NEW YORK, Oct 17 (Reuters) – Top Goldman Sachs Group Inc
executives are determined to keep compensation costs
under control. And that means even when the bank’s revenue
spikes higher, bankers’ bonuses won’t.
On Thursday, Goldman reported a 25 percent increase in
quarterly revenue, but the money it set aside for compensation
and benefits rose only 18 percent from the same period a year
earlier. The amount of money it has set aside for compensation
is more or less unchanged, as is the average compensation per
employee, at around $320,000 for the first nine months of the
By Lauren Tara LaCapra and Tanya Agrawal
(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) reported a 50 percent jump in third-quarter net profit on Thursday as last month’s sudden pickup in bond market activity helped to boost trading revenue.
Net income attributable to common shareholders rose to $2.14 billion, or $4.57 per share, from $1.43 billion, or $2.88 per share, a year earlier.
(Reuters) – Morgan Stanley is embracing the financial reforms intended to curb its animal spirits to generate bigger profits.
Unlike most of its rivals, Morgan Stanley has been building its private equity business using structures that are subject to the Volcker rule, which restricts the amount of money a bank and its employees can contribute to such funds. This, in turn, limits their profit-sharing and, some would argue, their alignment with investors’ interests.
In late-2012, Goldman Sachs traders started to notice something unusual. News was sometimes breaking on social media faster than it was breaking on sophisticated information terminals that cost the bank millions of dollars each year.
NEW YORK (Reuters) – After spending two years developing a wide-ranging communications tool for Wall Street, Goldman Sachs Group Inc says it has reached the perfect pitch.
On Wednesday, Goldman and 13 partners plan to announce a $66 million investment in a new company called Symphony Communication Services Holdings LLC, according to a draft press release viewed by Reuters. The partners are all financial services firms, including major global banks and asset managers.
NEW YORK, Oct 1 (Reuters) – After spending two years
developing a wide-ranging communications tool for Wall Street,
Goldman Sachs Group Inc says it has reached the perfect
On Wednesday, Goldman and 13 partners plan to announce a $66
million investment in a new company called Symphony
Communication Services Holdings LLC, according to a draft press
release viewed by Reuters. The partners are all financial
services firms, including major global banks and asset managers.
NEW YORK, Sept 10 (Reuters) – A New York state pension fund
has given Goldman Sachs Group Inc $2 billion to invest
with outside managers, Goldman and the fund said in a statement
on Wednesday, a first for a fund that has traditionally picked
Officials in charge of overseeing the $180.7 billion New
York State Common Retirement Fund wanted to invest more in
markets outside the U.S. and decided it was best to outsource
the task to a company that had the skills and resources to put
money to work quickly, staff in the New York comptroller’s
NEW YORK, Aug 25 (Reuters) – A group of Wall Street banks
plan to meet the U.S. Treasury Department and other government
officials next month to talk about how to cooperate to fend off
cyber attacks, people familiar with the matter told Reuters.
The agenda of the meeting has not been drawn up, nor have
all the participants been identified, they added.
NEW YORK, Aug 20 (Reuters) – James Schiro, a former chief
executive in the accounting and insurance industries and until
recently the lead director of Goldman Sachs Group Inc,
died of cancer last week, the bank said.
Schiro, 68, retired from Goldman’s board in July to undergo
treatment for multiple myeloma, which was the cause of his death
on Aug. 13.
NEW YORK (Reuters) – Early this year, a New York State Lottery winner in Brooklyn approached Morgan Stanley with a problem: he needed to borrow hundreds of thousands of dollars before he collected his prize money.
The man, a Russian immigrant, wanted money to help move his family to a secure location before he redeemed his ticket and possibly became famous, according to people familiar with the matter who spoke on the condition of anonymity. He also wanted advice about what to do with his prize money, which was in the hundreds of thousands of dollars.