Solomonic Financial News

Ari Mervis will succeed Myer chairwoman JoAnne Stephenson, who will retire from the department store board at the annual general meeting after seven years as a director and many prickly battles with major shareholder Solomon Lew.

Westpac will maintain a presence in the South Pacific after the federal government indicated it wants to see Australian companies playing a role in the region.

Peter Alexander, the Premier Investments-owned sleepwear brand targeting an overseas expansion is worth between $999 million and $1.59 billion, according to investment bank analysts working to place a valuation on the business ahead of a potential spin-off and ASX listing.

Retailing billionaire Solomon Lew is reigniting the offshore growth plans of the fashionable stationery chain Smiggle after it was hit hard in the COVID-19 pandemic where it shut 30 stores in the United Kingdom.

Solomon Lew’s Premier Investments is stepping up overseas expansion of its Smiggle stationery chain, with 20 stand-alone stores planned by the end of 2024 in the Middle East and 60 in that region over the next decade.

What would Solomon Lew’s retail empire, Premier Investments, be worth if its most lucrative assets were split up and spun out? That’s the question on the mind of shareholders ahead of the company’s results on Thursday.

Zone of Interest' as its submission to the Oscar for the best international feature film award. Jonathan Glazer’s holocaust drama has already won the Grand Prix and FIPRESCI prize at the Cannes Film Festival. Based on a novel by Martin Amis, the film is a chilling contemplation on the banality of evil. It narrates how the commandant of Auschwitz, Rudolf Hoss, and his wife Hedwig, strive to build a dream life for their family in a house and garden next to a concentration camp.

The new chief executive of Wyloo-backed Hastings Technology Metals, Paul Brown, hopes robots will be to the rare earths industry what electric vehicles are to lithium producers.

Goldman Sachs is in advanced negotiations to divest its specialty lending unit, GreenSky, to a consortium of investment heavyweights, marking a significant pivot away from its brief foray into consumer lending.

The return of large tech IPOs this week after a prolonged drought isn't just a test of investors' appetite for risky new offerings — it's a key moment for Wall Street's top advisor, Goldman Sachs.

By Saeed Azhar and Lananh Nguyen

By Saeed Azhar

A lot of ink has been spilt on Premier Investments’ planned spin-off of its retail brands, but a relatively small amount on working out how Myer fits into all of this.

Goldman Sachs Group Inc. plans to dismiss underperformers as soon as next month, as part of the Wall Street firm’s annual evaluation of staff, the Financial Times reported.

Goldman Sachs Group Inc. is planning to perform another round of job cuts to dismiss its underperformers as soon as next month as part of its annual evaluation of staff, reported Financial Times.

In this article

By Kirsty Needham

The New York Post reported Thursday that another senior executive at Goldman Sachs Asset & Wealth Management was considering heading to the exit, with Laurence Stein, executive vice president and chief operating officer of the group, the next potentially to go.

Take your pick, advisors: ETFs, mutual funds or both?

The creep is back on at Myer!

Goldman Sachs on Monday said it has struck a deal to sell part of its wealth business to an independent wealth manager, part of a strategy refresh which is seeing the bank exit some businesses and focus its wealth offering on targeting the super rich. The Wall Street bank, which did not disclose the sale price, said the sale to Creative Planning LLC is expected to close in the fourth quarter and result in a gain. The latest sale is part of a shift in strategy after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its consumer business, which lost $3 billion in the last three years. Goldman bought the registered investment adviser (RIA), formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in funds. Creative Planning has more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. The RIA business was relatively small in size compared with Goldman's core business that focuses on the super rich. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. High net worth individuals — who would fall within the business Goldman is considering selling — typically have about $1 million to $10 million to invest Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management, told Reuters the current strategy is to invest more on its core businesses such as ultra-high net worth and workplace growth strategy including the proceeds from the sale. «We think there's a lot of space for us to grow.