Goldman commissioned its own study re: certain allegations of gender discrimination and the results show there’s a lot that went over Cristina Chen-Oster and Shanna Orlich’s heads. Read more »
HOW *DARE* YOU
Goldman Sachs: Sex Discrimination Practices At The Bank Are A Lot More Nuanced Than Ex-Employees Are Making Them Out To BeBy Bess Levin
Lloyd Blankfein may have a direct line to the Big Guy Upstairs, but he seems to have been withholding some crucial information in recent years, based on certain bets made by GS. That Romney character is not President of the United States, Goldman’s best check-writing efforts notwithstanding, and Brazil is rather emphatically not sporting a sixth star on their soccer jerseys these days. But if the polls are right—and, really, when are they not?—Goldman won’t be backing the wrong horse this time around. Read more »
Wall Street’s banks were pretty hard on themselves for this year’s choose-your-own-misadventure stress-test trial runs, conjuring a way worse recession than they did last year, and doing concomitantly worse as a result. Citigroup’s Tier 1 would fall from 9.1% to 8.7%, JPMorgan’s from 8.5% to 8.4%, Morgan Stanley’s from 9.5% to 8.9% and Wells Fargo’s from 9.9% to 9.6%.
But not everyone’s doing so badly, even when they were really, really hard on themselves. Read more »
The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc and UBS AG, which together account for 43 percent of foreign-exchange trading by banks, are introducing measures to make it harder for dealers to profit from confidential customer information and take advantage of clients in the largely unregulated $5.3 trillion-a-day currency market, according to people with knowledge of the changes. Banks have capped what employees can charge for exchanging currencies, limited dealers’ access to information about customer orders, banned the use of online chat rooms and pushed trades onto electronic platforms, according to the people, who asked not to be identified because they weren’t authorized to discuss their firms’ practices. [Bloomberg]
The news is all good, indeed, for Lloyd and Co. so far this week. Goldman has once again demonstrated its dominance amongst its “peers,” being named the “stabilization agent” for a $20 billion-plus IPO. Read more »