Goldman Sachs posts first quarterly loss in six years

Well, that’s embarrassing. Goldman Sachs, one of the biggest corporate beneficiaries of the Trump era, reported that it still struggled to make money during the fourth quarter, posting its first quarterly loss in six years. Lloyd Blankfein’s bank made 50 percent less in trading bonds, currencies and commodities during the

Dropbox confidentially files for IPO

Data-sharing business Dropbox has filed confidentially for a initial public offering led by Goldman Sachs and JPMorgan Chase, Bloomberg reported, citing people familiar with the matter. Dropbox is in talks with other banks to fill additional roles on the IPO and is aiming to be listed in the first

Dropbox confidentially files for IPO

Data-sharing business Dropbox has filed confidentially for a initial public offering led by Goldman Sachs and JPMorgan Chase, Bloomberg reported, citing people familiar with the matter. Dropbox is in talks with other banks to fill additional roles on the IPO and is aiming to be listed in the first

Goldman Sachs expects $5 billion hit from new tax law

Goldman Sachs Group Inc. said Friday it expects fourth-quarter earnings to decrease by about $5 billion due to the new US tax law signed by President Trump last week. Around two-thirds of the $5 billion decrease is due to repatriation tax, Goldman said in a statement with the US

Goldman Sachs to set up cryptocurrency trading desk

Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies like bitcoin, Bloomberg reported, citing people familiar with the matter. The Wall Street bank aims to get the business running by the end of June, Bloomberg reported Thursday. “In response to client interest in

JPMorgan’s top economist differs with Jamie Dimon on job outlook

When it comes to the Trump tax plan, JPMorgan Chase isn’t buying what its own CEO is selling. The biggest US bank’s top economist is predicting that the Congressional tax reform bill will only add about “about 200,000 jobs” — a mere 10 percent of a 2-million-job forecast JPMorgan

Goldman Sachs writes down its Weinstein Co. stake to zero

Goldman Sachs has written down to zero the value of its stake in the Weinstein Company, the movie studio whose co-chairman Harvey Weinstein stepped down last month following sexual assault allegations, a person familiar with the matter said on Monday. Goldman Sachs’ move comes as the Weinstein Company looks

White House full of Goldman Sachs execs, white supremacists: Senator

WASHINGTON — The Democratic senator from Ohio described the Trump White House as a haven for Goldman Sachs executives and white supremacists. Sen. Sherrod Brown says he’s concerned about the Wall Street types pressuring the president for tax cuts for the rich. “You walk into the White House, and it looks far

Did Goldman CEO hint at a Euro HQ move to Frankfurt?

Sprechen sie Deutsch, Herr Blankfein? Goldman Sachs’ CEO dropped a not-too-subtle hint on Thursday that the bank would be beefing up its business in Germany in the wake of the UK leaving the European Union. “Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot

Dow soars to open above 23,000 for the first time

The Dow Jones industrial average opened above 23,000 for the first time Wednesday after briefly crossing the milestone in intraday trading Tuesday. Strong earnings results from IBM propelled the Dow 114.49 points — or 0.5 percent — at the open, sending the index of 30 blue chip stocks to 23,111.93. IBM shares,

Goldman Sachs results poor, but better than forecasts

This time, Goldman Sachs’ quarterly results weren’t significantly worse than the competition — and that’s progress. The bulge-bracket bank, which lately has lost its sheen as Wall Street’s premier powerhouse, reported a 26 percent drop in quarterly trading for bonds, currencies, and commodities — its bread and butter. Still, that was in

Goldman Sachs weighing options for its stake in Weinstein Co.

Goldman Sachs Group Inc. said Friday it was exploring options for the stake it holds in The Weinstein Company following allegations of sexual harassment against fired co-chairman Harvey Weinstein. “There is no place for the inexcusable behavior that had been reported, and we strongly condemn it,” Andrew Williams, a spokesman for

Goldman Sachs forms unit to court big dealmakers

Goldman Sachs is betting it can get its money-making mojo back by pitching creative deals to big, complex clients, marking a return to its investment banking roots as trading revenue slows. The Wall Street bank is forming a group, known internally as the Innovation Lab, focused on generating compelling deal ideas

High-capacity magazine used by Vegas shooter in high demand

Gun enthusiasts can’t get enough of the high-capacity magazines mass murderer Stephen Paddock reportedly used to shoot more than 500 people in Las Vegas. The magazines, which hold up to 100 cartridges, are made by SureFire, according to a report, and they were sold out on at least three web sites

Top bank analyst says Goldman turnaround plan won’t work

Goldman Sachs CEO Lloyd Blankfein may be too puny to “muscle in” on new financial markets, according to a top banking analyst. Wall Street curmudgeon Dick Bove unleashed a blistering report on Goldman Monday, doubting that its execs can pull off a three-year plan to fix the bank’s stubborn trading slump. Bove

JPMorgan CEO warns trading revenue is set to drop

Jamie Dimon to Wall Street: Curb your enthusiasm. The JPMorgan Chase CEO tempered the most optimistic expectations for banks, warning that Congress won’t pass laws to deregulate the industry this year and that his own bank’s trading is set to plummet in the current quarter. “We’re not expecting legislative change,” Dimon said

Goldman Sachs unveils plan to reverse trading slump

Goldman Sachs, scrambling to reassure Wall Street about its tanking trading business, unveiled a plan to boost its revenue by as much as $5 billion over the next three years. The banking goliath — which has seen two straight quarters of weak trading in bonds, currencies and commodities, or FICC —

Pro sports teams don’t need investment banks

Speaking of sports, maybe pro sports teams do not need to hire investment banks to get record sale prices for their clubs. In recent weeks, Bruce Sherman and New York Yankees legend Derek Jeter agreed to buy the Miami Marlins baseball team for $1.2 billion, a price better than many expected,

Gary Cohn can be easily replaced if he leaves Washington

Let me start by acknowledging the outstanding job National Economic Council Director Gary Cohn’s team has done swaying the media into thinking Armageddon would occur if he left the White House. I get that Cohn was a respected trader on Wall Street at Goldman Sachs. However, Goldman generally mints exceptional talent.

Lloyd Blankfein on Gary Cohn: “No one’s perfect’

Goldman Sachs CEO Lloyd Blankfein gave a less-than full-throated endorsement when asked on Wednesday whether Gary Cohn would make a good chairman of the Federal Reserve. “No one’s perfect, but he’s the best I know,” Blankfein said of Cohn, his former No. 2 at Goldman Sachs, during a talk with journalists

Goldman Sachs to finally explain its bond-trading mess

Goldman Sachs will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. The move is a break from tradition at Wall Street’s pre-eminent bank, which usually gives

Universal Music Valued at $23.5B, Huge Industry Growth Predicted

Streaming has turned the music business into a booming industry that will lift many boats, according to a wildly optimistic new report from Goldman Sachs. The company predicts that worldwide revenues from streaming will reach a whopping $28 billion by 2030, a 16% jump from its previous estimates, in

There’s too much at stake for Gary Cohn to quit on Trump

There’s one other thing you should keep in mind. As I said, the Trump administration — despite the president’s pledge to clean up Washington — is riddled with Goldman Sachs alums. That’s no different than most other recent administrations. One of those Goldman grads is Gary Cohn, chief economic adviser to Trump.

This multitrillion-dollar suit can’t go unnoticed

There was a major development in a lawsuit last week that every investor should know about — and worry about. But nobody is paying attention. A New York federal judge appointed three law firms to serve as lead counsels in a multitrillion-dollar litigation accusing Goldman Sachs, Barclays Capital and 18 other financial

Wall Street rings up record profits in second quarter

Wall Street just had its most profitable quarter ever — fueled in part by the skimpy returns paid out on savings accounts. US banks rang up record profits of $48.3 billion in the second quarter as the Federal Reserve’s interest rate hikes weren’t passed along to consumers, the FDIC said Tuesday. The

Guess how old the average Amazon customer is

So, how old is the average Amazon customer? Well, in many ways it mirrors the American population. A Goldman Sachs analyst report says that as of June, the average Amazon user is 37 years old, based on ComScore data. The median age in 2015 for the US was 37.8 years old, according to

Goldman Sachs says chances of corporate tax reform not good

Goldman Sachs is growing bearish on the Trump administration. The chances are dimming for comprehensive corporate tax reform, a campaign promise that has kept the stock market higher since November, the Wall Street Goliath said in a Friday note. “We continue to believe a tax cut is slightly more likely than not,

Dow Jones plummets over fears Trump’s economic adviser will quit

Even stocks appear to be abandoning President Trump. The Dow Jones industrial average nosedived 274 points on Thursday as investors grew increasingly concerned that Trump’s toxic tongue is endangering his ambitious economic agenda. It was the second-biggest decline for the Dow this year — which had powered ahead more than 20 percent

Goldman Sachs Sells Off $75 Million in Spotify Shares, Report Claims

A Goldman Sachs hedge fund has sold more than $75 million in Spotify shares, while another part of the company has been helping the streaming service to prepare for its public listing, according to a report in Sky News. The shares, sold by Goldman Sachs Investment Partners, represent “less

Banks formed “cartel’, made threats against competitors: suit

Pensions representing more than 386,000 public workers across the country sued six banks on Thursday, claiming the Wall Street giants conspired for nearly two decades to inflate prices and stamp out competition in a crucial $1 trillion market. Goldman Sachs, Morgan Stanley, JP Morgan and others formed a “cartel” in order