DiscoverGold
3 weeks ago
Goldman Sachs $GS plans to cut more than 1,300 employees from its global workforce as part of an annual review process to cull the low performers
By: Evan | August 30, 2024
• Goldman Sachs $GS plans to cut more than 1,300 employees from its global workforce as part of an annual review process to cull the low performers
Goldman will likely cut between 3% -4% of its workforce which would affect between 1,300-1,800 people - WSJ
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DiscoverGold
3 months ago
Traders Scored 200% Profit with Goldman Sachs Call
By: Schaeffer's Investment Research | June 24, 2024
• Shares immediately jumped off the 50-day trendline
• It took less than three days for options bulls to triple their money
Expiration Week Countdown subscribers tripled their money in less than three days with our Goldman Sachs Group Inc (NYSE:GS) June 442.50 call recommendation, which they received on Sunday, June 17.
At the time of our recommendation, bank giant GS had pulled back to its 50-day and 10-week moving averages and bounced near the last earnings report's anchored volume weighted average price (VWAP). Shares were also up off $440, where there was a large buildup of open interest that could have acted as options-related support, and there was opportunity for the 460-, 465-, 470-, and even 480-strikes to pull price higher on a rally into options expiration.
Short-term options traders had been more bearish than usual, leaving pessimism to unwind. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.55, which stood in the 96th percentile of readings from the past year.
Shares immediately jumped off the aforementioned 50-day trendline, and our subscribers scored a 200% profit on June 20, when GS notched its fourth-straight daily win.
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Saving Grace
5 months ago
Insiders Dumping Large positions. They are running away.
Over the past year, many The Goldman Sachs Group, Inc. (NYSE:GS) insiders sold a significant stake in the company which may have piqued investors' interest. When evaluating insider transactions, knowing whether insiders are buying versus if they selling is usually more beneficial, as the latter can be open to many interpretations. However, when multiple insiders sell stock over a specific duration, shareholders should take notice as that could possibly be a red flag.
https://finance.yahoo.com/news/possible-bearish-signals-goldman-sachs-110021095.html
DiscoverGold
10 months ago
The Goldman Sachs Group, Inc. (GS) Shares Sold by The Manufacturers Life Insurance Company
By: MarketBeat | November 24, 2023
• The Manufacturers Life Insurance Company trimmed its holdings in The Goldman Sachs Group, Inc. (NYSE:GS) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,639,384 shares of the investment management company's stock after selling 129,011 shares during the period. The Manufacturers Life Insurance Company owned 0.50% of The Goldman Sachs Group worth $528,767,000 as of its most recent filing with the Securities and Exchange Commission...
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DiscoverGold
11 months ago
Goldman profit tops estimates as dealmaking cushions hit from GreenSky, real estate
By: Investing | October 17, 2023
(Reuters) -Goldman Sachs' third-quarter profit dropped less than expected as a nascent recovery in dealmaking offset the $864 million writedown related to its GreenSky fintech business and real estate investments.
The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Analysts on average had expected a profit of $5.31 per share, according to LSEG data.
Shares of the bank inched up 0.3% at $315.30 in volatile premarket trading.
"The work we're doing now provides us a much stronger platform for 2024. I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive," CEO David Solomon said in a statement.
Goldman was an underwriter for high-profile initial public offerings (IPO) in September, including SoftBank (TYO:9984) Group's chip designer Arm Holdings (NASDAQ:ARM) and grocery delivery app Instacart (NASDAQ:CART).
The share sales sparked optimism about a recovery in the IPO market, but poor performance after debuts and the lukewarm reception to Germany's sandal maker Birkenstock have raised doubts.
Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up.
The U.S. Federal Reserve may raise interest rates one more time this year, while several bank executives have said they expected borrowing costs to stay higher for longer.
CONSUMER BANKING WEAKNESS LINGERS
Goldman's ill-fated foray into consumer banking, which has lost $3 billion over three years, continued to weigh.
The bank took a $506 million writedown on GreenSky, which facilitates home improvement loans for consumers and was sold to a consortium of investment firms led by Sixth Street Partners.
It was bought for $1.7 billion last year although it was valued at $2.2 billion when the deal was first announced in 2021. Goldman took a charge of $504 million on GreenSky in the second quarter.
Real estate investments were another drag on earnings as the bank booked an impairment charge of $358 million compared with $485 million in the second quarter.
That weighed on revenue from its asset and wealth management unit, which slipped 20% to $3.23 billion.
Commercial real estate loans, which have emerged as a risk for banks as interest rates rise, accounted for 14% of the total loan portfolio of Goldman.
Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management.
Investment banking results have been mixed for peers, with JPMorgan Chase (NYSE:JPM) reporting a 6% decline in revenue, while Citigroup (NYSE:C) said fees jumped 34%. Morgan Stanley is set to report its earnings on Wednesday.
Goldman had a headcount of 45,900 as of September end, up 3% from a quarter ago, but down nearly 7% from the year-ago period.
The bank has laid off thousands of employees this year, including a round of cuts in January that was its largest since the 2008 financial crisis.
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