2020-09-21@16:35:46 GMT
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    Goldman Sachs has seen two employees test positive for COVID-19 in the last two weeks — just as the megabank has begun to prod workers back into the office, sources told The Post. One of the cases appears to have affected Goldman’s trading operation, and the bank has sent some workers in that division home to quarantine, sources said. The other works at Goldman’s back-office division, known to Goldman insiders as “The Federation,” sources said. The two workers are on different floors. Goldman Chief Executive David Solomon and his executive leadership team have recently begun to accelerate their “return to office” plan, which aims to get staff out of their sweatpants and back into their cubicles after six months...
    New York (CNN Business)Small businesses are disappearing. Unemployment claims remain unbelievably high. And state and local budgets are imploding. Yet Congress is likely to skip town this month without providing additional emergency aid to the economy, according to Goldman Sachs."At this point, a major stimulus package before the election looks like a long shot," Goldman Sachs economists wrote in a note Friday.Republicans and Democrats are locked in a stalemate over the size and makeup of another round of stimulus. And the critical debate is being complicated by the looming election, which is less than two months away. The simple thing Trump doesnt get about the stock marketGoldman Sachs now expects Congress to depart Washington at the end of September without...
    Goldman Sachs has seen two employees test positive for COVID-19 in the last two weeks — just as the megabank has begun to prod workers back into the office, sources told The Post. One of the cases appears to have affected Goldman’s trading operation, and the bank has sent some workers in that division home to quarantine, sources said. The other works at Goldman’s back-office division, known to Goldman insiders as “The Federation,” sources said. The two workers are on different floors. Goldman Chief Executive David Solomon and his executive leadership team have recently begun to accelerate their “return to office” plan, which aims to get staff out of their sweatpants and back into their cubicles after six months of...
    A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.Jie Zhao | Corbis News | Getty Images SINGAPORE — Goldman Sachs expects the onshore Chinese yuan to strengthen to 6.5 per dollar over the next 12 months, according to Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs. "We've recently firmed up … in particular, our Chinese renminbi forecast from 6.7 to 6.5 on a 12 month view," Moe told CNBC's "Squawk Box Asia" on Thursday, adding that it was one of the firm's "strongest views" for Asian currencies. In comparison, the onshore Chinese yuan changed hands at 6.7767 per dollar in the afternoon of Asian trading hours on...
    Adam Dell attend Sony Pictures Classics And The Cinema Society Host The After Party For "The Burnt Orange Heresy" at New York Academy of Art on March 5, 2020 in New York City.Paul Bruinooge | Patrick McMullan | Getty Images Goldman Sachs is one step closer to creating what it calls the digital bank of the future. The bank has just released the first version of a personal finance management tool that gives customers of its Marcus retail brand a top-down view of all their financial accounts, as well as insights into spending and a monthly snapshot of their budget, according to Adam Dell, a Goldman partner and head of product at Marcus. The feature, called Marcus Insights, is the...
    CEOs from more than 150 top companies have demanded that New York City Mayor Bill de Blasio to address public safety and fix 'quality of life issues' that have deteriorated the city.  Chief executives from companies Lyft, Macy's, Goldman Sachs and more signed the letter to de Blasio and asserted that they were sure that the city would 'remain a thriving global center of commerce, innovation and opportunity.'  But despite New York having an infection rate below one per cent for more than 30 days, the CEOs said there was widespread anxiety over public safety, cleanliness and other quality of life issues that are contributing to deteriorating conditions in commercial districts and neighborhoods across the five boroughs.'  Chief executives...
    Roger Ng, a former banker for Goldman Sachs Group Inc., left, exits from federal court in the Brooklyn borough of New York, U.S., on Monday, May 6, 2019.Wes Bruer | Bloomberg | Getty Images Former Goldman Sachs banker Roger Ng has asked Malaysian prosecutors to review criminal charges against him for allegedly abetting the sale of $6.5 billion in bonds tied to 1Malaysia Development Berhad (1MDB), his lawyer said on Thursday. The request from Ng, a Malaysian national, comes days after prosecutors dropped criminal charges against Goldman Sachs following a deal which would see the U.S. investment bank pay $3.9 billion to the Malaysian government. Ng's lawyer Tan Hock Chuan told a Kuala Lumpur court he had applied to the...
    KUALA LUMPUR (Reuters) - Former Goldman Sachs banker Roger Ng has asked Malaysian prosecutors to review criminal charges against him for allegedly abetting the sale of $6.5 billion in bonds tied to 1Malaysia Development Berhad (1MDB), his lawyer said on Thursday. The request from Ng, a Malaysian national, comes days after prosecutors dropped criminal charges against Goldman Sachs following a deal which would see the U.S. investment bank pay $3.9 billion to the Malaysian government. Ng's lawyer Tan Hock Chuan told a Kuala Lumpur court he had applied to the country's attorney-general to have four charges against his client lessened or dropped. "On the instructions of my client, we have sent a letter of representation to the A-G to review...
    Goldman Sachs goes back to work. The banking agency told employees Wednesday that it would begin allowing people back into its offices in the coming weeks, after closing most of them in March amid a corona virus outbreak. In a note to staff, Goldman CEO David Solomon said plans to allow employees around the world to return to their offices will be announced soon. Employees return to some offices on a rotational basis and plans vary depending on local, business and personal circumstances. “In the coming days and weeks, colleagues in those offices will hear about what to expect from their division, business and / or local leadership for the coming months, making it an opportunity to come to...
    David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.Adam Galacia | CNBC Goldman Sachs told employees that it would allow them to return to the office in shifts, a rotational approach similar to what JPMorgan Chase announced last month for its investment bank. In a memo sent Wednesday from Goldman CEO David Solomon and his top deputies, the bank alerted its workforce that it was preparing for more employees to return to its offices around the world. "Over the coming days and weeks, colleagues in those offices will hear from their divisional, business and/or local leadership about what to expect for the months ahead, including team rotations in the office where possible, with...
    Touchdown Wires preseason All-Everything teams Colorful clothes and home decor Goldman Sachs Has 10 Reasons the Bull Market Has Room to Run The staggering run off the market of the March lows has surprised almost everybody, including market veterans, as we experienced one of the shortest bear markets in history after a stunning 35% drop in less than a month. With all of the indexes at or near all-time highs, and with the economy crawling back to some semblance of its pre-COVID-19 luster, is it possible that there is still room to run for what seems like a tired bull? In fact, there are some who think just that, despite the howls of the bears that tout another crash...
    A Goldman Sachs sign is seen on at the company's post on the floor of the New York Stock Exchange.Brendan McDermid | ReutersGoldman Sachs has joined the growing list of investment banks working on Chinese financial technology firm Ant Group's mammoth initial public offering of up to $30 billion, two people with direct knowledge of the matter said. Ant, backed by Chinese e-commerce giant Alibaba Group, plans to list simultaneously in Hong Kong and Shanghai, in what sources have said could be the world's largest IPO and come as soon as October.  Wall Street major Goldman Sachs has been hired as a joint lead manager on the Hong Kong leg of the IPO, said the people, who...
    LA Dodgers blast 3 homers in 8th, surge past Rockies 10-6 Must-drive roads in every state Ant Hires Goldman Sachs as Joint Lead Manager for IPO (Bloomberg) -- Goldman Sachs Group Inc. is joining the Hong Kong leg of Ant Group’s listing as joint lead manager, according to two people familiar with the matter. © Bloomberg A mascot performs during the Alibaba Group Holding Ltd. listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, on Tuesday, Nov. 26, 2019. Alibaba raised about $11 billion in a long-awaited Hong Kong stock sale, braving the worsening political unrest gripping the city and potentially gaining favor in Beijing. An Ant representative declined to comment, while a Goldman Sachs spokesperson...
    Malaysian prosecutors on Friday withdrew criminal charges against three Goldman Sachs units accused of misleading investors over $6.5 billion in bond sales they helped organize for a state fund, the Bernama state news agency reported. The move comes after Goldman Sachs agreed to pay $3.9 billion to Malaysia to settle a probe into its alleged role in the scandal involving the fund, 1MDB, which counts former Malaysian Prime Minister Najib Razak as one of its co-founders. The US Department of Justice estimates $4.5 billion was misappropriated from 1MDB between 2009 and 2014, including some of the funds that Goldman Sachs helped raise. The units – based in London, Hong Kong and Singapore – had pleaded not guilty in February...
    Malaysian prosecutors on Friday withdrew criminal charges against three Goldman Sachs units accused of misleading investors over $6.5 billion in bond sales they helped organize for a state fund, the Bernama state news agency reported. The move comes after Goldman Sachs agreed to pay $3.9 billion to Malaysia to settle a probe into its alleged role in the scandal involving the fund, 1MDB, which counts former Malaysian Prime Minister Najib Razak as one of its co-founders. The US Department of Justice estimates $4.5 billion was misappropriated from 1MDB between 2009 and 2014, including some of the funds that Goldman Sachs helped raise. The units – based in London, Hong Kong and Singapore – had pleaded not guilty in February and...
    Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc., speaks during an Empowering Entrepreneurs events at Ryerson University in Toronto, Ontario, Canada, on Tuesday, April 2, 2019.Cole Burston | Bloomberg | Getty Images A remarkable changing of the guard is happening in finance. This week, the market capitalization of fintech payments firm Square exceeded that of Goldman Sachs, the 151-year-old investment bank, for the first time. Almost exactly two months earlier, PayPal surpassed Bank of America, the second biggest lender in the U.S., in market cap. That move made the online payments pioneer worth more than every American bank except for JPMorgan Chase. The meteoric rise of these two payments companies solidifies the arrival of the new guard: Firms that began as niche players...
    Labor Day travelers heading to virus hot spots How actor Mark Wahlberg, Detroit car dealer became best friends, business partners Goldman-Backed Startup Optimizely to Be Bought by Episerver (Bloomberg) -- Privately held Episerver Inc. said it would acquire Optimizely Inc., a 10-year-old technology company backed by Goldman Sachs Group Inc. and actor Ashton Kutcher for less than it had previously been valued. © Bloomberg Ashton Kutcher Episerver paid less than $600 million for Optimizely, people familiar with the matter said, asking not to be identified because the matter is private. Optimizely’s valuation was $600 million in its funding round in June, according to PitchBook. Load Error No financial terms of the deal were disclosed and the companies declined...
    New York (CNN Business)Goldman Sachs analysts slammed President Donald Trump's $300 supplemental unemployment benefit as "too little too late," and warned that consumer spending may take a hit this month. In a research note, Goldman (GS) said the expiration of the $600 weekly supplement to unemployment insurance benefits at the end of July has disrupted personal income significantly in August. "Given delays in implementing the program and disbursing funds, the new program is unlikely to meaningfully support incomes until September," analysts said. Congress remains deeply divided over how much support to continue providing the roughly 28 million unemployed Americans. Democrats want to continue the $600 boost until early next year, while Senate Republicans drafted a scaled-back measure that would provide a...
    Over 360 of fires are burning across California, one person is dead. Heres what we know. How It Feels to Close Your Restaurant for Good From Goldman Sachs to Morgan Stanley, heres what bulge-bracket banks are paying their first-year IB analysts You can make bank in these investment banking jobs. © Crystal Cox/Business Insider First-year analysts at top investment banks take home enviable salaries and bonuses every year. Crystal Cox/Business Insider Bulge-bracket banks like Goldman Sachs, Wells Fargo, and UBS pay their first-year IB analysts $91,000 per year (not including bonuses) on average, according to data from the website Wall Street Oasis. Load Error But, which specific banks pay the most, and which pay the least? How much...
    Warren Buffett has given up his long-held conviction against buying gold — and he’s meanwhile getting out of Goldman Sachs. The totemic tycoon revealed in filings late last week that he has scooped up more than 20 million shares of mining giant Barrick Gold Corp. even as he unloaded nearly all of his nearly 2 million shares in Goldman Sachs. The 89-year-old investing icon’s sudden embrace of the precious yellow metal — which has has previously derided as “useless,” saying that “anyone watching from Mars would be scratching their head” at the idea of investing in it — took many on Wall Street by surprise. But it’s what the Oracle of Omaha did with his other bank stocks that...
    Small businesses are appearing to recover better than expected after forced closures due to the coronavirus pandemic, a Goldman Sachs Group Inc. study found Sunday. The majority of people who lost their jobs due to coronavirus restrictions have started work again, the study found according to Bloomberg. The number of people who are out of work due to coronavirus-related business closures is about 2.7 million as of July, which is down from a peak of about 10.7 million people in April. (RELATED: Study: Coronavirus Shutdowns Could Lead To 75,000 ‘Deaths Of Despair’) The figures suggest that businesses that were forced to shut down recovered from coronavirus restrictions better than expected. The pandemic probably had a higher effect on overall unemployment...
    An election watchdog attempts to prevent a 2016 repeat — but buy-in is uneven 13 Photos That Show the “New Normal” of Restaurants Goldman Sachs Sees Another 10% Gain and All-Time High for S&P 500 This has been a roller-coaster year for the stock market, the economy and the jobs market. We went from a booming economy to a COVID-19-induced pandemic recession in a matter of weeks. The all-time highs of the Dow Jones industrials and S&P 500 in March turned into the panic-selling death of the 10-year bull market in less than a month. However, the S&P 500 is already back to challenging its all-time highs Goldman Sachs is now calling for new highs in the stock market,...
    Iowans grapple with aftermath of Mondays deadly derecho, a disaster that we have never seen 13 Photos That Show the “New Normal” of Restaurants Small businesses only accounted for 18% of pandemic-driven job losses, Goldman Sachs says © Roy Rochlin/Getty Images Waiters wear face masks as they serve people sitting in outside seating at the P.J. Clarke's restaurant at Rockefeller Park in lower Manhattan during the fourth phase of the coronavirus reopening on August 05, 2020 in New York, New York. Roy Rochlin/Getty Images Small businesses are recovering well from the coronavirus pandemic and resulting lockdowns, Goldman Sachs economists led by Jan Hatzius said Sunday. Active small businesses shrank by 25% in April but now stand just 6%...
    Kompany retires as a player, become head coach of Anderlecht What you should never buy at the dollar store Goldman Sachs just lifted its S&P 500 price target. Here’s why NEED TO KNOW © Getty Images Stylists from Grey Matter LA cut clients' hair. Goldman Sachs is more optimistic than many on the U.S. economy. COVID-19 is still raging, traders are starting to bet on “haywire markets surrounding the election,” and the U.S. and China couldn’t even agree to hold a planned meeting over the weekend. None of that, of course, is denting the stock market to any significant degree. Goldman Sachs became the latest firm to increase its price target for the S&P 500 (SPX) boosting its year-end...
    Southern California wildfire threatens thousands of homes Kroger and Fred Meyer are recalling cheese dips out of fears that salmonella-tainted onions were used to make them Buffett Takes Barrick Gold Stake, Dumps Goldman Sachs, Occidental Petroleum © TheStreet Buffett Takes Barrick Gold Stake, Dumps Goldman Sachs, Occidental Petroleum Warren Buffett's Berkshire Hathaway holding company took a stake in Barrick Gold Corp. , while exiting or reducing holdings in shares of financial companies in the quarter ended July 1, according to a filing with the Securities and Exchange Commission Friday. The filing showed Berkshire had acquired 16,073,701 shares of Barrick during the period. Shares rose $1.94, or 7.2%, to $28.93 in after-hours trading Friday. Berkshire dumped its holdings...
    Cardinals to resume play Saturday after two-week COVID-19 hiatus Chrissy Teigen Wore a $3 Cloth Face Mask You Can Buy on Amazon Goldman Sachs lays out 4 themes from 2nd-quarter earnings set to shape the economys future © Ramin Talaie/Corbis/Getty Images Ramin Talaie/Corbis/Getty Images Quarterly analyst calls revealed a spate of updates on how companies expect the economy to change throughout its recovery. Goldman Sachs pored over more than 130 calls and found a collection of nascent trends influencing corporate behavior. Here are the four key themes that emerged throughout the second quarter, according to the bank. Visit the Business Insider homepage for more stories. Second-quarter earnings calls reveal a few trends likely to inform markets and...
    David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, April 29, 2019Mike Blake | Reuters Goldman Sachs CEO David Solomon issued new goals to help boost diversity at the Wall Street bank, including a target of doubling the hiring of entry-level bankers and traders from historically black colleges. Solomon told employees Wednesday in a staff email that after setting goals last year to hire more Black and Latino employees, the New York-based firm had the "highest representation" of Black workers and a majority of women in its 2020 analyst class. Analysts, typically recent college graduates, are on the lowest rung of Wall Street's hierarchy. Associates are one level...
    New York (CNN Business)The new school year is just around the corner and parents and teachers are fretting about returning to the classroom during the pandemic. Economists are worried, too, because a lack of childcare could damage America's recovery.Single parents, parents with young children and parents who can't work from home are the groups most at risk to stop working entirely because they have no child care, said Goldman Sachs (GS) economists David Choi and Joseph Briggs in a note to clients on Tuesday.Since May, some 7 million people per week have not worked because they didn't have access to childcare, according to data from the Census Household Pulse Survey, a number that accounts for about 14% of virus-related reasons...
    Goldman Sachs expects the Food and Drug Administration to approve at least one coronavirus vaccine this year. That would allow "large shares" of the U.S. population to get inoculated by July of next year, according to the investment bank.  "While highly uncertain, our baseline expectation is that a large number of vaccines eventually gain approval with at least one FDA approval this year," Daan Struyven, a senior economist at Goldman, told investors in a report on Monday.  Drugmakers have 26 vaccines in clinical trials, he noted. Among the candidates are a dozen that have reached Phase II trials and six that are in Phase III undergoing tests for large-scale efficacy and safety. For Europeans, U.S. regulatory approval of an initial...
    Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.Lucas Jackson | Reuters Equity markets could be stuck in a "fat and flat" range characterized by weaker returns and greater volatility, according to Goldman Sachs Head of Asset Allocation Christian Mueller-Glissmann. Stock markets have broadly returned to the levels seen before the late-March crash, when the coronavirus pandemic spread across the world. This was preceded by a decade of historically strong equity returns with below-average volatility. However, speaking to CNBC Tuesday, Mueller-Glissmann suggested that in recent months, declining bond yields and real yields (bond yields minus inflation) had boosted equity valuations,...
    TEXAS – Because the coronavirus crisis caused the temporary or permanent closure of many small businesses, Texas Governor Greg Abbott announced a plan to stop layoffs, save wealth, and gradually revive the local economy. But for homeowners like Martha Enriquez, this is a temporary remedy, as the debt gets bigger and bigger, even if they are low-interest loans. The reason, according to her, is that they cannot open and cannot generate profits. “You look for help and almost nobody can tell you 100 percent what you have to do. They give you a phone number and tell you to look. Sometimes you get involved and it is impossible, it is hours and hours, there is no one to give...
    Pham, Padres use big six-run 10th for 12-7 win over Giants Kellie Brown on Self-Love, Inspiring Community, and Sticking to a Beauty Routine Goldman’s Asia Derivatives Sales Head Spitzer Dies in Hong Kong (Bloomberg) -- Mark Spitzer, head of equities derivatives sales for Asia-Pacific at Goldman Sachs Group Inc., died in a “tragic accident” in Hong Kong, according to an internal memo. © Photographer: Nicky Loh/Bloomberg The Goldman Sachs Group Inc. logo is displayed in the reception area of the One Raffles Link building, which houses one of the Goldman Sachs (Singapore) Pte offices, in Singapore. “We are deeply saddened by this sudden and terrible loss. Our immediate focus is supporting Mark’s family and close colleagues during this difficult...
    Organizers of a charity concert featuring the Chainsmokers and Goldman Sachs GS, -0.69% CEO David Solomon spinning tracks, as well as the town of Southampton, New York, where the event was held, could face civil fines and criminal penalties for the mass gathering, Gov. Andrew Cuomo said on Tuesday. Fallout and public scrutiny continue to ramp up in the wake of the “drive-in” concert that took place in a Hamptons sculpture park on Saturday night, after viral photos and videos of the event showed guests crowding in front of the stage without masks during a Chainsmokers performance. The New York State Department of Health has since opened an investigation into the event. “I want local governments to understand that we...
    Editor’s Notice: Get caught up in minutes with our speedy summary of today’s have to-browse news tales and specialist viewpoints that moved the important metals and economical marketplaces. Indicator up here! (Kitco News) – A dread of rising inflation, expanding government financial debt and issues that the U.S. dollar is embarking on a new downtrend are all things that will force gold a lot higher, in accordance to commodity analysts at Goldman Sachs. In a report Tuesday, analysts at the economic organization reiterated their view that gold will be the forex of past vacation resort they also elevated their forecast for the valuable metallic. The bank now sees gold rates pushing to $2,300 an...
    New York (CNN Business)Goldman Sachs CEO David Solomon opened for the Chainsmokers at a benefit concert in the Hamptons last weekend. Now that concert is under investigation after videos showed packed crowds disregarding health guidelines.New York Governor Andrew Cuomo slammed the drive-in concert in Southampton for "egregious social distancing violations."Solomon, who in addition to running one of the largest and most powerful investment banks in the world, is also a part-time electronic dance DJ who goes by the name D-sol while spinning records at clubs in New York and Miami. Last Saturday, he performed early and left before the show ended, Goldman Sachs (GS) said."The vast majority of the audience appeared to follow the rules, but he's troubled that some...
    And That Happened: Monday’s Scores and Highlights Dear Care and Feeding: I Tried to Protect My Daughter by Hiding the Truth About Her Dad. Is It Time to Fess Up? Goldman Sachs has a new blowout forecast for gold NEED TO KNOW © AFP/Getty Images Gains piling up. A weaker day is setting up for stocks on Tuesday, as optimism over U.S. stimulus progress and vaccine news starts to fade, and attention turns to the start of a two-day Federal Reserve meeting. Load Error The asset that stole the show on Monday, of course, was gold (GCQ20) which climbed to $1,931 an ounce, the highest settlement in history. That juiced the crowd expecting $2,000 an ounce soon, and...
    New York Governor Andrew Cuomo said on Monday that health authorities would investigate a charity concert, which included performances by Goldman Sachs boss David Solomon and the Chainsmokers, over social distancing violations. The drive-in event, called 'Safe & Sound,' had space for about 600 cars and was held in Southampton, New York, on Saturday. It was the first in a series of such concerts planned for the United States, according to its organizer's here website.Goldman Sachs CEO David Solomon performs at Schimanski night club in Brooklyn, New York, October 14, 2018.Trevor Hunnicutt | ReutersSolomon, who goes by the deejay name D-Sol, was on stage and performed for an hour. "The group that put this together did an incredible job in...
    Governor Andrew Cuomo’s office is investigating a Chainsmokers concert held in the Hamptons where attendees ignored social distancing guidelines and hordes of fans partied by the stage without masks over the weekend. The 'Safe & Sound' charity drive-in show on Saturday had about 500 drive-in parking spots that reportedly sold for up to $25,000 each and welcomed a couple thousand attendees in Water Mill, New York. The show featured a performance by The Chainsmokers and opening acts from Southampton’s Town Supervisor Jay Schneiderman’s band and Goldman Sachs CEO David Solomon as DJ D-Sol.  Despite the concert’s design to have 'safe zones' for cars with up to six people, posts on social media showed people leaving their cars, partying together, and...
    Alex Henderson July 27, 2020 10:33PM (UTC) This article originally appeared on AlterNet. Although the U.S. is still coping with a deadly pandemic that has so far killed more than 147,000 of its residents, the Chainsmokers headlined a crowded drive-in charity concert in the Hamptons on Saturday that, according to Bloomberg News, was attended by "a couple of thousand people." And the deejay at the high-end event (where some paid up to $25,000 for a parking spot) was Goldman Sachs CEO David Solomon. Bloomberg's Amanda L. Gordon reports, "Solomon was on stage for an hour, just him and a turntable on an elevated platform, mask around neck, surrounded by animations of cherries and his deejay name, D-Sol, in flashing bubble letters....
    Although the United States is still coping with a deadly pandemic that has so far killed more than 147,000 of its residents, the Chainsmokers headlined a crowded drive-in charity concert in the Hamptons on Saturday that, according to Bloomberg News, was attended by “a couple of thousand people.” And the deejay at the high-end event (where some paid up to $25,000 for a parking spot) was Goldman Sachs CEO David Solomon. Bloomberg’s Amanda L. Gordon reports, “Solomon was on stage for an hour, just him and a turntable on an elevated platform, mask around neck, surrounded by animations of cherries and his deejay name, D-Sol, in flashing bubble letters. He put his hand up in the air, playing electronic dance...
    Goldman Sachs is adopting a performance review system that will grade up to 10 percent of its 39,000 employees as under-performers this year, according to an internal memo sent on Monday, potentially leading to more job cuts in 2021 than the bank has made in recent years. The Wall Street bank’s new head of human resources, Bentley de Beyer, who joined in January, is revamping its opaque performance review process to make it more transparent and determine what proportion of staff is put in each grouping, said bank spokeswoman Leslie Shribman. The bank’s main goal is to let staff know where they stand as roughly 90 percent of the bank’s workforce works from home due to COVID-19 restrictions, said...
    Goldman Sachs Chief Executive David Solomon opened for the Chainsmokers’ drive-in concert Saturday night in the Hamptons. The event took place in a 100-acre field where event organizers attempted to keep people socially distanced, according to an article published by Bloomberg. A couple thousand people were in attendance, the outlet reported. The CEO of Goldman Sachs did a DJ set in the Hamptons, opening for the Chainsmokers https://t.co/m2TyKuicMp — Joe Weisenthal (@TheStalwart) July 27, 2020 Roughly 500 cars were parked in the field in an attempt to keep guests socially distanced while every person’s temperature was checked. Portable toilets were cleaned every 10 minutes, Bloomberg reported. Soloman, who goes by DJ Sol, spent an hour spinning records for the...
    By Elizabeth Dilts Marshall NEW YORK (Reuters) - U.S. investment bank Goldman Sachs Group Inc is adopting a performance review system that will grade up to 10% of its 39,000 employees as under-performers this year, according to an internal memo sent on Monday, potentially leading to more job cuts in 2021 than the bank has made in recent years. Goldman Sachs' new head of human resources, Bentley de Beyer, who joined the bank in January, is revamping its opaque performance review process to make it more transparent and determine what proportion of staff is put in each grouping, said bank spokeswoman Leslie Shribman. The bank's main goal is to let staff know where they stand as roughly 90% of the...
    Rivera: Washington months away from new team name Christie Brinkley Gave Her Daughter the Best Quarantine Haircut Weve Ever Seen Goldman Sachs Has 3 Utilities With Big Upside on Its Conviction Buy List The utilities sector has had a pretty ho-hum 12 months. Utilities stocks included in the S&P 500 index have added just 0.58% to their value, compared with a gain of just over 10% for the 500 index itself. For the year to date, utilities stocks are down more than 6% while the S&P 500 trades a shade below flat. In frothy markets, like the one we've been experiencing this year, some investors choose to chase growth rather than steady returns. Barring black swan events like wildfires...
    Copies of the Financial Daily newspaper featuring a front page report on Goldman Sachs Group Inc. are displayed for sale at a stand in Kuala Lumpur, Malaysia, on Tuesday, Dec. 18, 2018.Nadirah Zakariya | Bloomberg | Getty Images Goldman Sachs said Friday that it settled a key part of an international scandal by agreeing to a $3.9 billion deal with Malaysia to settle criminal and regulatory probes.The bank will pay $2.5 billion in cash to the government of Malaysia for its central role in the 1MDB debacle and guarantee the country will receive at least $1.4 billion in proceeds from assets seized around the world. "This settlement by Goldman Sachs represents its acknowledgment of the misconduct of two of its...
    Goldman Sachs has reached a $3.9 billion settlement deal with Malaysia over its role in the massive 1MDB financial scandal, officials said Friday. The American investment bank agreed to pay $2.5 billion in cash and guaranteed the recovery of at least $1.4 billion in assets stemming from three bond sales tied to the embezzlement scam, Malaysia’s Ministry of Finance announced. The settlement will “resolve outstanding charges and claims” related to the bond transactions that Goldman arranged for 1MDB, the ministry said. Officials noted that the deal was significantly larger than the $1.75 billion that Goldman offered to pay last year. “This settlement represents assets that rightfully belong to the Malaysian people,” Malaysian finance minister Tengku Dato’ Sri Zafrul Aziz...
    Goldman Sachs has reached a $3.9 billion settlement deal with Malaysia over its role in the massive 1MDB financial scandal, officials said Friday. The American investment bank agreed to pay $2.5 billion in cash and guaranteed the recovery of at least $1.4 billion in assets stemming from three bond sales tied to the embezzlement scam, Malaysia’s Ministry of Finance announced. The settlement will “resolve outstanding charges and claims” related to the bond transactions that Goldman arranged for 1MDB, the ministry said. Officials noted that the deal was significantly larger than the $1.75 billion that Goldman offered to pay last year. “This settlement represents assets that rightfully belong to the Malaysian people,” Malaysian finance minister Tengku Dato’ Sri Zafrul Aziz said...
    London (CNN Business)Goldman Sachs has agreed to a $3.9 billion deal with the Malaysian government to settle claims relating to the bank's role in the huge corruption scandal at 1Malaysia Development Berhad, the sovereign wealth fund. The government of Malaysia has agreed to drop all criminal and regulatory proceedings in Malaysia involving the firm, including pending proceedings against subsidiaries of Goldman Sachs (GS) and certain current and former directors, Goldman Sachs said in a statement. The Malaysian banker at the heart of the 1MDB scandal says he was just an intermediaryThe Wall Street bank will pay the Malaysian government $2.5 billion, and provide a guarantee that it also receives "at least $1.4 billion in proceeds from assets related to 1MDB...
    KUALA LUMPUR, Malaysia (AP) — Goldman Sachs has reached a $3.9B settlement with Malaysia over the 1MDB sovereign wealth fund that was used to launder money. Malaysian and U.S. prosecutors had alleged that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia’s economic development. Najib was arrested as part of the scandal. Two former Goldman Sachs bankers have been charged for their role in helping 1MDB launder money. Goldman on Friday said it had agreed to pay the government of Malaysia $2.5 billion and to guarantee that it gets at least...
    Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Tags: New York
    KUALA LUMPUR, Malaysia (AP) — Goldman Sachs has reached a $3.9B settlement with Malaysia over the 1MDB sovereign wealth fund that was used to launder money. Malaysian and U.S. prosecutors had alleged that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia’s economic development. Najib was arrested as part of the scandal. Two former Goldman Sachs bankers have been charged for their role in helping 1MDB launder money. Goldman on Friday said it had agreed to pay the government of Malaysia $2.5 billion and to guarantee that it gets at least...
    NEW YORK (AP) — Goldman Sachs reaches $3.9 billion settlement with Malaysia over scandal-plagued 1MDB sovereign wealth fund. Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    Logo of 1MDB (1Malaysia Development Berhad) on a bus window in Kuala Lumpur, Malaysia, taken on February 17, 2017.Chris Jung | NurPhoto | Getty Images Malaysia on Friday said U.S. investment bank Goldman Sachs has agreed to a $3.9 billion settlement with the government over the multibillion-dollar 1MDB scandal. The deal includes a $2.5 billion cash payout by Goldman and a guarantee by the bank to return at least $1.4 billion in assets linked to 1MDB bonds, Malaysia's finance ministry said in a statement. Malaysian prosecutors filed charges in December 2018 against three Goldman Sachs units for misleading investors over bond sales totalling $6.5 billion that the bank helped raise for sovereign wealth fund 1MDB (1Malaysia Development Bhd). Goldman...
    Carmelo Anthony #00 of the Portland Trail Blazers smiles during practice as part of the NBA Restart 2020 on July 14, 2020 in Orlando, Florida.Joe Murphy | National Basketball Association | Getty Images Current and former National Basketball Association stars have teamed up to create another fund aimed to combat social injustice and income inequality in the Black community. Portland Trail Blazers star Carmelo Anthony, Oklahoma City Thunder point guard Chris Paul and former star Dwyane Wade collaborated to launch the Social Change Fund, which aims to invest and help Black communities with criminal justice reform, access to voting and civic engagement. The Social Change Fund will help empower "communities of color by expanding and increasing Black representation in leadership,...
    Jorge Masvidal holds nothing back in candid interview about politics with Dan Le Batard The 8 Menswear Trends to Emerge From This Summer’s Digital Season This recovery will be a bumpy ride, says Goldman Sachs CEO America has embarked on the long road to recovery following the pandemic lockdown, but the path back to a healthy economy is littered with obstacles, according to Goldman Sachs' CEO. © Alex Wroblewski/Getty Images "It will be a very very bumpy ride economically," Goldman Sachs CEO David Solomon said Wednesday during an event with the Economic Club of New York. Load Error Parts of the economy have shown signs of improvement in recent months, with the unemployment rate falling from its...
    David Solomon, chief executive officer of Goldman Sachs & Co.Simon Dawson | Bloomberg | Getty Images Goldman Sachs CEO David Solomon said Wednesday that the U.S. economy will be hampered by high unemployment and a plodding recovery because of the coronavirus pandemic. "The economic reality is that we are still facing a very, very uncertain economic environment," Solomon said during a conference held by the Economic Club of New York. While there has been an uptick in economic activity since the early weeks of the pandemic, a continuing surge in cases has forced several states to halt or reverse their reopening plans. That is happening as millions of unemployed face the end of enhanced benefits while lawmakers debate the contours...
    COLORADO SPRINGS, Colo. (AP) — The U.S. Olympic and Paralympic Committee has hired a former assistant U.S. attorney and executive at Goldman Sachs as its chief ethics and compliance officer. Holly Shick will take over a role suggested in an independent report into the organization that was triggered by the sex-abuse scandals across a number of Olympic sports. The report from the Borders Commission suggested stronger oversight of national governing bodies — the organizations that run the individual sports — and a reconfiguring of the USOPC board in an effort to give more authority to athletes. The USOPC has reworked its leadership structure as part of efforts to give athletes a larger voice. Shick will oversee USOPC compliance programs in...
    Georgia governor suspends all local mask mandates, encourages but doesnt require masks for residents 21 Things You Should Know Before Grocery Shopping At Trader Joes Morning Bell With Jim Cramer: Will Sports Return Hurt Netflix? The Dow, S&P 500 and the Nasdaq ended Wednesday up as positive vaccine news from Moderna and AstraZeneca gave investors the confidence they needed to put money to work. Wednesday ended in wild fashion as several high profile Twitter accounts were hacked in a bitcoin scam including Bill Gates, Jeff Bezos and Elon Musk. © TheStreet Morning Bell With Jim Cramer: Will Sports' Return Hurt Netflix? On Mad Money, Jim Cramer said the markets are optimistic about a vaccine, but he cautions...
    The market and the economy are out of sync, and that was a recipe for success at Morgan Stanley. The Wall Street giant’s chief James Gorman delivered a blowout quarter to investors on Thursday, riding an unprecedented market rally in the second quarter even as the US economy got slammed with record unemployment and business failures amid the raging coronavirus pandemic. The New York-based rival to Goldman Sachs trounced Wall Street estimates with earnings per share of $1.96 and posted a record profit of $3.2 billion, up 45 percent from a year earlier. Providing a major boost to Morgan Stanley’s bottom line was the fact that the megabank doesn’t do consumer lending. The big commercial banks — JPMorgan Chase,...
    Calvin Kattar: Alexander Volkanovski wants contenders, and he wont find one more ready than me Bridger Walker praised by Anne Hathaway for saving sister from dog attack Here’s what Goldman Sachs gives a 90% chance of happening to the S&P 500 over the next decade Discussion of whether markets were at a top lasted all of one day, after Tuesday’s rally put the bears back in their dens. Positive vaccine news could carry Wednesday’s session. © Getty Images Will Goldman’s forecast hit the bull’s-eye? Looking a bit farther afield are strategists at Goldman Sachs, led by David Kostin. They estimate that the S&P 500 (SPX) will generate average annual returns of 6%, including dividends, over the next 10 years. ...
    Bankers at Goldman Sachs are on course for a 24 per cent pay rise this year, despite the pandemic. While millions of workers in the US and the UK are fearing for their jobs, Goldman is planning to hand its 39,100 employees an average pay package of £156,293 for the first six months of this year. Operating expenses increased 'primarily due to significantly higher compensation and benefits expenses', it said.  As millions of workers in the US and the UK fear for their jobs, Goldman is planning to hand its 39,100 employees an average pay package of £156,293 for the first six months of this year But it justified the bulging pay by noting that its net revenue...
    Rudy Gobert won’t be using NBA’s ‘petty’ anonymous bubble hotline Princess Estelle Looked Absolutely Adorable Singing Along at Crown Princess Victorias Birthday Concert Heres what happened to the stock market on Wednesday © Provided by CNBC People walk by the New York Stock Exchange (NYSE) on May 18, 2020 in New York City. Dow Jones Industrial Average rises 227 points The Dow climbed 227.51 points, or 0.85%, to close at 26,870.10. The S&P 500 gained 0.91% to 3,226.56. The Nasdaq Composite advanced 0.59% to 10,550.49. Wall Street got a boost from positive coronavirus vaccine news out of Moderna as well as strong Goldman Sachs earnings. Load Error Moderna, Goldman spark market gainsData published by the New England Journal of...
    Coronavirus updates: State sees 100,000 new cases in 10 days The Best Bacon In Every State Goldman Sachs Traders Shine, But Dont Expect a Repeat (Bloomberg Opinion) -- Goldman Sachs Group Inc.’s bond traders came through in the clutch. © Photographer: Bloomberg/Bloomberg David Solomon, chief executive officer of Goldman Sachs & Co., reacts during a Bloomberg Television interview on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 23, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 - 24. The bank that’s synonymous with Wall Street has made no secret about its efforts in recent years to diversify...
    Goldman Sachs boss David Solomon can thank the traders he kept around for shocking the street with one of the bank’s best quarters in years. The Wall Street giant posted second-quarter earnings per share of $6.26, almost double the consensus estimate of $3.78. That blowout beat was driven in large part by Goldman’s best trading quarter in almost a decade, pulling in revenues of just over $4.2 billion, blowing by the Wall Street estimate of $2.6 billion. While the bank’s traders benefitted from one of the steepest market upturns in modern history, the irony of Solomon riding his trading desk to victory is not lost on people familiar with the inner-workings of Goldman Sachs. When Solomon took the reins...
    Coronavirus updates: We are headed in a terrible direction says Nashville mayor Heres Why Walmart Is Asking You to Pay Only With Debit or Credit Card Stocks making the biggest moves in the premarket: Moderna, UnitedHealth, Goldman Sachs & more Take a look at some of the biggest movers in the premarket: Load Error Moderna (MRNA) – The drugmaker's Covid-19 vaccine candidate produced neutralizing antibodies in all 45 patients involved in an early study, according to newly released data. Those antibodies were similar to those seen in patients who have recovered from Covid-19. UnitedHealth (UNH) – The health insurer reported quarterly earnings of $7.12 per share, well above the consensus estimate of $5.28. Revenue came in below Wall...
    New York (CNN Business)Goldman Sachs revealed a 41% surge in revenue Wednesday as the Wall Street bank capitalized on booming markets and a flurry of dealmaking.The stronger-than-expected results were driven by record investment banking revenue and a nine-year high for its trading arm. Goldman's robust quarter underscores the bifurcated rebound in the United States from the pandemic. Although unemployment remains high and bankruptcies are mounting, the red-hot stock market has largely recovered and companies are raising record sums of money in capital markets. Wells Fargo lost $2.4 billion last quarter, setting the stage for its first dividend cut since the Great RecessionThat backdrop plays perfectly to the strengths of Goldman Sachs, which is far more exposed to Wall Street...
    (Reuters) - Goldman Sachs Group Inc reported higher quarterly profit on Wednesday, driven by strength its core bond trading and underwriting businesses. The bank's net earnings applicable to common shareholders rose 2% to $2.25 billion in the quarter ended June 30. Earnings per share rose to $6.26 from $5.81 a year earlier. Analysts had expected a profit of $3.78 per share, on average, according to the IBES estimate from Refinitiv. It was not immediately clear whether the estimates were comparable with the reported number. (Reporting by Anirban Sen in Bengaluru and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty) Copyright 2020 Thomson Reuters.
    David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.Adam Galacia | CNBC Goldman Sachs is scheduled to report second-quarter earnings before the opening bell Wednesday. Here's what Wall Street expects: Earnings: $3.78 per share, a 35% decline from a year earlier, according to Refinitiv. Revenue: $9.75 billion, 3% higher than a year earlier. Trading Revenue: Fixed income: $2.53 billion; equities: $2.04 billion. Investment banking revenue: $2.1 billion.  Could this be Goldman's moment? Expectations for CEO David Solomon's bank are running high after JPMorgan Chase and Citigroup posted strong trading and advisory results that helped the banks beat profit estimates for the second quarter. Of the six largest U.S. banks, Goldman gets the...
    VIDEO2:5802:58Chinese yuan to hit 6.70 per U.S. dollar in 12-month forecast: Goldman SachsSquawk Box Asia The Chinese yuan is set to see a sizable appreciation against the greenback in the next 12 months, according to Zach Pandl, co-head of global foreign exchange, rates and emerging market strategy at Goldman Sachs. Pandl forecasts the Chinese currency could hit 6.70 per dollar in the next 12 months, "primarily through the health of the Chinese economy." That compares against current levels of 6.9973 per dollar for the onshore yuan, as of Wednesday morning Singapore time. Meanwhile, its offshore counterpart changed hands at 6.9971 against the greenback. "I think the domestic picture in China actually looks pretty solid," the strategist told CNBC's "Squawk Box...
    Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., gestures whilst speaking during a news conference in London, on Monday, July 18, 2016.Chris Ratcliffe | Bloomberg | Getty Images SoftBank has hired Goldman Sachs to explore both an initial public offering and a sale of U.K. chip designer Arm Holdings, according to people familiar with the matter. SoftBank has been preparing to spin out Arm in an IPO but has recently begun exploring sale options after receiving interest from an outside party, said two people, who asked not to be named because the discussions are private. It's unclear if the outside company or entity is interested in buying all or just part of Arm, which was acquired by...
    Patrick Cantlay of the United States plays his shot from the 18th tee during the final round of the Workday Charity Open on July 12, 2020 at Muirfield Village Golf Club in Dublin, Ohio.Sam Greenwood | Getty Images In its first move entering the sports endorsement world, financial empire Goldman Sachs will sponsor PGA Tour golfer Patrick Cantlay and unleash a series of TV advertisements during this weekend's Memorial Tournament, the company told CNBC Monday. Cantlay, 28, signed with Goldman Sachs for two years and will sport the bank's logo on his clothing during events as part of the sponsorship. The firm did not reveal the agreement's financial terms but said it hopes to reach a long-term extension with Cantlay...
    Hong Kong (CNN Business)Asian markets climbed on Monday after positive sentiment from Wall Street spilled into the region.Chinese stock markets continued their bull run. The benchmark Shanghai Composite (SHCOMP) advanced 1.8%, after recording the best weekly gain in five years. The CSI 300 — an index of big cap stocks in Shanghai and Shenzhen — rose 2.3%. Goldman Sachs last week predicted the CSI 300 would rise another 15% within the next few months.Japan's Nikkei 225 (N225) was up around 2%. South Korea's Kospi (KOSPI) rose 1.7%, and Hong Kong's Hang Seng (HSI) gained 1.2%.US stock futures are higher. Dow (INDU) futures rose 187 points, or 0.7%. S&P 500 (SPX) futures were up 0.5% and Nasdaq (COMP) futures were up...
    New York (CNN Business)Netflix is no longer the only streaming game in town. But an analyst at Goldman Sachs still thinks Netflix is the king (and queen, thanks to season 6 of "The Crown") of content stocks.Shares of Netflix (NFLX) surged more than 5% Friday to a new record of above $535 after Goldman's Heath Terry boosted his price target on Netflix to $670 a share -- the highest on Wall Street.The bullish call comes just a week before Netflix is set to report second-quarter financial results after the closing bell on July 16. Streaming services are missing this feature if they want to dominate the pandemic eraTerry said he said he expects the company's subscriber additions to be...
    Pentagon leaders say theyre evaluating whether to remove Confederate symbols from military bases 5 Things You Used to Do at the Grocery Store That Youll Never Do Again Exclusive: Goldman Sachs-backed payments startup Marqeta prepares for IPO By Joshua Franklin and Krystal Hu Load Error (Reuters) - Marqeta Inc, the U.S. payment card issuing start-up whose investors include Goldman Sachs Group Inc, is seeking to hire investment banks to advise on a potential initial public offering (IPO), according to people familiar with the matter. The Oakland, California-based company enables companies to issue credit and debit cards to their staff. It has seen a surge in online shopping and food delivery payments processed through its platform, as U.S....
    Wearing a mask doesn't just save lives, it can also help people save money. If the United States were to mandate that all Americans wear masks, it would save the country from deleterious economic lockdowns that would reduce the gross domestic product by 5%, or about $1 trillion, according to an analysis by Goldman Sachs.  Individual households would feel the reduction too: A sharp decrease in GDP like that equals higher prices for fewer goods and services, and also fewer jobs, economists note. Assuming universal mask wearing prevents a 5% loss to GDP, the habit would lead to roughly $3,000 in savings per person in the U.S.   "The overall macro impact of not wearing a mask on the economy will...
    New York (CNN Business)Wall Street could get rattled if the November election is a cliffhanger, Goldman Sachs is warning clients. Experts have said the election results may be delayed because coronavirus concerns could lead many Americans to vote by mail instead of in person. "In a close election, it will take time to count -- and invariably recount -- all the mail-in ballots," David Kostin, chief US equity strategist at Goldman Sachs, wrote in a note to clients Wednesday.Citing the pandemic's "major complication" in tabulating votes and the 34 days it took for a winner to be decided in 2000, Kostin said, "we see heightened risk that election-related volatility could extend beyond Election Day."Delayed results would create vast uncertainty --...
    London (CNN Business)The surge in coronavirus cases across the Sun Belt is slowing the economic recovery in the United States.That's according to Goldman Sachs, which said this weekend it now expects a weaker rebound in the third quarter as local leaders impose fresh restrictions and consumers show signs of caution. The investment bank predicts the US economy will grow at an annualized rate of 25% in the three months ending in September, as opposed to 33%."The recent declines are minor compared to the collapse in activity in March and April, but they clearly indicate a break from the steady upward trend since mid-April," chief economist Jan Hatzius told clients.Goldman Sachs said it thinks spending on consumer services will "pause" in...
    Indian oil petrol pump staff wearing and gloves as as a preventive measure against the spread of coronavirus (Covid-19) near Jor Bagh on March 18, 2020 in New Delhi, India.Amal KS | Hindustan Times via Getty Images Analysts at Goldman Sachs expect global oil demand to return to pre-pandemic levels by 2022, citing a pick-up in commuting, a shift to private transportation and higher infrastructure spending. In a research note published Thursday, analysts at the U.S. investment bank estimated global oil demand would decline by 8% in 2020, rebound by 6% in 2021 and "fully recover" to pre-coronavirus levels by 2022. Gasoline was thought to stage the fastest demand recovery among oil products as a result of a pick-up...
    A national mask face mask requirement would get 15 per cent more Americans to wear facial coverings during the coronavirus pandemic, according to an investigation by Goldman Sachs.  A mandate requiring all Americans to wear facial coverings also might drive down the daily growth rate of COVID-19 infections by as much as 1 percentage point, according to the findings made by the bank's chief economist Jan Hatzius and his team.  Taking a look at Gross Domestic Product, or GDP, Hatzius also found that a mask requirement could substitute for lockdowns that have been implemented to contain the coronavirus pandemic, and that could potentially reduce GDP by 5 per cent.  Such a requirement would apply to all facets of American life...
    Coronavirus — The blow of the pandemic to Latin America, according to the IMF 19:12 (CNN Spanish) – During a pandemic, what is the relationship between the use of masks and the economy? Enough for analysts at investment bank Goldman Sachs to warn in a note that activating the mandatory use of face masks could prevent the US economy from losing 5% of its Gross Domestic Product, as a result of additional confinements. According to the Goldman Sachs benchmark estimate, a national order could also increase the percentage of people wearing facemasks by 15 percentage points and reduce the daily growth rate of confirmed cases by 1.0 percentage point to 0.6%. MIRA: What is the best material to...
    (CNN Español) — En época de pandemia, ¿qué relación tiene el uso de las mascarillas con la economía? Suficiente como para que analistas del banco de inversion Goldman Sachs adviertan en una nota que activar el uso obligatorio de mascarillas podría evitar que la economía estadounidense pierda un 5% de su Producto Interno Bruto, como resultado de confinamientos adicionales. Según la estimación de referencia de Goldman Sachs una orden nacional también podría aumentar el porcentaje de personas que usan mascarillas en 15 puntos porcentuales y reducir la tasa de crecimiento diario de casos confirmados en 1,0 punto porcentual a 0,6%. MIRA: ¿Cuál es el mejor material para hacer tu propia mascarilla? El algodón acolchado le gana al pañuelo, según un nuevo...
    Dr. Anthony Fauci, director of the National Institute for Allergy and Infectious Diseases, lowers his face mask as he prepares to testify before the Senate.Kevin Dietsch/CNP via ZUMA For indispensable reporting on the coronavirus crisis and more, subscribe to Mother Jones' newsletters.Forbes reports on a new analysis from Goldman Sachs: Goldman’s analysts found that wearing face coverings has a significant impact on coronavirus outcomes, and they suggest that a federal mask mandate would “meaningfully” increase mask usage across the country, especially in states like Florida and Texas, where masks are not currently required. The researchers estimate that a national mandate would increase the portion of people who wearing masks by 15%, and cut the daily growth of new cases by...
    New York (CNN Business)Wearing a face mask during the pandemic saves lives. And it may also save the economy, too, according to Goldman Sachs. On Monday night, the investment bank released an extensive analysis that makes the economic and medical case for a national mask mandate. By studying the link between coronavirus infections and mask mandates in US states and overseas, the Wall Street bank estimated a national mandate could cut the daily growth rate of confirmed cases by one percentage point to just 0.6%. There is no way we are having a V-shaped recovery. Its a fantasy." Constance Hunter, chief economist at KPMGThat, in turn, could prevent the need for dreaded lockdowns that would wipe out 5% from...
    Requiring all Americans to wear masks would spare the economy from losing 5% of its value, a Goldman Sachs study found according to Forbes. A federal mask mandate would protect a greater number of people from transmitting the virus, which would help stave off the virus and dodge the possibility of another wave of lockdowns, effectively saving 5% GDP loss, or $1 trillion, the study said according to Forbes. While many states that have reopened businesses require patrons to wear masks, some states like Florida and Texas do not mandate masks. Florida was prompted to ban alcohol consumption at bars and Texas closed bars Friday amid a growing surge of coronavirus cases. Individual cities in Florida, however, have mandated masks,...
    A stylist wearing a protective mask cuts a customer's hair at a barbershop in Atlanta, Georgia, on Monday, April 27, 2020.Dustin Chambers | Bloomberg via Getty Images A federal face mask mandate would not only cut the daily growth rate of new confirmed cases of Covid-19, but could also save the U.S. economy from taking a 5% GDP hit in lieu of additional lockdowns, according to Goldman Sachs. Jan Hatzius, Goldman's chief economist, said his team investigated the link between face masks and Covid-19 health and economic outcomes and found that facial coverings are associated with sizable and statistically significant results. "We find that face masks are associated with significantly better coronavirus outcomes," Hatzius wrote in a note to clients....
    VIDEO3:0703:07Trading Nation: Big banks tumble after Fed's stress testTrading Nation Banks' dividends could be at risk. Banking stocks tumbled Friday after the Federal Reserve highlighted potential vulnerabilities in the sector. The central bank suspended buybacks and capped dividends on financial institutions through the third quarter after its recent stress tests. Banks are expected to announce any changes to their dividends after the bell Monday. Nancy Tengler, chief investment officer at Laffer Tengler Investments, said Goldman Sachs could be one of the major financial companies best equipped to weather the coronavirus pandemic and economic slowdown. "This is a company that gets 96% of their revenue from noninterest income, so that's a benefit in a flat to low interest rate environment," Tengler said...
    A Goldman Sachs sign is seen on at the company's post on the floor of the New York Stock Exchange.Brendan McDermid | Reuters Here are the stocks making headlines in midday trading.  Goldman Sachs, Morgan Stanley, JPMorgan Chase — Bank stocks moved higher following news that bank regulators were proposing weaker restrictions on some investing activities, including loosening the Volcker Rule. Shares of Goldman Sachs gained 2.5%, while Morgan Stanley and JPMorgan added 2% and 1.7%, respectively.  KB Home, Toll Brothers, PulteGroup — Shares of KB Home plunged more than 11% after the company's CEO said high unemployment was leading to cancellations and slowing new orders for the homebuilder. Fellow builders Toll Brothers and PulteGroup both fell more than 3%. ...
    Investment bank Goldman Sachs has released its very own typeface: an inoffensive set of sans-serif fonts dubbed Goldman Sans. But in the spirit of bankers everywhere, these fonts come with a catch in the contract. As their license states, you’re free to use Goldman Sans for just about anything you like so long as you don’t use it to criticize Goldman Sachs. Just by downloading the package of fonts, you agree to these terms and conditions. And although Goldman Sans is nominally a free font, Goldman Sachs retains complete control over the license, allowing it terminate usage for any reason it likes. Here are the relevant passages from the license: C.c. The User may not use the Licensed Font Software...
    American Airlines will raise $3.5 billion in new financing and United Airlines is reportedly preparing a debt sale to raise $5 billion, as the largest air carriers in the world work on raising cash during the coronavirus outbreak. American and United, the second and third largest carriers respectively by revenue after Delta Air Lines, are seeking the new funding as air carriers try to hold on to cash amid groundings and air travel slow downs during the coronavirus pandemic. Delta, Southwest and JetBlue Airways also have relied on debt to ensure they maintain enough cash on hand during COVID-19.   American Airlines will raise $3.5 billion in new financing as the largest US air carriers work on raising cash during...
    Goldman Sachs said on Wednesday it had launched a $10 million fund to support the work of organizations addressing racial injustice, structural inequity and economic disparity. The bank will match employee donations to recipient organizations, it told customers of its online bank, Marcus. An e-mail by a Goldman employee about his experiences of racial injustice and criticizing managers at the Wall Street bank for not supporting junior bankers from diverse backgrounds went viral at the firm last week. The e-mail coincided with other Wall Street executives and companies speaking out against racial inequality after the death of an African American man, George Floyd, during an arrest by white police officers on May 25. Bank of America has pledged $1 billion...