The chief of the world’s most powerful investment bank worries about the fate of labor in an economy tilted towards the already-wealthy.
“We no longer believe that these firms’ businesses will be hurt by the rule and its various interpretations.”
William Dudley faced a grilling from a group of senators scornful over the close links between banks and their regulators. He told them he sees his role more as a “fire warden” than a “cop on the beat.”
New York state’s banking regulator asked the firm not to disclose it terminated a senior banker. The Department of Financial services said revealing the firing would interfere with its investigation of an alleged data leak from the Federal Reserve Bank of New York.
The transit company has faced questions over how it safeguards its users’ location data. BuzzFeed News reports from Las Vegas on CEO Travis Kalanick’s keynote address at a conference on Wednesday.
Being named partner at Goldman Sachs means a $900,000 salary, before bonuses. It also means you’re on track to the highest circles of the financial and corporate elite.
The British comic is a reliable left-of-center critic of Wall Street. But on the subject of support for armed forces veterans, there’s little sunlight between them.
A male employee says his repeated complaints of sexual harassment by a colleague were ignored by management. He was later fired after a physical confrontation with the alleged harasser.
The New York Fed’s president tells bankers: reform your culture or get broken up.
The investment bank finished megabank earnings week by exceeding analysts’ expectations for profit and revenue.
A Goldman executive familiar with the matter said that the strange, violent market movements on Wednesday led to the most activity ever on some desks with Goldman’s clients.
The investment bank’s revenue grew 25% while its profits jumped 48% amidst markets finally starting to become more volatile (and dangerous).
Six years after the financial crisis, the American public still doesn’t trust the big banks. One plan: financial products that bankroll social services.
After criticism of its tame approach to the banks it regulates, the New York Fed says bad behavior on Wall Street “is socialized among new traders with the explanation that this is business as usual.”
Investment bankers will no longer be able to trade individual stock and bonds.
The Treasury Department is trying to stem the tide of deals that take U.S. companies overseas for tax purposes.
While investment banks are naming more women to senior roles, the hedge fund and private equity world executive ranks are still mostly male-dominated.
He also credited “my friend” Steve Rattner and “a bunch of others who came to Washington.”
Cantor’s new job at Moelis and the rise of the boutiques.
The bank is planning to hike salaries as much as 20%, according to a New York Post report. The raise follows an earlier move mandating that junior employees get Saturdays off.
The Federal Reserve and FDIC said today that plans submitted by large banks showing how they could be dismantled in the case of failure were “unrealistic.”
A new study by the Government Accountability Office said that large banks were able to borrow money for less during the financial crisis because investors thought the government would support them, but that the funding advantage “may have declined or reversed.”
The giant bank points to the huge scope of its business as a defense against a pay discrimination suit. Goldman lawyers said there was no evidence of a company-wide policy that disadvantaged women in pay and promotion
But besides a big one-off benefit, the quarter was similar to its peers, with declines in fixed income and equity trading revenues and an increase in wealth management and investment banking revenues.
But the bank’s core trading and sales business still shrank in revenue, fulfilling a warning made by the firm in May.
Citi barely ekes out a second-quarter profit of $181 million, after a $3.8 billion charge to help pay its settlement over mortgage-backed securities sold before the financial crisis.
The suit, originally filed in 2010, alleges systematic mistreatment and that women were underpaid and promoted less frequently. Several female former Goldman Sachs employees made similar claims.
Noto was the banker in charge of taking the company public in November and left Goldman Sachs in May. He will get a stock grant worth about $64 million with an option to buy $21 million more.
“Too much of the GDP over the last generation has gone to too few of the people,” Lloyd Blankfein said this morning in an interview with CBS.
The former Treasury Secretary doesn’t expect his book, Stress Test, to change the minds, but he hopes it can serve as a warning for the next financial crisis.