Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force.<o:p></o:p>

As per a Reuters report, Ghani did not disclose the names of the foreign banks but asserted that they failed to conduct adequate due diligence before facilitating fund transfers linked to the sovereign fund. The 1MDB scandal, involving an estimated $4.5 billion misappropriation, has ensnared figures such as former Malaysian Prime Minister Najib Razak, Goldman Sachs staff, and officials at the highest levels. Najib is currently serving a 12-year jail sentence for his role in the scandal.<o:p></o:p>

"The 1MDB task force is firmly committed to addressing the 1MDB matter transparently and holding all parties accountable," emphasised Ghani in a statement. <o:p></o:p>

In a related development, Ghani disclosed that Malaysia responded on November 8 to an arbitration request from Goldman Sachs. The two parties are presently in the process of agreeing on a procedural timetable. Goldman Sachs had previously agreed to a $3.9 billion settlement in 2020 to resolve Malaysia's criminal probe into its involvement in the 1MDB scandal. <o:p></o:p>

However, disputes have arisen over the settlement terms, particularly regarding an interim payment clause. Goldman insists on an interim payment if Malaysia fails to recover at least $500 million from the firm by August 2022. This discrepancy has led to legal actions, with Goldman suing Malaysia in a British court, alleging a breach of the settlement agreement. Malaysia vehemently denies these allegations.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force.

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force. As per a Reuters report, Ghani did not disclose the names of the foreign banks but asserted that they failed to conduct adequate due diligence before facilitating fund transfers linked to the sovereign fund. The 1MDB scandal, involving an estimated $4.5 billion misappropriation, has ensnared figures such as former Malaysian Prime Minister Najib Razak, Goldman Sachs staff, and officials at the highest levels. Najib is currently serving a 12-year jail sentence for his role in the scandal. "The 1MDB task force is firmly committed to addressing the 1MDB matter transparently and holding all parties accountable," emphasised Ghani in a statement. In a related development, Ghani disclosed that Malaysia responded on November 8 to an arbitration request from Goldman Sachs. The two parties are presently in the process of agreeing on a procedural timetable. Goldman Sachs had previously agreed to a $3.9 billion settlement in 2020 to resolve Malaysia's criminal probe into its involvement in the 1MDB scandal. However, disputes have arisen over the settlement terms, particularly regarding an interim payment clause. Goldman insists on an interim payment if Malaysia fails to recover at least $500 million from the firm by August 2022. This discrepancy has led to legal actions, with Goldman suing Malaysia in a British court, alleging a breach of the settlement agreement. Malaysia vehemently denies these allegations. (With inputs from Reuters)

Malaysia contemplates legal action against foreign banks in 1MDB scandal fallout

After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year&nbsp;in his traditional year-end message to staff, amid concerns over the declining global economy.&nbsp;Solomon said, "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January." People familiar with the situation said that the bank is considering cutting some 4,000 jobs or 8 per cent of its 49,000 workforce.&nbsp;

<a href="https://www.wionews.com/photos/layoffs-in-2022-the-year-tech-firms-workers-would-rather-forget-543679">Also read |&nbsp;Layoffs in 2022: The year tech firms, workers would rather forget</a>

Executives claimed that the workforce increased by nearly 34 per cent since 2018.&nbsp;

No final job-cut numbers have been finalised. The top managers and officials have been asked to identify potential cost-reduction targets.&nbsp;

“We need to proceed with caution and manage our resources wisely,” Solomon said.

Watch |&nbsp;World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

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Goldman and other investment banks around the world enjoyed a boom after the Covid pandemic in 2021 as many companies launched mergers and acquisitions. They were expected to record the same this year, but due to increasing interest rates, this seems difficult.&nbsp;

Despite rising interest rates, Goldman according to a survey conducted by S&amp;P Global Market is expected to report big profits this year and next. The analysts predicted that it will make nearly&nbsp;$12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported.

Despite such profits, the bank has been under pressure to improve its stock market valuation which has relatively declined in comparison to other US investment banks. Its shares fell by 14 per cent in 2022.&nbsp;

(With inputs from agencies)

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After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year in his traditional year-end message to staff, amid concerns over the declining global economy.

After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year in his traditional year-end message to staff, amid concerns over the declining global economy. Solomon said, "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January." People familiar with the situation said that the bank is considering cutting some 4,000 jobs or 8 per cent of its 49,000 workforce. Also read | Layoffs in 2022: The year tech firms, workers would rather forget Executives claimed that the workforce increased by nearly 34 per cent since 2018. No final job-cut numbers have been finalised. The top managers and officials have been asked to identify potential cost-reduction targets. “We need to proceed with caution and manage our resources wisely,” Solomon said. Watch | World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report Goldman and other investment banks around the world enjoyed a boom after the Covid pandemic in 2021 as many companies launched mergers and acquisitions. They were expected to record the same this year, but due to increasing interest rates, this seems difficult. Despite rising interest rates, Goldman according to a survey conducted by S&P Global Market is expected to report big profits this year and next. The analysts predicted that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported. Despite such profits, the bank has been under pressure to improve its stock market valuation which has relatively declined in comparison to other US investment banks. Its shares fell by 14 per cent in 2022. (With inputs from agencies) WATCH WION LIVE HERE Live TV

Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff

<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