Goldman Sachs

Goldman Sachs has said it would move much of its European business out of London if Britain leaves the European Union. The warning from the world’s most powerful investment bank comes as political pressure for Britain to leave the EU mounts. David Cameron has committed to holding a referendum on Britain’s membership if the Conservatives win the next election and some Tory MPs have been agitating for an early vote on the matter. Michael Sherwood, co-chief executive of Goldman Sachs International, said: “In all likelihood we would transfer a substantial part of our European business from London to a eurozone location – the most obvious contenders being Paris and Frankfurt.” [Guardian via Heidi Moore]

  • 03 Dec 2013 at 1:26 PM

How To Be More Like Goldman Sachs, Part Four

Kicking off this week, ignore history and gamble that Chinese companies will grow—but that their favorite metallic addiction will get cheaper, anyway. Read more »

  • 27 Nov 2013 at 2:22 PM

Goldman Sachs: Mind The Loonie

Part three in a series of magnanimous gestures in which Goldman Sachs tries to teach you dullards how to trade like Goldman Sachs. Today’s installment: Canadian Thanksgiving was weeks ago, so fuck those guys. Read more »

Or, at least, if it did, the Reuters-reported loss did not take into account “many of the firm’s market-making and client facilitation strategies” which “utilize financial instruments across various product types,” and therefore is “not representative of the way in which the firm manages its business activities.” Read more »

Plus a subsidiary of State Street, which apparently had gotten a pass for too long. Read more »

  • 13 Nov 2013 at 3:30 PM

Goldman Sachs Just Destroyed Countless Lives

The Wall Street firm named 280 new managing directors Wednesday, just a 5 percent increase from the previous year, when 266 were picked for promotion. Hundreds of mid-level bankers who missed the cut will now have to wait another two years until 2015 because this is the last annual set of managing director promotions. The change to biennial promotions comes as Goldman has been paring its staff and partnership ranks in the aftermath of the financial crisis that pushed even the storied franchise to the brink. While Goldman was expected to promote more employees than in years past to help compensate for the beginning of its biennial process, this year’s crop of newly minted MDs is a far cry from double. Those who got the promotion — one step below the elite partnership ranks — will command millions more than their midlevel colleagues over the next few years. [NYP, earlier]

  • 13 Nov 2013 at 2:09 PM

Goldman Sachs Just Gave 280 Lives Meaning

Yesterday they were lost, today they are found. Yesterday they were just bumping along aimlessly, today they have something to live for. Yesterday they were mere Goldman employees, today* they are Goldman Sachs Managing Directors. Read more »