FRANKFURT—The European Central Bank (ECB) said on Monday it had fined Goldman Sachs’ European unit 6.63 million euros ($7.3 million) for underreporting the risk associated with some corporate credit, thereby flattering its balance sheet. Goldman Sachs said in a statement it had “closely cooperated with the ECB” and “taken all necessary steps” to resolve the…
New York Goldman Banker Gets 10-year Sentence in 1MDB Looting Plot
NEW YORK—A former Goldman Sachs banker was sentenced Thursday to 10 years in prison for his role in looting a Malaysian sovereign wealth fund of billions of dollars used to finance lavish parties, a superyacht, premium real estate, and even the 2013 film “The Wolf of Wall Street.” Roger Ng was convicted last April by…
Goldman Misses Profit Estimates as Dealmaking, Asset Management Take a Hit
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…
US Dollar Likely Has Further Upside Versus Yen Despite BOJ Move: Goldman
December 22, 2022
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NEW YORK—The Bank of Japan, which widened the trading band for 10-year Japanese government bonds (JGBs) on Tuesday, may have inflicted damage on the dollar against the yen, but Goldman Sachs analysts said there was further room for the greenback to rise. On Tuesday, the dollar plunged as much as 4 percent against the yen,…
Goldman Warns UK Inflation Could Top 20 Percent as Recession Nears
LONDON/HONG KONG—Inflation in Britain could exceed 20 percent early next year if spiraling gas prices fail to come down, economists from U.S. investment bank Goldman Sachs warned, adding that a recession was on the way. Last week Britain’s energy regulator said power bills will jump 80 percent to an average of 3,549 pounds ($4,188) a…
Most US Small Businesses Worry Recession Is Coming: Goldman Survey
WASHINGTON—Some 93 percent of small business owners are worried that the United States will enter a recession in the next six months, a survey released by Goldman Sachs showed on Wednesday, with a majority of firms saying the country was headed in the wrong direction. In the same survey a year ago, businesses were more…
Goldman Sachs Slashes Credit Exposure to Russia
Goldman Sachs Group Inc. reduced its total credit exposure to Russia to $260 million in March from $650 million at the end of 2021, the bank said in a regulatory filing on Monday. The bank said market exposure tied to Russia and total exposure to Ukraine were not material. In March, Goldman Sachs became the…
Goldman Sachs Profit Nearly Halves on Slowdown in Dealmaking
Goldman Sachs Group Inc. reported first-quarter profit that nearly halved on Thursday, as capital markets activity normalized from bumper levels a year ago, weighing on the bank’s investment banking business. With the U.S. Federal Reserve beginning to wean the economy off pandemic-era support, dealmaking slowed in the quarter and cast a pall over some of…
S&P to End This Year 1 Percent Lower Amid Ukraine Crisis: Goldman
March 15, 2022
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The S&P 500 index will end 2022 about 1 percent lower as commodity prices surge and the outlook for global economic growth weakens amid the conflict in Ukraine, Goldman Sachs said. Goldman economists in a note on Friday trimmed their year-end target for the benchmark index to 4,700 from 4,900, which would have implied a…
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…
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