The numbers don't lie. Goldman Sachs (GS) is warning of some trouble for the third quarter after witnessing a strong rebound in the first half of the ...
 | Read in Browser |
 |
| | Top News  Getty Images The numbers don't lie. Goldman Sachs (GS) is warning of some trouble for the third quarter after witnessing a strong rebound in the first half of the year. The storied investment bank sees trading revenue headed for a 10% decline due to difficult fixed-income conditions and year-over-year comparisons, while it is also preparing to take a $400M pretax hit related to its costly exit from the consumer arena.
Bigger picture: Before embarking on a turnaround, Goldman closed out a difficult 2023 after profits fell by nearly a third from the prior year. It stemmed from a slump in investment banking deals and earlier write-offs surrounding its Marcus consumer banking franchise, which resulted in some high-profile departures from the firm. There was even a point where there were whispers that CEO David Solomon was on his way out, but those rumors have since cooled as he approaches six years in the top spot.
First pivoting away from its consumer business, Goldman eventually decided to nix it entirely. It was an expensive endeavor that saw it record billions of dollars in losses, and abandon other mass-market products like its financial planning unit, online lending service GreenSky, and its partnership with the Apple Card. That led to many questions about leadership, as well as effective collaboration and communication within the organization.
What's next? Things at the bank now seem to have stabilized after doing "too much, too quickly." Goldman's core global banking & markets, or GBM, division has topped the market share of its rivals, while the bank has seen strong growth within its asset and wealth management unit. That appears to have kept Solomon, who is known for his brash attitude, at the top, with the stock advancing 130% since he took the helm in October 2018. | | | | | Featured 
The annual price of Seeking Alpha Premium will increase from $239 to $299 (plus sales tax/VAT, where applicable) on September 16, 2024. This is your last chance to lock in the next year at our current rate, and you can get started for $4.95 for your first month.*
Now is the time to access industry-leading investing resources at an unbeatable price. Claim Now* Introductory offer for new subscribers only. $4.95 charged immediately for a 1-month paid trial to Premium. After your 1-month paid trial, $239 will be charged automatically for an annual subscription unless you cancel during your 1-month trial. Auto-renews as an annual subscription at the then-current annual list price (current list price is $239/year). Plus sales tax/VAT, where applicable.
Past performance is no guarantee of future results. Seeking Alpha does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker, U.S. investment adviser, or investment bank. | | Trade Taiwan's exports rose to a new record high of $43.6B in August, as the artificial intelligence boom continues to fuel demand for semiconductor equipment. Exports to the U.S. surged about 79% to an all-time high of $11.9B, surpassing the previous record for shipments to Taiwan's largest trading partner China, and underscoring the major shift in Asian supply chains. Taiwan's finance ministry expects total exports to steadily advance in the second half of the year, helped by the peak export season and continued AI-related demand. ( 2 comments) | | Economy Kamala Harris and Donald Trump are set to face off in their first presidential debate tonight, and the high-stakes showdown could dictate which candidate can secure a lead in the tight contest. The debate will also give the candidates a chance to detail their widely contrasting plans for the economy, which might be the biggest issue on the minds of American voters. While analysts have given their takes on how each candidate's plans would impact the economy and the deficit, Oppenheimer has published its 2024 U.S. election playbook featuring its stock ideas providing exposure to key policy proposals. ( 9 comments) | | Today's Markets In Asia, Japan -0.2%. Hong Kong +0.2%. China +0.3%. India +0.4%.
In Europe, at midday, London -0.6%. Paris +0.2%. Frankfurt -0.2%.
Futures at 7:00, Dow -0.1%. S&P -0.1%. Nasdaq -0.2%. Crude -1.1% to $67.93. Gold +0.1% to $2,535.10. Bitcoin +3.5% to $57,211.
Ten-year Treasury Yield +1 bp to 3.72%. Today's Economic Calendar | | | | | Seeking Alpha's Wall Street Breakfast Podcast Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day. | | | | |
114784332789 https://email-hs.seekingalpha.com/hs/preferences-center/en/page?data=W2nVjwf3Y2x0gW2KP9HJ2RPV6GW2PTRGs3zcK6pW49LG8S3JXWjyW1YW_YR1_37GGW3H7MMx2xJ0RlW43N-tM3bfGBHW38dGxq3F5PLvW45xVBl1QtlrcW49Vd9K1Nl2TyW24RV401SddRNW22X_DH3j9lWtW2PFJcy41-Cn8W3GJZBL3z222jW2xGM3N1SkF-RW25hmR93yMJF7W49K2JH1NxwbCW2xXr6l2WJ1wcW41BPYg2Kn8sDW3XZBsP2382NGW1Lg55W30lsK_W2H-Q2z3BNPQ2W1VqVq42xNbhjW32hRRT2HXXY5W20XN9G2WrKT4W1Xl-q_3yXWrGW4phdcW3zhTDFW4klWM01Bd4mYW4t4L7V49jPR_W4kwhn32MXqrcW36zjl92vCcf6W2p2X-h3ZG379W4rj8HK3FcLwsW4cCpDl34H15pW1X8Yw52r88__W2RlfDb3BQpZLW2-FxWm2xwSdHW2KVzV8385dBpW1V2Y5v3dz87FW2w4Rbp24_8WnW255nVk49K459W34wh2w2szGY1W38l4RS4rpdYCW2WN-1R45M7-LW41tyxH2PSz-HW2v_Vwj34fWJKf49QqXV04
