![]() “I would say that I have been surprised,” Solomon said.Īlso Read: Goldman Sachs CEO David Solomon ‘surprised’ at U.S. About I am currently a quantitative portfolio manager/researcher in the Quantitative Investment Strategies (QIS) group under Investment Management Division at Goldman Sachs. Others are reportedly upset about Goldman’s setbacks related to its push into consumer banking under its Marcus unit, which is now being restructured.Īlso Read: Goldman Sachs’s stock falls as profit tops target but revenue falls shortįor his part, Solomon has been visible, including an appearance on CNBC-TV earlier this week when he said, the U.S. The separate WSJ report on partners complaining about Solomon featured gripes about Solomon’s hobby as a disc jockey being a distraction. “They sensed there was a problem,” Coffee said. ![]() The bank’s notification to SVB that it would need an independent adviser on the sale of securities shows that the bank took steps to protect against an appearance of a conflict. “Goldman may have had privileged information but they did not use it,” Coffee said. There was no evidence in what’s been seen thus far that Goldman Sachs traded Silicon Valley Bank stock during this period. “There is no smoking gun here because Goldman does not appear to have traded in Silicon Valley stock thus, they did not use any insider information that they may have possessed,” Coffee said. Regulators are focusing on whether investment bankers at Goldman Sachs and the bank’s trading unit were communicating improperly about the portfolio sale.Ĭolumbia Law School Professor John Coffee told MarketWatch that based on what’s surfaced in reports thus far, he doesn’t see a strong case of insider trading against Goldman Sachs with Silicon Valley Bank. The latest headache comes in the form of the government inquiry into Goldman as both a purchaser of securities in Silicon Valley Bank’s portfolio and as an adviser on a capital raise that was proposed in the days leading up to the bank’s takeover by federal regulators on March 10, as initially reported by The Wall Street Journal. Is there a new investment banking king on Wall Street?Īlso Read: Goldman explores strategic alternatives for its consumer-banking business Goldman’s market cap is now $112 billion, compared to $147 billion for Morgan Stanley. The only major bank that has done worse is Bank of America Corp. So far in 2023, Goldman Sachs’s stock has fallen by 1.3%, while JPMorgan Chase’s has risen 6.9% Morgan Stanley’s is up 4.1% the Dow Jones Industrial Average has gained 3.9% and the S&P 500
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