The Goldman Sachs Group, Inc. (GS) is set to finalize an agreement to transfer its General Motors (GM) credit card business to Barclays (BCS) . The companies are still in the final stages of negotiation.In November 2023, Goldman announced plans to discontinue its co-branded credit cards with GM. The credit card program, provided by Mastercard through Goldman, was created in 2022 to allow consumers to earn additional points toward purchasing or leasing Buicks, Cadillac and other General Motors vehicles.Ratio ...

Goldman Sachs this week reported losses related to its Main Street lending business.The banking giant has been pulling away from the credit card lending space, a departure that a Tuesday (Sept. 10) report by The Wall Street Journal (WSJ) characterized as “messy,” driven by “lax underwriting standards.”Goldman is facing an approximately $400 million pre-tax hit from the sale of its General Motors credit card business and a smaller, unrelated unit, the report said.Goldman has been having discussions since the ...

At the 2024 Barclays Global Financial Services Conference, The Goldman Sachs Group, Inc.’s (GS) CEO, David Solomon, stated that the firm’s trading revenues will probably slide 10% in the third quarter of 2024. The decline will follow a very strong quarter for trading in the third quarter of 2023, when equities revenues jumped 8%.This decline owed to a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.Solomon also stated that investment banking (IB) continues ...

Goldman Sachs shares dropped 4% after CEO David Solomon warned the Wall Street giant is facing a $400 million hit from the exit of a credit card venture as well as recent weakness in trading revenue.The Wall Street giant’s stock fell by just over $19 to $470 after Solomon told an industry conference in New York late Monday that the October quarter’s financial results will be hit by its exit from its consumer banking venture that began in 2022, including a joint credit card scheme with General Motors.But the ...

David Solomon, CEO of Goldman Sachs, during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" in New York on Aug. 6, 2024.Goldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Let's take a look at what these Wall Street heavyweights have to say about Goldman Sachs (GS) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Goldman currently has an avera ...

Goldman Sachs (GS) closed the latest trading day at $490.64, indicating a +0.65% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.16%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.3%.Shares of the investment bank have appreciated by 3.67% over the course of the past month, underperforming the Finance sector's gain of 6.28% and outperforming the S&P 500's gain of 3.64%.Investors will be eagerly watching ...

The Goldman Sachs Group, Inc. (GS) intends to eliminate more than 1,300 employees from its global workforce as part of its annual performance review process to cull the low performers. The bank will likely cut jobs between 3% and 4% across the bank’s various divisions.Following the release of this news, Goldman’s shares gained nearly 1%. Goldman had paused “strategic resource assessment,” or SRA during the COVID-19 pandemic. Nonetheless, the bank resumed the practice of SRA in 2022, with the workforce reduc ...

Goldman Sachs reportedly plans to lay off between 3% and 4% of its workforce — amounting to about 1,300 to 1,800 people — as part of its annual review process.The layoffs have already started, will continue through the fall and are expected to be made across the bank’s divisions, the Wall Street Journal (WSJ) reported Friday (Aug. 30), citing unnamed sources.Goldman Sachs spokesperson Tony Fratto told the WSJ, per the report: “Our annual talent reviews are normal, standard and customary, but otherwise unrem ...

David Solomon is sharpening the axe again. The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank’s ongoing review to cull poor performers, the Wall Street Journal reported on FridayGoldman’s cuts will affect between 3% and 4% of Goldman’s 45,000-strong workforce, the Journal added, citing people familiar with the matter. The cuts are part of the bank’s annual performance reviews that cull those believed to have performed poorly. Getty ImagesThe layoffs have already started and will conti ...