Goldman Sachs

Ticker GS

Today's data summary

Market closed
% change
-0.10%
Price US dollars
330.81
Change
-0.33
As of 01:59 11 Apr 2021
Market cap. US dollars
112,546.89 million
As of 01:59 11 Apr 2021

Latest updates

  1. Bank pleads not guilty in 1MDB corruption scandal

    David Cameron and Najib Razak
    Image caption: David Cameron and Najib Razak, Malaysia's ex-prime minister

    It is one of the world's greatest financial scandals. Billions of dollars from state fund 1MDB meant to help the Malaysian people went missing, disappearing into the shadows of the global financial system.

    Today three units of Goldman Sachs have pleaded not guilty over its alleged role in the scandal, according to local media.

    Billions were allegedly looted from the Malaysian fund in a globe-spanning fraud, which reportedly involved the country's ex-prime minister Najib Razak (pictured above with a former British prime minister) and his inner circle.

    The bank's role has been under scrutiny as it helped arrange a series of bond issues worth $6.5bn (£5bn) for the investment vehicle 1MDB.

    The units were accused of giving false statements that led to large sums being misappropriated in relation to the bond issues.

    1MDB: The playboys, PMs and partygoers around a global financial scandal

  2. Goldman Sachs to only take 'diverse' firms public

    People walking in a workplace

    Investment bank Goldman Sachs has announced that it will no longer take companies public if they do not have at least one "diverse" board member.

    However, in this case, "diverse" is focused primarily on women, Goldman Sachs' chief executive David Solomon said.

    The bank has found that over the last four years, companies that go public on the stock exchange which have at least one female director on their boards have performed better than the firms that don't.

    Goldman Sachs, which has four female directors on its board, out of 11 members, says the new initiative will begin in Europe and the US on 1 July.

    And from 2021, it will start looking to take companies public that have at least two diverse board members.

  3. Goldman Sachs hit by £1bn litigation bill

    Screen with Goldman Sachs label

    Having to pay almost £1bn in litigation expenses thought to be linked to the 1Malaysia Development Berhad scandal meant US banking giant Goldman Sachs missed earnings expectations for a second straight quarter.

    Annual investment banking revenues fell by 7% to £5.8bn while trading, consumer and wealth management and asset management all rose by single percentage points.

    "We aim to drive higher returns in the future, and look forward to sharing our strategic goals and financial targets at Investor Day later this month,” said the firm's chief executive David Solomon.

  4. Co-op Bank reportedly sounds out buyers

    Co-op bank logo

    The hedge funds which own the Co-operative Bank have begun sounding out prospective buyers of the lender.

    That's according to Sky News which says the US-based investors which took control of the high street lender in 2017 are working with Goldman Sachs to initiate discussions with potential bidders.

    The Co-operative Bank and Goldman declined to comment to Sky, which reports that Barclays, Lloyds Banking Group and Royal Bank of Scotland are said to have been among those approached.

  5. Bad news for savers

    Goldman Sachs sign

    Goldman Sachs' market-leading Marcus account has cut its easy access savings rate from 1.45% to 1.35% for new savers.

    It’s the second cut in three months, and marks a significant drop down the best-buy lists since it launched the best-buy-table-topping 1.5% rate in September last year.

    "It was always going to happen eventually. Marcus has achieved its aims of making a name for itself in the UK market and attracting significant cash, so it’s pulling back on the rate," said Sarah Coles, personal finance analyst, Hargreaves Lansdown.

    "This will cause ripple effect and allow other top providers to cut rates yet maintain Best Buy status," added rates analyst Andrew Hagger of Moneycomms.

  6. 'Solid start' for US earnings season

    wall street sign

    Goldman Sachs and JP Morgan are effectively kicking off the third quarter reporting season in the US, along with United Health and Johnson & Johnson which have also reported.

    Neil Wilson, chief markets at Markets.com, said: "Once again the consumer is proving more resilient than anyone dare credit.

    "JPMorgan delivered on both the top and bottom line in the third quarter, with its earnings update boding well for US large cap banks, although Goldman Sachs missed its expected [earnings per share] number.

    "It also indicates decent consumer strength that suggests retailers, consumer staples are set up well for this season.

    "Broadly we can say Q3 earnings season is off to a solid start with three Dow components reporting better-than-expected numbers and just Goldman Sachs undershooting just."

    He said the Dow Jones index was expected to open 100 points or so higher.

  7. Goldman Sachs profits fall

    goldman logo

    Goldman Sachs has reported net revenues of $8.32bn for the third quarter of 2019, 6% lower than the third quarter of 2018 and 12% lower than the second quarter of 2019.

    Pre-tax profits were $2.4m, down 22% on a year earlier.

    “Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment," said David Solomon, chief executive, said.

    "We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses and in delivering for our clients in the most efficient and effective manner possible".