The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division.

Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards.

Goldman Sachs, which manages at least four funds that have clean-energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York City.

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The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds on their ESG credentials.

Goldman sustained a big drop in revenues from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid market volatility.

According to the company's Chief Executive David Solomon, the results also included a $300 million hit from Russia.

Solomon described Goldman's exposure to the conflict as "relatively limited," saying the bank has been focused on reducing exposure.

Goldman's reputation was marred when a New York jury convicted its former managing director Roger Ng guilty for his role in propagating a massive bribery and money laundering scheme involving a state-owned Malaysian investment fund.

(With inputs from agencies)

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The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division. Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards.

The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division. Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards. Goldman Sachs, which manages at least four funds that have clean-energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York City. The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds on their ESG credentials. Goldman sustained a big drop in revenues from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid market volatility. According to the company's Chief Executive David Solomon, the results also included a $300 million hit from Russia. Solomon described Goldman's exposure to the conflict as "relatively limited," saying the bank has been focused on reducing exposure. Goldman's reputation was marred when a New York jury convicted its former managing director Roger Ng guilty for his role in propagating a massive bribery and money laundering scheme involving a state-owned Malaysian investment fund. (With inputs from agencies) WATCH WION LIVE HERE

Report says US SEC is investigating Goldman Sachs Group Inc's asset-management division

<a href="https://www.wionews.com/world/goldman-sachs-ditches-single-use-plastic-products-193983">Goldman Sachs Group Inc</a> reported a better-than-expected quarterly profit on Tuesday as the <a href="https://www.wionews.com/world/wall-street-notches-all-time-highs-as-rate-cut-hopes-lift-investor-spirits-235406">Wall Street investment bank</a> benefited from higher equity trading and an increase in lending to its wealthy clients and companies.

The bank, like its rivals, is facing several challenges in growing its revenue in the face of rising geopolitical uncertainties and concerns about the impact of future interest rate cuts by the US Federal Reserve.

Goldman is also shifting its business model away from a focus on trading to a more stable, consumer-focused revenue stream.

Revenue fell at three of its four major businesses, with the biggest declines in trading and investment management.

Institutional client revenue, which includes trading, slipped 3 per cent, while investment banking revenue was down 9 per cent. However, revenue from the bank's investing and lending business rose 16 per cent.

"Given the strength of our client franchise, we are well-positioned to benefit from a growing global economy," Chief Executive Officer David Solomon said in a statement.

While revenue slipped in the quarter, lower compensation expenses provided some relief. Total operating expenses were nearly flat at $6.12 billion.

The bank is aiming to generate $5 billion in new revenue by 2020, and is currently undergoing a front-to-back review of all its businesses started last October when Solomon took control as CEO.

While the final strategy is not expected until early next year, the bank has already made moves to expand its consumer division, by growing online bank Marcus and launching a credit card with Apple Inc. It also announced plans in May to acquire United Capital, a boutique wealth management firm.

The bank's net earnings applicable to common shareholders fell 6 per cent to $2.20 billion in the quarter ended June 30. Earnings per share fell to $5.81 from $5.98 a year earlier.

Total net revenue fell 2 per cent to $9.46 billion. Analysts had expected earnings of $4.89 per share and revenue of $8.83 billion, according to IBES estimate from Refinitiv.

Goldman's main rival Morgan Stanley is expected to report quarterly results later in the week.

Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies.

Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies. The bank, like its rivals, is facing several challenges in growing its revenue in the face of rising geopolitical uncertainties and concerns about the impact of future interest rate cuts by the US Federal Reserve. Goldman is also shifting its business model away from a focus on trading to a more stable, consumer-focused revenue stream. Revenue fell at three of its four major businesses, with the biggest declines in trading and investment management. Institutional client revenue, which includes trading, slipped 3 per cent, while investment banking revenue was down 9 per cent. However, revenue from the bank's investing and lending business rose 16 per cent. "Given the strength of our client franchise, we are well-positioned to benefit from a growing global economy," Chief Executive Officer David Solomon said in a statement. While revenue slipped in the quarter, lower compensation expenses provided some relief. Total operating expenses were nearly flat at $6.12 billion. The bank is aiming to generate $5 billion in new revenue by 2020, and is currently undergoing a front-to-back review of all its businesses started last October when Solomon took control as CEO. While the final strategy is not expected until early next year, the bank has already made moves to expand its consumer division, by growing online bank Marcus and launching a credit card with Apple Inc. It also announced plans in May to acquire United Capital, a boutique wealth management firm. The bank's net earnings applicable to common shareholders fell 6 per cent to $2.20 billion in the quarter ended June 30. Earnings per share fell to $5.81 from $5.98 a year earlier. Total net revenue fell 2 per cent to $9.46 billion. Analysts had expected earnings of $4.89 per share and revenue of $8.83 billion, according to IBES estimate from Refinitiv. Goldman's main rival Morgan Stanley is expected to report quarterly results later in the week.

Goldman Sachs profit beats expectations on equity trading, lending

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion.

Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said.&nbsp;

A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell.&nbsp;

Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses.

"We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally."

Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business. The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion. Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said. A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell. Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses. "We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally." Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs earnings drop amid weak trading

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Report says US SEC is investigating Goldman Sachs Group Inc's asset-management division

Goldman Sachs profit beats expectations on equity trading, lending

Goldman Sachs earnings drop amid weak trading