions of shoppers around the world, has confidentially filed to go public in the U.S. in what could be one of the biggest IPOs in years. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024, people familiar with the matter said. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

American Borrowers Are Getting Closer to Maxing Out

25Nov

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World

American Borrowers Are Getting Closer to Maxing Out

A happy holiday shopping season might not end up being an especially cheery time for lenders.Card loans are still growing, on average rising 1.6% in October over September across five big U.S. card lenders, versus a seasonally typical 0.7% increase, according to tracking of the latest monthly data by analysts at Goldman Sachs. The trend suggests that consumers still are willing and able to use their cards, portending well for retailers. U.S. retail sales slowed in October, but by less than feared, and were still at an overall solid level. Some retail stocks have jumped recently on hopes for holiday shopping.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

25Nov

By adminNo Comments

Money

American Borrowers Are Getting Closer to Maxing Out

A happy holiday shopping season might not end up being an especially cheery time for lenders.Card loans are still growing, on average rising 1.6% in October over September across five big U.S. card lenders, versus a seasonally typical 0.7% increase, according to tracking of the latest monthly data by analysts at Goldman Sachs. The trend suggests that consumers still are willing and able to use their cards, portending well for retailers. U.S. retail sales slowed in October, but by less than feared, and were still at an overall solid level. Some retail stocks have jumped recently on hopes for holiday shopping.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8