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$GS 300 still giving it fits, like it there for a move to the 50D...
By: Options Mike | July 9, 2022
• $GS 300 still giving it fits, like it there for a move to the 50D...
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Goldman Sachs Makes Morningstar Financial-Stock List
By: TheStreet | July 8, 2022
• Financial stocks have dropped, with the S&P 500 Financials Sector Index slumping 18% year to date.
The year 2022 hasn’t been kind to financial-services stocks. The S&P 500 Financials Sector Index has slumped 18% year to date.
But as of June 27 the drop left more than 70% of the North American financial stocks that Morningstar covers undervalued. The financial-research and -services firm's analysts determine a fair value for each stock that they cover.
“The median North American financial stock trades at a 21% discount to its fair value estimate compared with a 1% discount at the end of the first quarter of 2022 and a 2% premium at the end of the fourth quarter of 2021,” Michael Wong, director of Morningstar’s equity research for North American financial services, wrote in a commentary.
So now might be a time to consider financial stocks.
To be sure, financial companies still face some headwinds. “For banks, loan chargeoffs should begin to increase, as the buffer in savings that consumers stowed away is spent,” Wong said.
“Banks also had abnormally high mortgage refinancing, underwriting, merger advisory, and trading revenue in 2020 and 2021, and these revenue streams should normalize lower over the next couple of years.”
Meanwhile, with U.S. stocks and bonds slumping, “asset and wealth managers with asset-based fees will report a drop in revenue until the markets recover,” Wong said.
But on the plus side, the Federal Reserve’s interest rate increases “benefit the earnings of many financial companies,” Wong noted.
Here are his top picks for financial stocks.
Goldman Sachs
(GS) - Get Goldman Sachs Group Inc. (The) Report
Morningstar assigns it a narrow moat and puts fair value for the stock at $430, 44% above the recently trade at $298.
“Goldman Sachs … will likely face headwinds over the next year or two, as investment banking and trading revenue normalize lower from elevated 2020 and 2021 levels,” Wong said. “We believe much of this is already factored into the stock’s price.”
In the medium term, Goldman should benefit from “initiatives that should improve the stability of its earnings, such as its push into consumer banking and changes in its investment-management business,” Wong said.
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The Best Performer in the $DJIA is Goldman Sachs Group. (GS)
By: Thom Hartle | July 8, 2022
• Today (8:33 CST), the best performer in the $DJIA is Goldman Sachs Group. $GS
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Goldman Sachs 300 Resistance last 2 sessions
By: Options Mike | July 4, 2022
• $GS 300 Resistance last 2 sessions. Pushes over it then 50D clear next resistance. Open gap below if we dump...
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The Goldman Sachs Group (GS) Price Target Cut to $380.00
By: MarketBeat | July 1, 2022
• The Goldman Sachs Group (NYSE:GS - Get Rating) had its target price dropped by investment analysts at Wells Fargo & Company from $420.00 to $380.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the investment management company's stock. Wells Fargo & Company's target price would indicate a potential upside of 27.94% from the stock's previous close...
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Goldman Sachs (GS) banks kick off earnings in month.. this one right at new 52W plus lows
By: Options Mike | June 20, 2022
• $GS banks kick off earnings in month.. this one right at new 52W plus lows.. hard to love the banks here.
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The Goldman Sachs Group (GS) Sets New 52-Week Low on Insider Selling
By: MarketBeat | June 17, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS - Get Rating) hit a new 52-week low during mid-day trading on Friday following insider selling activity. The stock traded as low as $278.14 and last traded at $279.23, with a volume of 45044 shares. The stock had previously closed at $284.98.Specifically, Director Goldman Sachs Group Inc sold 90,427 shares of the company's stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $19.16, for a total transaction of $1,732,581.32. Following the completion of the transaction, the director now directly owns 3,130,987 shares in the company, valued at approximately $59,989,710.92. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO David M. Solomon sold 9,768 shares of the company's stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $334.57, for a total value of $3,268,079.76. Following the transaction, the chief executive officer now owns 96,467 shares of the company's stock, valued at $32,274,964.19. The disclosure for this sale can be found here. Insiders sold a total of 1,330,390 shares of company stock worth $28,952,332 over the last ninety days. Corporate insiders own 0.57% of the company's stock...
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Insider Selling: The Goldman Sachs Group, Inc. (GS) Director Sells 86,068 Shares of Stock
By: MarketBeat | June 16, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS - Get Rating) Director Goldman Sachs Group Inc sold 86,068 shares of the company's stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $15.30, for a total transaction of $1,316,840.40. Following the transaction, the director now owns 2,240,454 shares of the company's stock, valued at approximately $34,278,946.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink...
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Goldman Sachs Group (GS) Worrisome, had been a stronger bank above the 50D and dumped to new 52W+ low
By: Options Mike | June 12, 2022
• $GS Worrisome, had been a stronger bank above the 50D and dumped to new 52W+ low.
280 area some support.
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GS The last three lower BB pierces have all provided a nice reversion trade
By: TrendSpider | June 12, 2022
• $GS The last three lower BB pierces have all provided a nice reversion trade.
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Insider Selling: The Goldman Sachs Group, Inc. (GS) Director Sells 41,300 Shares of Stock
By: MarketBeat | June 8, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS - Get Rating) Director Goldman Sachs Group Inc sold 41,300 shares of The Goldman Sachs Group stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $19.23, for a total transaction of $794,199.00. Following the sale, the director now directly owns 1,846,300 shares of the company's stock, valued at approximately $35,504,349. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website...
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Goldman Sachs (GS) AH's 1,402,000 Shares at $321.51 #darkpool activity
By: Money Flow Mel | June 7, 2022
• Working from the app tonight since I am out of town. Here are some of the larger #darkpool prints catching my attn.
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Insider Selling: The Goldman Sachs Group, Inc. (GS) Director Sells 437,248 Shares of Stock
By: MarketBeat | May 31, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS - Get Rating) Director Goldman Sachs Group Inc sold 437,248 shares of the company's stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $19.39, for a total transaction of $8,478,238.72. Following the transaction, the director now owns 2,731,973 shares of the company's stock, valued at approximately $52,972,956.47. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink...
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$GS Leader, through the 50D, wouldn't chase here
By: Options Mike | May 30, 2022
• $GS Leader, through the 50D, wouldn't chase here, but few days off can see a move to the 100D now.
Would like to see it hold the 50D.
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Goldman Sachs ~ 235K shares at $325.04 We rarely see #darkpool activity in this name
By: Money Flow Mel | May 27, 2022
• $GS We rarely see #darkpool activity in this name ~ 235K shares at $325.04.
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Goldman Sachs Approves First Bitcoin-Backed Loan Facility
By: Markets & Mayhem | April 28, 2022
• Goldman Sachs continues to be a crypto-trailblazer in the US banking world. With greater demand, more crypto-linked banking products are on the horizon.
Goldman Sachs is taking big strides in becoming a leading bank in the digital asset space. In May 2021, the US investment bank rebooted its cryptocurrency desk in response to improving crypto market conditions.
Goldman first established a crypto desk in 2018.
This week, Goldman took another big step into the digital asset world.
Goldman Sachs Issues Bitcoin-Backed Cash Loan
On Thursday, news hit the wires of Goldman Sachs offering its first Bitcoin (BTC) backed loan facility.
According to the report, the borrower pledged Bitcoin as collateral in a cash loan.
As a first-mover on Wall Street, the bank reportedly found the deal interesting due to its structure and need for 24-hour risk management.
The latest link between digital assets and fiat follows last month’s first over-the-counter (OTC) crypto trade with Galaxy Digital. According to the CNBC report, Goldman was “the first major US bank to trade crypto over the counter.”
This week, there was also news of Goldman Sachs exploring the tokenization of financial instruments.
While Goldman Sachs may be a first-mover among the banking fraternity, crypto-linked financial products are becoming more commonplace.
Crypto-Linked Financial Products Are More Mainstream than Ever
It is a busy year for cryptos and financial institutions.
This week, DeFi protocol Portal partnered with HighCircleX (HCX) to tokenize pre-initial public offering (IPO) company stocks. The partnership addresses the issue of illiquidity by tokenizing pre-IPO stocks. HCX marketplace then supports the trading of the tokenized assets.
In April, crypto firm XBTO offered Bitcoin collateralized mortgages in Miami. The product allows Bitcoin holders to avoid capital gains tax and benefit from any upward trend in Bitcoin value.
According to Thursday’s Bloomberg report, the co-president of Galaxy Digital Holdings Damien Vanderwilt recently said,
“Lending to companies that provide virtual currencies as collateral is the next step.”
With US banking giants Goldman Sachs, JPMorgan, and Citi also bullish about NFTs and metaverse, we expect more bank-linked digital and virtual news to hit the crypto wires in the months ahead.
Bitcoin Price Action
At the time of writing, Bitcoin was down by 0.10% to $39,715.
Bitcoin continues to struggle, with resistance at $40,000 now key.
Technical Indicators
Bitcoin will need to avoid the day’s $39,678 pivot to target the First Major Resistance Level at $40,461. Bitcoin would need broader market support to a return to $40,000.
In the event of an extended rally, Bitcoin could test the Second Major Resistance Level at $41,173 and resistance at $41,500. The Third Major Resistance Level sits at $42,668.
A fall through the pivot would bring the First Major Support Level at $38,968 into play. Barring another extended sell-off, Bitcoin should avoid sub-$38,000. The Second Major Support Level at $38,186 should limit the downside.
A fall through the pivot would bring support levels into play.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. Bitcoin sits on the 50-day EMA, currently at $39,759. This morning, we saw the 50-day EMA narrow to the 100-day EMA, delivering support. The 100-day EMA pulled back from the 200-day EMA, BTC negative.
A move through the 100-day EMA at $40,420 would support a run at $42,000.
A move through the 100-day EMA is needed to shift sentment.
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Exclusive - Goldman, JPMorgan among banks left holding Russian stocks by sanctions switch
By: Reuters | April 22, 2022
LONDON/NEW YORK (Reuters) - A decision last month by FTSE Russell and MSCI to remove Russian stocks from their indexes has left some of the world's largest banks inadvertently holding potentially valuable positions, several sources familiar with the trades told Reuters.
JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), HSBC, BNP Paribas (OTC:BNPQY) and other global banks have had to move Russian stocks and related derivative positions that they had taken to support bets by institutional clients into their own books as a result, five sources, including investors and traders, said.
When conditions permit, the banks could cash out those positions for what some of the sources said may result in sizeable profits.
Reuters could not ascertain the size of the positions because of the opaque nature of derivative trading books, and the sources said that profits were not a given for the banks.
Overall, billions of dollars tracked MSCI and FTSE Russell indexes that included Russian stocks before Moscow's invasion of Ukraine, which the Kremlin calls a "special military operation".
The fate of these assets, which has not been previously reported, shows how Western sanctions have had far-reaching and sometimes unintended impacts on the global financial system.
JPMorgan, Goldman, BNP Paribas and HSBC declined to comment. The London Stock Exchange, the parent of index provider FTSE Russell, declined to comment. MSCI did not respond to a request for comment.
'DELTA ONE' DESKS
At the centre of the unusual situation that the banks and their investors now find themselves in are positions taken by low-profile teams called 'Delta One' trading desks.
Traders in these divisions sell derivatives such as index swaps to sophisticated investors including hedge funds. Investors then get a return from an index, without them having to buy the stocks that make up that benchmark.
On the back end of those trades, the banks buy the stocks that make up the index either outright or through other derivatives. They also take other positions, called hedges, that are meant to reduce their overall risk from such trading.
When FTSE Russell and MSCI removed Russian stocks such as Gazprom (MCX:GAZP) and Sberbank from their indexes in March, Delta One desks had to strip them from the baskets of swaps they had crafted for clients, the five sources said.
The Russian shares and derivatives were placed in separate trading books, and it is now up to each bank concerned to decide what to do with them, the five sources said.
One of the sources, who advises an investor in these products and who declined to be named due to client confidentiality, said this amounted to "free money for banks".
Several investors also want to lay claim to any profit, two of the sources said, with some "incensed" that they could end up missing out on potentially lucrative returns, one source added.
But three of the sources said that any profit should accrue to the bank, since their clients had bought exposure to the index through swaps rather than the individual constituents.
NO GUARANTEE
There is no guarantee that banks will be able to realize any profits from the stocks, two of the sources said. Any gains will depend on the value assigned to the asset and how the Russian exposures were hedged in the first place, the five sources said.
Moreover, most banks would need to be able to access the ordinary shares of sanctioned companies to realise any potential gains, four of the five sources said.
And there is no telling when that might happen.
The Moscow Exchange, which closed after Russia's Feb. 24 invasion of Ukraine, partially re-opened on March 24 but only to local investors.
The full re-opening of the market has been delayed multiple times and Western investors now expect to wait "weeks if not months" for free access to it, one of the sources said.
Some banks may opt to exit Russian risk before sanctions are lifted and trading resumes, forfeiting any chance of a profit.
Moreover, the share prices of many Russian companies have plummeted, while the long-term valuation damage remains unclear.
But Russia is poised to deploy billions of roubles from its National Wealth Fund to support its stock market.
One of the sources said this could make it easier for some traders to exit positions profitably, assuming Western authorities permit unfettered trading.
It is unclear if any of the banks are already exploring options to exit their Russian positions.($1 = 77.7100 roubles)
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$GS Great report then the call and it reversed hard
By: Options Mike | April 17, 2022
• $GS Great report then the call and it reversed hard. For me let the sector tell you when it wants to be in play right now.. looks more a short than a long..
retest of 307.50 possible.
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The Goldman Sachs Group, Inc. (GS) Plans $2.00 Quarterly Dividend
By: ABMN | April 16, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS – Get Rating) declared a quarterly dividend on Thursday, April 14th, RTT News reports. Stockholders of record on Wednesday, June 1st will be given a dividend of 2.00 per share by the investment management company on Wednesday, June 29th. This represents a $8.00 annualized dividend and a dividend yield of 2.48%.
The Goldman Sachs Group has a payout ratio of 19.4% meaning its dividend is sufficiently covered by earnings. Analysts expect The Goldman Sachs Group to earn $39.34 per share next year, which means the company should continue to be able to cover its $8.00 annual dividend with an expected future payout ratio of 20.3%...
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Goldman Sachs (GS) Stock Jumps After Topping Q1 Earnings Forecast Despite Deal-Making Slump
By: TheStreet | April 14, 2022
• "The rapidly evolving market environment had a significant effect on client activity as risk intermediation came to the fore and equity issuance came to a near standstill," said CEO David Solomon.
Goldman Sachs Group (GS) posted stronger-than-expected first quarter earnings Thursday as global markets revenues offset a slump in deal-making fees amid sharp decline in merger activity.
Goldman said earnings for the three months ending in March were pegged at $10.76 per share, down 42.1% from the same period last year but firmly ahead the Street consensus forecast of $8.95 per share. Group revenues, Goldman said, fell 27% to $12.93 billion, but again topped analysts' forecasts of an $11.9 billion total.
Investment banking revenues fell 36% from last year to $2.41 billion, Goldman said, while overall global markets revenues were up 4% at $7.87 billion.
“It was a turbulent quarter dominated by the devastating invasion of Ukraine. The rapidly evolving market environment had a significant effect on client activity as risk intermediation came to the fore and equity issuance came to a near standstill," said CEO David Solomon.
"Despite the environment, our results in the quarter show we continued to effectively support our clients and I am encouraged that our more resilient and diversified franchise can generate solid returns in uncertain markets,” he added.
Goldman Sachs shares were marked 1.2% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $325.80 each.
Goldman's earnings followed a miss from its larger rival, JPMorgan Chase (JPM) yesterday, as the country's biggest bank set aside nearly $1 billion to cover potential losses linked to surging inflation and the war in Ukraine.
CEO Jamie Dimon cautioned earlier this month that the impact of the Russia-Ukraine conflict on the bank's profits, while also warning that rate hikes from the Federal Reserve "could be significantly higher than the market expects' between now and the end of the year.
Global merger activity fell more than 20% from last year's SPAC-fueled first quarter frenzy, data from Refinitiv indicated earlier this month, with the total value of transactions pegged at around $1 trillion, highlighted by Microsoft's (MSFT) $69 acquisition of video game maker Activision Blizzard (ATVI).
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Goldman Sachs Stock Looks Cheap Ahead of Earnings
By: Barron's | April 13, 2022
The glow on Goldman Sachs Group has faded in recent months after blowout financial results in 2021. Yet its stock still looks appealing at a discounted valuation relative to earnings and book value.
Shares of Goldman Sachs (ticker: GS) now trade for under nine times projected 2022 earnings of about $37 a share and for just 1.1 times its year-end 2021 book value. Industry leader JPMorgan Chase (JPM) fetches around 1.5 times book.
Indeed, Goldman is among the cheapest plays on Wall Street. It trades at a discount to JPMorgan, Morgan Stanley (MS), and Bank of America (BAC) which all fetch around 11 times projected 2022 earnings. Only Citigroup (C) is cheaper, trading at discount to tangible book and for under eight times earnings.
In trading on Wednesday, Goldman shares were down 1.1%, at $316.19. The shares are off 25% from a November peak of $426.
Investors are concerned that Goldman’s earnings power—which is driven by trading results and investment banking—will downshift in 2022 after a phenomenal 2021, when it earned a record $59.45 a share, more than double the nearly $25 a share in 2020.
Wall Street will be scrutinizing Goldman’s first-quarter earnings Thursday for a read on its earnings power in a less favorable environment for investment banking. The current consensus estimate of $8.90 a share from FactSet has fallen 15% in the past three months.
JPMorgan’s first-quarter results released Wednesday morning showed the effects of a sharp slowdown in equity underwritings globally, with investment banking revenue down 28% year-over-year. The bank’s trading revenue held up better, with bond trading down 1% and equity trading off 7%. JP Morgan shares were down 2.6%, to $126 in early trading Wednesday.
“The big conversation coming into this year is what does Goldman’s normalized earnings look like,” says Devin Ryan, an analyst at JMP Securities, a unit of Citizens Financial Group.
“We think the company will make around $9 a share in the first quarter, not far off from a $40 a share annual run rate. We think the market will be pleased with $40 of earnings in this environment.”
Ryan has an Outperform rating and $460 price target on Goldman shares. There could be a relief rally in the stock Thursday if the company reports something close to $9 a share in first-quarter profits.
Goldman is exposed to global equity underwriting, which was down sharply in the quarter, but it has tended to do well in volatile trading environments. It’s a major commodities trader and could have capitalized on increased activity and big swings in energy, metals, and agricultural markets.
Ryan thinks the first quarter may showcase the underappreciated diversity of Goldman’s business. The firm has built out a consumer banking platform and has beefed up its investment management arm by attracting significant inflows of alternative assets.
The risk/reward ratio looks favorable for Goldman at current levels: The stock is trading just above book value. Barron’s identified Goldman as a top stock pick for 2021, and was bullish again on the stock in an article in late January.
Book value could approach the current stock price by the end of 2022. Book value has often been a floor for Goldman.
Goldman earned a 23% return on equity in 2021 and its current target is 13% rising to 14% to 16% over the next few years. If Goldman can earn a 13% return on book value this year, its earnings should be close to $40 a share.
One area to watch in Goldman’s first-quarter report is revenue from its $19 billion portfolio of public and private-equity investments. That portfolio generated an enormous $9.2 billion of 2021 revenue, reflecting gains and higher valuations, entirely on the private side which accounts for $14 billion of the portfolio.
With equity valuations lower in the first quarter, that area could be a source of reduced earnings, although Ryan thinks the private investments have been conservatively marked. Goldman doesn’t provide many specifics of that portfolio but the largest areas are technology, media, and telecom (TMT), and real estate, which together make up about half the portfolio.
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Can Goldman Sachs (GS) Stock Turn its Luck Around After Earnings?
By: Schaeffer's Investment Research | April 13, 2022
• The company is slated to report ahead of tomorrow's open
• The stock suffered a 7% drop after its last report
Goldman Sachs Group Inc (NYSE:GS) will be one of the big bank names to kick off another earnings season this week, as it heads into the earnings confessional before the open tomorrow, April 14. The equity was last seen down 0.1% at $319.39, likely feeling some heat from sector peer JPMorgan Chase's (JPM) lackluster report. Below, we'll dig into the blue-chip bank stock's technical performance of late, and what investors might be able to expect after tomorrow's quarterly release.
It's been a disappointing six months for Goldman Sachs stock, which has shed over 17% in that time period, especially after the stock peaked in early November before losing steam near the $420 level. The 40-day moving average has kept a tight lid on shares since then, just recently pushing GS back below its year-to-date breakeven level.
The stock has a history of muted, yet positive post-earnings reactions, settling higher the day after five of its last eight earnings reports, and averaging a swing of 2.3%, regardless of direction. Goldman Sachs stock did suffer a 7% drop after its last report, though this time around options traders are pricing in a more muted 3.6% swing.
Speaking of options players, Goldman Sachs' have been quite bearish ahead of the event. The security's Schaeffer's put/call open interest ratio (SOIR) of 1.33 sits higher than 73% of readings from the past year, indicating a healthy put-bias among short-term options traders.
Analysts have taken a slightly more optimistic stance. Of the 13 in coverage, eight say "strong buy," compared to five "hold" ratings, and not a single "sell" to be seen. What's more, the 12-month consensus price target of $427.18 is a 33.8% premium to current levels.
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The Goldman Sachs Group, Inc. to Post Q1 2022 Earnings of $7.91 Per Share, Piper Sandler Forecasts (GS)
By: MarketBeat | April 7, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS - Get Rating) - Equities researchers at Piper Sandler decreased their Q1 2022 earnings per share estimates for shares of The Goldman Sachs Group in a research note issued to investors on Tuesday, April 5th. Piper Sandler analyst J. Harte now anticipates that the investment management company will post earnings per share of $7.91 for the quarter, down from their previous estimate of $10.99. Piper Sandler currently has a "Overweight" rating and a $430.00 price target on the stock. Piper Sandler also issued estimates for The Goldman Sachs Group's Q2 2022 earnings at $8.30 EPS, Q3 2022 earnings at $9.76 EPS, Q4 2022 earnings at $11.28 EPS, FY2022 earnings at $37.18 EPS, Q2 2023 earnings at $9.19 EPS, Q3 2023 earnings at $10.82 EPS, Q4 2023 earnings at $12.16 EPS and FY2023 earnings at $42.79 EPS. The Goldman Sachs Group (NYSE:GS - Get Rating) last issued its quarterly earnings data on Tuesday, January 18th. The investment management company reported $10.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $12.10 by ($1.29). The business had revenue of $12.64 billion for the quarter, compared to analyst estimates of $12.09 billion. The Goldman Sachs Group had a return on equity of 22.97% and a net margin of 33.29%. During the same period in the previous year, the business posted $12.08 earnings per share...
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Goldman Sachs $GS Yikes... Price continues to find lower lows...
By: TrendSpider | April 8, 2022
• $GS Yikes... Price continues to find lower lows....
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$GS continues to roll over in a rather meaningful way, taking out the March lows to make new 2022 lows
By: Markets & Mayhem | April 7, 2022
• $GS continues to roll over in a rather meaningful way, taking out the March lows to make new 2022 lows.
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Goldman Sachs to Acquire Pension Robo-Advisor NextCapital
By: Barron's | March 29, 2022
Goldman Sachs is acquiring NextCapital, a Chicago-based robo-advisor, as part of its continued expansion into asset and wealth management.
NextCapital partners with financial institutions to provide planning services for workplace retirement plans and individual retirement accounts. It currently has about $220 billion in assets under supervision, according to a press release.
The acquisition will augment existing capabilities across Goldman Sachs’ (ticker: GS ) growing asset and wealth management business, and coincides with a growing push in wealth management circles toward technological advances and the adoption of robo-advisors.
“Employers are looking to provide their employees tailored solutions and customizable advice that can better support individual saving and investing needs to help improve retirement savings outcomes,” said Luke Sarsfield, co-head of Goldman Sachs Asset Management in a statement. “We believe personalization represents the future of retirement savings and will drive the next wave of innovative retirement solutions.”
The deal is expected to close in the second half of 2022, subject to regulatory and other approvals. Goldman didn’t disclose further terms of the deal.
Over the last few years, Goldman has been pushing to expand its wealth management capabilities. In 2020, the bank broke from tradition by holding its first-ever Investor Day where it announced it would revamp its Consumer & Wealth Management segment.
“This acquisition furthers our strategic objective of building compelling client solutions in asset management and accelerating our investment in technology to serve the growing defined contribution market,” said CEO David Solomon in a statement.
Shares of Goldman were up about 2% on Tuesday.
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$GS looks rather precarious after putting in a lower low and a lower high here
By: Markets & Mayhem | March 24, 2022
• $GS looks rather precarious after putting in a lower low and a lower high here.
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Goldman Sachs Helps Bitcoin Take a Major Step
By: TheStreet | March 21, 2022
• The prestigious bank just made a trade that should lead to widespread adoption of bitcoin among big investors.
Goldman Sachs on Monday took a big step toward the possible wide adoption of bitcoin among institutional investors, such as hedge and pension funds.
A step that will undoubtedly reassure some big investors, many of whom are still very reluctant to invest in cryptocurrencies and in particular in bitcoin, the first digital currency in terms of market share.
Goldman Sachs (GS), one of the big names in traditional finance, said on Monday that it has just carried out its first over-the-counter (OTC) crypto options trade.
The firm traded a bitcoin-linked instrument called a non-deliverable bitcoin option (NDO), which is a derivative tied to bitcoin’s price that pays out in cash, Goldman Sachs said.
Options are used by crypto investors to hedge risks or boost yields, and over-the-counter transactions are larger trades negotiated privately.
"We are pleased to have executed our first cash-settled crypto currency options trade with Galaxy," said Max Minton, Asia Pacific head of digital assets for Goldman Sachs. "This is an important development in our digital assets capabilities and for the broader evolution of the asset class."
The transaction carried out by Goldman Sachs was facilitated by Galaxy Digital, a company that invests in crypto and especially in bitcoin.
Galaxy, a global provider of blockchain and cryptocurrency financial services for institutions, was founded and is run by billionaire Mike Novogratz, a bitcoin evangelist. Novogratz is also a former Goldman Sachs banker.
"This marks the first OTC crypto transaction by a major bank in the U.S., as Goldman Sachs continues expanding its cryptocurrency offerings, demonstrating the continued maturation and adoption of digital assets by banking institutions," Galaxy said in a statement.
Is Bitcoin a Mature Asset?
This move is an important step in the development of the crypto market for large investors, because OTCs mean that Goldman Sachs will act as a principal in the transaction.
It is therefore a kind of expansion of Goldman Sachs' activities into cryptocurrencies — but more importantly, it legitimizes the currencies as stable enough to be vouched for by large financial institutions.
Goldman Sachs' involvement also sends a signal to mainstream investors that cryptocurrency-related assets have matured.
"We are pleased to continue to strengthen our relationship with Goldman and expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets," said Damien Vanderwilt, co-president, and head of global markets at Galaxy Digital.
"Goldman's continuing trust in us is a testament to Galaxy's expertise and ability to meet the evolving demands by institutions as crypto solidifies itself as the fifth asset class."
Major Wall Street banks are generally staying away from cryptocurrencies and bitcoin, with one of the main reasons they give is that traditional financial markets are highly regulated.
The concern that offering financial services related to cryptocurrencies might increase that burden of regulation is substantial.
But the change is also a cultural switch.
Legacy banks deplore that there is still too much uncertainty surrounding the regulation of the crypto industry.
While President Joe Biden recently issued an executive order that outlines a roadmap for the supervision of the crypto sector, one of the only key rules remains KYC (know your customer), and many experts believe that this is not enough.
The Market is Changing
However, there have been notable changes in recent months.
Top financiers like Ken Griffin, Ray Dalio and Bill Gross have thrown their support behind cryptocurrencies, a sign that the lines are moving at hedge funds, which bodes well for bitcoin.
As for Goldman, the firm opened up trading of non-deliverable forwards, a derivative tied to bitcoin’s price that settles in cash. It's also offering exchange-listed options and futures trading in bitcoin and ethereum.
In addition, the transaction announced on Monday also "represents a continuation of the bank's partnership with Galaxy Digital to deepen its crypto capabilities, which included facilitating the bank's first CME Group Inc. bitcoin futures transaction last year."
Goldman is exploring more crypto derivatives trading, according to Bloomberg.
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Goldman Sachs $GS Nice gap and push, but not even to the 50D. Still weaker name in Fins
By: Options Mike | March 20, 2022
• $GS Nice gap and push, but not even to the 50D. Still weaker name in Fins.
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Goldman Sachs shutters Russia business, first major Wall Street bank to leave after Ukraine war
By: CNBC | March 10, 2022
Goldman Sachs says it is exiting Russia, becoming the first major global investment bank to do so after the country invaded its neighbor Ukraine last month.
The bank said Thursday in an e-mailed statement that it is working to wind down operations in Russia.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” said a bank spokeswoman. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”
The move is the latest sign of Russia’s increasing isolation in the third week of President Vladimir Putin’s campaign to overthrow the government of Ukraine. Tech firms including Apple and Google and payments firms like Visa and Mastercard were among the first to pull back from Russia, followed by retail brands including McDonald’s and Starbucks.
Most big U.S. banks had modest operations in Russia, a geographically large nation with a relatively small economy. Citigroup had the biggest exposure as of year-end 2021 at $9.8 billion, according to filings. Goldman was estimated to have $940 million in total exposure, including $650 million in credit, or less than 10 basis points of its total assets, according to Bank of America analysts.
Meanwhile, banks including JPMorgan Chase, Bank of America and Morgan Stanley don’t disclose their Russia exposure in filings, suggesting limited dealings with the country, according to the analysts.
Citigroup had disclosed plans to sell its Russia operations last year as part of a strategic overhaul, well before the conflict began. But the war has forced it to run its consumer banking operations there on a “more limited” basis and could reportedly force Citigroup to simply shutter the business.
While New York-based Goldman is closing its operations in Russia, it still facilitates trades in debt securities tied to the nation, according to Bloomberg, which first reported the bank’s move.
“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate,” the bank said.
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U.S. SEC investigating Goldman Sachs over employee communications
By: Reuters | February 25, 2022
Goldman Sachs Group Inc (NYSE:GS) said on Friday the U.S. Securities and Exchange Commission was investigating it over employees using communication channels not approved by the company.
The Wall Street giant in a regulatory filing said it was cooperating with the SEC and providing the necessary documents required for the investigation.
The inquiry was first launched in October by the regulator to probe into how Wall Street banks and other large financial firms are keeping track of employees' digital communications.
The SEC has contacted several financial institutions to check whether employees' work-related communications such as messages and emails, particularly on personal devices, have been properly documented.
The industry-wide regulatory scrutiny comes at a time when companies have struggled with keeping track of staff communications in the work-from-home pandemic era.
In December, U.S. regulators fined J.P. Morgan Securities $200 million for "widespread" failures to preserve staff communications on personal mobile devices, messaging apps and emails.
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Goldman Sachs seeks return of bonuses from bankers for jumping ship - Bloomberg News
By: Reuters | February 23, 2022
Goldman Sachs Group Inc is exploring measures such as seizing vested pay to dissuade top bankers from leaving, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The bank is looking at confiscating vested stock - usually reserved for cases of misconduct - of executives Omer Ismail and David Stark, the report said. Both had left the Wall Street bank last year. (https://bloom.bg/35hMymr)
"Equity awards are governed by the agreement signed by the recipient. In each case mentioned by Bloomberg, there were explicit terms which were upheld," a spokesperson for the bank said.
Goldman is also pulling unvested compensation from executives Gregg Lemkau and Eric Lane who left the bank for companies that would be considered clients, the report added.
In the face of cutthroat competition, banks around the world have had to come up with perks such as higher pay and bonuses to attract and retain talent as the economy recovers and people look to shift companies.
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$GS Doji finishing right on the anchored VWAP Will price be able to break trend or are we in route for lower lows
By: TrendSpider | February 20, 2022
• $GS Doji finishing right on the anchored VWAP Will price be able to break trend or are we in route for lower lows.
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The Goldman Sachs Group (GS) Given New $445.00 Price Target at Morgan Stanley
By: MarketBeat | February 18, 2022
• The Goldman Sachs Group (NYSE:GS) had its target price dropped by research analysts at Morgan Stanley from $479.00 to $445.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The brokerage currently has an "equal weight" rating on the investment management company's stock. Morgan Stanley's price target suggests a potential upside of 27.80% from the stock's previous close...
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Goldman Sachs upgrades key profit target
By: Reuters | February 17, 2022
NEW YORK (Reuters) - Goldman Sachs (NYSE:GS) on Thursday upgraded its key medium-term profit target as it provided an update on strategy and goals.
The bank said it expects to achieve a return on tangible equity (RoTE) of 15-17%, compared with 14% previously.
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Zacks: Brokerages Expect The Goldman Sachs Group, Inc. (GS) to Announce $10.42 Earnings Per Share
By: MarketBeat | February 7, 2022
• Brokerages expect The Goldman Sachs Group, Inc. (NYSE:GS) to post earnings of $10.42 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for The Goldman Sachs Group's earnings. The lowest EPS estimate is $9.66 and the highest is $11.00. The Goldman Sachs Group posted earnings per share of $18.60 during the same quarter last year, which would suggest a negative year over year growth rate of 44%. The business is scheduled to announce its next earnings report on Wednesday, April 13th...
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$GS 500K share #darkpool print at $371.00
By: Money Flow Mel | February 8, 2022
• $GS 500K share #darkpool print at $371.00
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Goldman Sachs (GS) Lowered to Hold at Odeon Capital Group
By: MarketBeat | January 28, 2022
• The Goldman Sachs Group (NYSE:GS) was downgraded by equities research analysts at Odeon Capital Group from a "buy" rating to a "hold" rating in a note issued to investors on Friday, The Fly reports...
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The Goldman Sachs Group (GS) Receives Consensus Recommendation of "Buy" from Analysts
By: MarketBeat | January 27, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS) has been given a consensus rating of "Hold" by the twenty-one brokerages that are covering the firm, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $437.29...
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The Goldman Sachs Group (GS) Price Target Lowered to $455.00 at Citigroup
By: MarketBeat | January 20, 2022
• The Goldman Sachs Group (NYSE:GS) had its price target cut by stock analysts at Citigroup from $480.00 to $455.00 in a research report issued on Thursday, The Fly reports. Citigroup's price target would suggest a potential upside of 31.00% from the stock's previous close...
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Well now, it's hard to say but.....this MIGHT BE a pretty-good guess !
LoL.....What, ya' don't think stuff like that can happen ?
I would disagree.
Fact is, it can happen a lot quicker than one could imagine !
What given the undeniable POWER of CHARTS
Goldman Sachs Misses Q4 Earnings Forecast; Investment Banking Fees Surge
By: TheStreet | January 18, 2022
• Goldman Sachs followed its larger rival, JPMorgan, in booking solid investment banking fees, but missed Street forecasts for its headline Q4 earnings.
Goldman Sachs (GS) posted weaker-than-expected fourth quarter earnings Tuesday as the bank followed its rivals with solid investment banking revenues but noted a slump in its global capital markets division.
Goldman said earnings for the three months ending in December were pegged at $10.81 per share, down 10.5% from the same period last year and well shy of the Street consensus forecast of $11.76 per share. Group revenues, Goldman said, rose 7.7% to $12.64 billion, topping analysts' forecasts of a $12.08 billion total.
Investment banking revenues rose 45% from last year to $3.8 billion, Goldman said, while overall global markets revenues were down 7% at $3.99 billion.
“2021 was a record year for Goldman Sachs. The firm’s extraordinary performance is a testament to the strength of our client franchise and people," said CEO David Solomon, referring in part to a return on equity rate of 23%, the highest since 2007. 'Moving forward, our leadership team remains committed to growing Goldman Sachs, diversifying our businesses and delivering strong returns for shareholders.”
Goldman Sachs shares were marked 2.2% lower in pre-market trading immediately following the earnings release to indicate an opening bell price of $372.57 each.
Last week, JPMorgan Chase (JPM) posted stronger-than-expected fourth quarter earnings of $10.4 billion, thanks in part to solid gains from investment banking fees and the release of reserves set aside during the peak of the Covid pandemic, but said net interest income, a key measure of profitability, coming in at around $50 billion, down from the 2021 tally of around $52.5 billion and well shy of Street forecasts.
Global merger deals topped $5 trillion for the first time on record this year, an all-time high powered in part by SPAC deals, cheap capital and major corporate restructurings.
Dealogic, which compiles merger and acquisition data, said the value of global deals rose 63% from last year to $5.63 trillion, a fresh all-time high that eclipsed the 2007 record of $4.42 trillion.
Plans unveiled by General Electric (GE) and Johnson & Johnson (JNJ) to split-up their companies played a big role in this year's record total, as did the surge in deals made with so-called special purpose acquisition companies, or SPACs, lead by Singapore-based Grab's $4.5 billion merger earlier this month.
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May 20th 2021.....Soon after climbed up to 426 - See chart above
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