No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Goldman Sachs, the top US multinational investment bank, plans to divide its main business units into three divisions.
The world’s second largest investment bank combines trading and investment banking into one. Reuters report.
The financial services company will also absorb consumer banking Marcus into an integrated wealth and wealth management division.
The third arm of the merger is expected to include Goldman Sachs’ transaction banking business and its recently acquired lending technology platform, GreenSky.
The purpose of the restructuring is to help American investment banks reduce their reliance on volatile earnings from trading and investment banking operations, the outlet said.
bloomberg The combined trading and investment banking division will reportedly be run by Dan Dees, Jim Esposito and Ashok Varadhan.
Dees and Esposito are Global Co-Heads of Investment Banking at Goldman Sachs, and Varadhan is Co-Head of Global Markets.
Instead, another co-head of Global Markets, Marc Nachman, will be responsible for running the unit, which integrates property and asset management.
In the first quarter of 2021, Goldman Sachs reported net revenue of $17.7 billion, beating all expectations at the time. However, by the first quarter of 2022, net revenue was down 27% to $12.93 billion.
Additionally, in the second quarter of this year, Goldman Sachs reported a 48% decline in profits, despite a 41% decline in revenues from investment banking to $2.14 billion.
Lower fees for financial services firms from advisory services on equity and bond underwriting, stock listings, and mergers and acquisitions contributed to the slump.
Rivals JPMorgan Chase and Morgan Stanley also reported lower investment banking revenues.
In July, Goldman Sachs Chief Financial Officer Dennis Coleman warned that financial services firms could slow hiring and cut costs.
Meanwhile, analysts expect Goldman Sachs’ net profit to plunge 49% to $2.77 billion in the third quarter of 2022 from $5.38 billion in the same period in 2021. Third quarter numbers are expected to be released on Tuesday.
Analysts believe a slowdown in trading as a result of global inflation and rising interest rates will hit the company’s earnings from investment banking.
Earlier this year, Goldman Sachs Chief Executive David Solomon said in an earnings call that the current “mixed” market environment was driven by macroeconomic and geopolitical events such as the war between Russia and Ukraine. said it was due to
Goldman Sachs, the top US multinational investment bank, plans to divide its main business units into three divisions.
The world’s second largest investment bank combines trading and investment banking into one. Reuters report.
The financial services company will also absorb consumer banking Marcus into an integrated wealth and wealth management division.
The third arm of the merger is expected to include Goldman Sachs’ transaction banking business and its recently acquired lending technology platform, GreenSky.
The purpose of the restructuring is to help American investment banks reduce their reliance on volatile earnings from trading and investment banking, the outlet said.
bloomberg The combined trading and investment banking division will reportedly be run by Dan Dees, Jim Esposito and Ashok Varadhan.
Dees and Esposito are Global Co-Heads of Investment Banking at Goldman Sachs, and Varadhan is Co-Head of Global Markets.
Instead, another co-head of Global Markets, Marc Nachman, will be responsible for running the unit, which integrates property and asset management.
In the first quarter of 2021, Goldman Sachs reported net revenue of $17.7 billion, beating all expectations at the time. However, by the first quarter of 2022, net revenue was down 27% to $12.93 billion.
Additionally, in the second quarter of this year, Goldman Sachs reported a 48% decline in profits, despite a 41% decline in revenues from investment banking to $2.14 billion.
Lower fees for financial services firms from advisory services on equity and bond underwriting, stock listings, and mergers and acquisitions contributed to the slump.
Rivals JPMorgan Chase and Morgan Stanley also reported lower investment banking revenues.
In July, Goldman Sachs Chief Financial Officer Dennis Coleman warned that financial services firms could slow hiring and cut costs.
Meanwhile, analysts expect Goldman Sachs’ net profit to plunge 49% to $2.77 billion in the third quarter of 2022 from $5.38 billion in the same period in 2021. Third quarter numbers are expected to be released on Tuesday.
Analysts believe a slowdown in trading as a result of global inflation and rising interest rates will hit the company’s earnings from investment banking.
Earlier this year, Goldman Sachs Chief Executive David Solomon said in an earnings call that the current “mixed” market environment was driven by macroeconomic and geopolitical events such as the war between Russia and Ukraine. said it was due to
