Solomonic Financial News

Goldman Sachs Group Inc's profit plunged as the Wall Street giant notched one of its weakest quarters under Chief Executive Officer David Solomon. Earnings fell 58% on an investment-banking slump, real estate markdowns and a goodwill writedown in the consumer business, which houses the GreenSky lending business. Return on equity, a key measure of profitability, slid to 4% in the quarter the worst among the top US banks.

Goldman Sachs’s winding journey in consumer banking might be coming to an end. But its prolonged exit from its own investment holdings still has miles to go. With deal making in a slump, and capital markets and trading activity subdued or just starting to grow back, the second quarter was never going to be a stellar one for Goldman Sachs.

Goldman Sachs Group Inc.’s profit plunged as the Wall Street giant notched one of its weakest quarters under Chief Executive David Solomon.

Goldman Sachs chief executive, David Solomon, said that the bank has no "specific plans" to further reduce headcount after a deal drought forced it to cut around 3,500 jobs in the last six months.

Investing.com — Goldman Sachs (NYSE:GS) has reported worse-than-expected second quarter earnings per share, as the banking giant was hit by one-off charges related to its home improvement lending group GreenSky and losses on its consumer and real estate loan portfolios.

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Goldman Sachs CEO David Solomon has revealed that the company's board of directors is in favour of Solomon's emphasis on the bank's core Wall Street operations and asset management. As reported by Reuters citing sources, Solomon has been entrusted with the responsibility of revitalizing the bank's stock value, despite facing doubts from certain investors and employees. According to one of the sources, the 12-member board is closely engaged with Solomon's revamped strategy, particularly because Goldman Sachs incurred losses and fell behind its competitor, Morgan Stanley, due to its venture into consumer banking.

By Saeed Azhar and Lananh Nguyen

Traditional owners embroiled in a high-stakes legal battle with Andrew Forrest’s Fortescue Metals Group have signed a deal to develop one of Australia’s biggest renewables projects in partnership with Philippines-listed ACEN.

Google Doodle in the US and other countries, Zarina Hashmi is known globally for her minimalist art. Recognised as one of the most significant artists associated with the minimalist movement, Zarina Hashmi, the late Indian American artist and printmaker, left an indelible mark on the art world. Through collaboration with guest artist Tara Anand from New York, the doodle artwork honouring Hashmi beautifully captures Hashmi's exploration of concepts such as home, displacement, borders, and memory, employing minimalist abstract and geometric shapes.

Today, Google Doodle commemorates the birthday of Zarina Hashmi, an influential Indian American artist who would have turned 86 today. The doodle, designed by guest illustrator Tara Anand from New York, pays homage to Hashmi's artistic style by incorporating her signature geometric and minimalist abstract shapes. As per media reports, Hashmi was known for her remarkable sculptures, prints, and drawings.

Rarely has Goldman Sachs Group worked so hard to unimpress.

Traditional owners hit hard by Rio Tinto’s destruction of Juukan Gorge have signed an agreement with Fortescue Metals Group that opens the door to co-management of mine planning, closure and rehabilitation.

Chinese Foreign Minister Qin Gang's prolonged absence from public view for 12 days has raised concerns and speculation about his well-being. Qin was scheduled to meet with the European Union's top diplomat, Josep Borrell, this month, but China unexpectedly postponed the meeting without providing further information. There have been rumors in Brussels that Qin's absence might be due to health issues, but Chinese Foreign Ministry spokesman Wang Wenbin stated that he had not heard about such reports during a press briefing in Beijing. The official website of the Chinese Foreign Ministry indicates that Qin's last official engagement was on June 25, where he met officials from Sri Lanka, Russia, and Vietnam. On the same day, he also participated in an event alongside Chinese Premier Li Qiang and Barbados Prime Minister Mia Amor Mottley. Additionally, a lunch meeting between Qin and ambassadors from the European Union in late June was abruptly canceled, according to an ambassador based in Beijing who was on the invite list.

By Daina Beth Solomon and Dave Graham

Goldman Sachs is launching a new initiative with a dual mandate to address both gender and racial bias against Black women.

Although Lazard's cuts are numbered in the 100s and won't amount tomuch at all in London, there was much in last week's Lazard investor call to give junior investment bankers the fear. — The «deterioration» in the external environment, the bald statement that there's no sign of «bouncing back,» the admission that higher junior banker salaries are causing a problem. And now there are signs that Morgan Stanley feels the same.

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David Solomon is on a bit of a hot seat, which is curious from a stock market perspective.