Goldman Sachs Group Inc. on Tuesday reported a bigger-than-expected 69 percent drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Wall Street banks are making deep cuts to their workforce and streamlining their operations as dealmaking activity, their major source of revenue, stalls on worries…
Goldman Misses Profit Estimates as Dealmaking, Asset Management Take a Hit
Goldman Sachs Cuts US Growth Forecast as Commodity Prices Bite
SINGAPORE—Goldman Sachs analysts downgraded their forecasts for U.S. economic growth for this year, reckoning that spikes in oil and other commodities since Russia’s invasion of Ukraine will hurt spending. The investment bank cut its annualized growth forecast to 2.9 percent against a previous expectation of 3.1 percent. It expects fourth-quarter real gross domestic product growth…
Goldman Sees Commodities Rally on Russia-Ukraine Crisis, Sanctions
February 28, 2022
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Goldman Sachs expects a rise in the prices of commodities that Russia is a major producer of and lifted its short-term Brent crude forecast as the West stepped up political and economic sanctions on Moscow for its invasion of Ukraine. “The range of near-term price outcomes for commodities has become extreme, given the concern of…
Goldman Sachs Profit Misses Estimates on Weak Equity Trading
Goldman Sachs Group Inc.’s profit fell nearly 13 percent and missed expectations on Tuesday as a less volatile equity market hurt trading business and dampened a bumper year for deals, sending the shares of Wall Street’s premier investment bank down 4 percent. Bank earnings have been hurt this quarter by weak trading volumes as the…
Fed to Kick Off Faster Tapering Plan From January: Goldman Sachs
November 25, 2021
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LONDON—The U.S. Federal Reserve will likely double the pace of tapering its monthly bond purchases from January to $30 billion, and wind down its pandemic-era bond buying scheme by mid-March, Goldman Sachs strategists said in a daily note on Thursday. “The increased openness to accelerating the taper pace likely reflects both somewhat higher-than-expected inflation over…
Fed Terminates 2016 Enforcement Action Against Goldman Sachs for Confidential Data Misuse
WASHINGTON—The U.S. Federal Reserve announced Tuesday it had terminated a 2016 enforcement action against Goldman Sachs, which had been imposed over misuse of confidential data. The consent order, directed alongside a $36.3 million fine, required the bank to submit a plan to strengthen policies, after a former employee illegally obtained documents from a friend at…
Goldman Sachs Forecasts Modest Rise for S&P 500 Index in 2022
November 16, 2021
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Goldman Sachs expects the S&P 500 index to rise by a more modest 9 percent by the end of next year, saying the record-setting rally is likely to cool on worries over slowing economic growth and the prospects of higher interest rates. The U.S. equities market has been on a tear this year, with the…
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