Investment bank Goldman Sachs has exceeded analysts expectations by announcing a $1.8 billion (£1.2 billion) net profit for the three months ending 27th March. In the previous quarter, Goldman posted its first quarterly loss since going public in 1999. The markets are expected to respond positively to the results, which kicks-off some much needed good [...]
US bank Morgan Stanley is set to eliminate further job losses this month. According to The Times, around 2,000 back-office jobs are set to go from its global workforce of 47,000. Last year, the bank cut around 10% of its workforce. It is believed that the 2,000 job losses will not affect the company’s financial [...]
Former investment bank, Goldman Sachs has reported its first loss since it floated almost a decade ago. The bank said that losses during the three months to the end of November hit $2.12 billion (£1.41 billion). However, the loss was still less than the market expected and shares gained 4%. As a consequence of the [...]
US investment bank, Goldman Sachs, is to lay off over 3,000 staff worldwide with reports that 600 jobs could go in London. It is understood the jobs could go in proprietary trading, structured credit, leveraged loans, prime brokerage, mergers and acquisitions and equity capital markets. As with other financial institutions, Goldman has been hit by [...]
Berkshire Hathaway has bought a stake in American bank, Goldman Sachs, as part of an injection of cash which will see the group raise $7.5 billion (£4 billion). The investment vehicle, which is run by US billionaire investor Warren Buffett, came to an agreement to buy $5 billion of preferred stock in a private offering. [...]
The remaining two independent investment banks on Wall Street, Goldman Sachs and Morgan Stanley, have changed status and have received regulatory approval to convert themselves into traditional bank holding companies. The surprise declaration was announced by the Federal Reserve at 2.30am London time today and follows an historic week on Wall Street after last week’s [...]
The remaining two independent investment banks on Wall Street are today surrounded by merger speculation after shares in the two organisations plummeted over recent days. Despite assurances from Goldman Sachs and Morgan Stanley, investors have still abandoned ship. Monday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy [...]
Wall Street banking giant, Goldman Sachs, has posted a 70% decline in third-quarter earnings. The fall is the largest since the company went public in 1999. Shares in the investment bank lost 11.45% following the news. Goldman has added to the chaos on Wall Street after Lehman Brothers filed for bankruptcy yesterday. The group revealed [...]
The Government’s own advisers, Goldman Sachs, have warned that taxpayers could lose up to £1.28 billion due to the nationalisation of crisis-torn Northern Rock. Northern Rock was nationalised in February after the Government rejected takeover bids from the board of Northern Rock and a consortium led by Sir Richard Branson’s Virgin Group. A judicial review [...]
As the US housing slump continues and unemployment rises, America’s slowdown will deepen in the latter half of 2008, according to a measure that predicts the economy’s direction. The US Conference Board’s index of ‘leading indicators’ fell 0.7% last month – this was triple the fall forecasted by analysts on Wall Street. The figures come [...]
At the end of last week, Bradford & Bingley (B&B) announced it had been rescued by a group of UK investors, after US private equity firm Texas Pacific Group (TPG) pulled out of a deal, after credit rating agency, Moody’s, downgraded the lender’s debt. TPG walked away from a deal to inject £179 million into [...]
More job losses in the financial industry have been revealed as Wall Street giants, Citigroup and Goldman Sachs, announce staff cuts. Citigroup, which is America’s largest bank, is believed to be axing up to 6,500 investment banking jobs. It is understood that trading desks in New York, London and other cities will be eliminated. Sources [...]
US investment banking giant, Goldman Sachs, has announced an 11% fall in quarterly profit. However, the results were below analysts’ expectations and the company’s share price saw a boost after the news. In the quarter to the end of May, Goldman reported net income of $2.09 billion (£1.1 billion), compared with $2.33 billion a year [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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