Goldman&nbsp;Sachs reported a steep drop in second-quarter profits Wednesday (July 19) as it continued to struggle with an anemic merger and acquisition market and weakness in trading.

Profits came in at $1.1 billion, down 62 per cent from the year-ago period. Revenues fell eight percent to $10.9 billion.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/tesla-seeks-to-expand-german-factory-to-make-it-biggest-in-country-617442">Tesla seeks to expand German factory to make it biggest in country</a>

The big investment bank, which has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers, pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions" as a drag on its critical global banking and markets division.

Revenues also tumbled in trades connected to fixed income, commodities and &nbsp;currencies; revenues were flat in equities trading.

Goldman&nbsp;also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate.

In a June interview on CNBC,&nbsp;Goldman&nbsp;Sachs Chief executive David Solomon had warned of the hit to commercial real estate in the wake of higher interest rates and a shift to remote work.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/equity-benchmark-indices-hit-fresh-peaks-sensex-breaches-67000-mark-in-intra-day-trade-617101">Equity benchmark indices hit fresh peaks; Sensex breaches 67,000-mark in intra-day trade</a>

Solomon has come under scrutiny over his management of the bank's consumer banking business, which was begun by predecessor Lloyd Blankfein but aggressively expanded by Solomon.

A recent Wall Street Journal expose described the storied firm as at "war with itself," highlighting widespread complaints of partners about Solomon, who championed the acquisition of fintech platform GreenSky in 2021, an asset the bank now plans to divest.

Shares of&nbsp;Goldman&nbsp;dipped 0.1 per cent to $336.95 in pre-market trading.

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Goldman Sachs reported a steep drop in second-quarter profits Wednesday (July 19) as it continued to struggle with an anemic merger and acquisition market and weakness in trading.

Goldman Sachs reported a steep drop in second-quarter profits Wednesday (July 19) as it continued to struggle with an anemic merger and acquisition market and weakness in trading. Profits came in at $1.1 billion, down 62 per cent from the year-ago period. Revenues fell eight percent to $10.9 billion. Also read | Tesla seeks to expand German factory to make it biggest in country The big investment bank, which has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers, pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions" as a drag on its critical global banking and markets division. Revenues also tumbled in trades connected to fixed income, commodities and currencies; revenues were flat in equities trading. Goldman also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate. In a June interview on CNBC, Goldman Sachs Chief executive David Solomon had warned of the hit to commercial real estate in the wake of higher interest rates and a shift to remote work. Also read | Equity benchmark indices hit fresh peaks; Sensex breaches 67,000-mark in intra-day trade Solomon has come under scrutiny over his management of the bank's consumer banking business, which was begun by predecessor Lloyd Blankfein but aggressively expanded by Solomon. A recent Wall Street Journal expose described the storied firm as at "war with itself," highlighting widespread complaints of partners about Solomon, who championed the acquisition of fintech platform GreenSky in 2021, an asset the bank now plans to divest. Shares of Goldman dipped 0.1 per cent to $336.95 in pre-market trading. WATCH WION LIVE HERE:

Goldman Sachs reports 62% drop in Q2 profits on low merger activity

The challenging world of real estate is sending ripples through one of the biggest financial institutions. Goldman Sachs, not immune to the current market turmoil, has faced a staggering 1.15 billion dollar hit in the second quarter due to its real estate investments. The market volatility and shifting demands have proven to be a formidable challenge for the institution, prompting a comprehensive review of its portfolio.

Real estate woes hit Goldman Sachs

Positive news for the typical American who is concerned about the economy's slowdown. The United States stands a greater chance of avoiding recession this year, according to the global investing powerhouse Goldman Sachs.

US to miss recession in 2023, says Goldman Sachs

In a seal of approval on India's growth story, investment bank Goldman Sachs has said the country is poised to become the world's second-largest economy by 2075, surpassing the likes of Japan, Germany and the United States.

In a seal of approval on India's growth story, investment bank Goldman Sachs has said the country is poised to become the world's second-largest economy by 2075, surpassing the likes of Japan, Germany and the United States. The recent report states that favourable demographics, innovation and technology, higher capital investment and rising worker productivity will drive India's growth. Currently, India is ranked the world's fifth-largest economy, trailing Germany, Japan, China and the US. “Over the next two decades, the dependency ratio of India will be one of the lowest among regional economies,” said Goldman Sachs Research’s India economist, Santanu Sengupta. “India has made more progress in innovation and technology than some may realise. Yes, the country has demographics on its side, but that’s not going to be the only driver of GDP. Innovation and increasing worker productivity are going to be important for the world’s fifth-biggest economy. In technical terms, that means greater output for each unit of labour and capital in India’s economy," said Sengupta. The report highlighted the Indian government's focus on infrastructure development in terms of roads, railways and other metrics may very well drive the growth locomotive. It argued that the time was ripe for the private sector to take the plunge and create capacity in manufacturing and services in order to generate more jobs and absorb the large labour force. WATCH | India: Leading light of the global economy, to replace China as World's growth engine × The risks associated The only concern that may stall India's growth would be if the labour force participation rate does not increase as projected, the report states. “The labour force participation rate in India has declined over the last 15 years," it noted, adding, "If you have more opportunities - especially for women because the women’s labour force participation rate is significantly lower than men’s - you can shore up your labour force participation rate, which can further increase your potential growth." Also read | Foxconn pulls out of $19.5bn semiconductor deal in India, minister says ‘won’t impact fab goals’ Net exports have also had a negative impact on India's growth but the report took an optimistic view and said the service exports had been cushioning current account balances. India has age by its side According to a Time Magazine report, nearly half the population of India (650 million people) is below the age of 25 - meaning the country won't be hitting its peak until 2065. Adults aged 65 and older comprise only seven per cent of the population compared with 14 per cent in China and 18 per cent in the US. The share of Indians who are 65 and older is likely to remain under 20 per cent until 2063 and will not approach 30 per cent until 2100, under the UN’s medium variant projections. The Goldman report is batting for this demography to come good which may propel India beyond the US, one of the biggest superpowers of the century gone by. The report, released on the same day it was announced that the Foxconn-Vedanta mega semiconductor production facility was off the table may come as a booster shot of confidence for the Indian government. (With inputs from agencies) WATCH WION LIVE HERE:

India to overtake US to become second-largest economy by 2075: Report

The global economic slowdown has taken its toll on banking and finance giants. Latest reports suggest that Goldman Sachs and JP Morgan, two of the biggest names in global finance, are laying off scores of employees globally. Goldman Sachs has started laying off managing directors across the world as deal making slows down amid a downturn in the global economy. On the other hand, JP Morgan chase is cutting about 40 investment bankers in North America.

JP Morgan, Goldman Sachs join layoff bandwagon

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.&nbsp;

As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year.

The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors.

The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019.

Goldman Sachs&nbsp;Response And Industry Dynamics

Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million.

These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce.

While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties.

(With inputs from Reuters)

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry. As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year. The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors. The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019. Goldman Sachs Response And Industry Dynamics Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million. These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce. While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties. (With inputs from Reuters)

Goldman Sachs to shed jobs amid economic uncertainties

Goldman Sachs that's making the headlines yes it's the market for deals continues to stagnate the financial joint is preparing to implement a new round of job cuts right and this follows a significant reduction earlier this year in additional layoffs in the previous year Goldman Sachs it's expected to let go of fewer than 250 employees the impact of these departures that's projected to affect individuals across various seniority levels including partners and managing directors the current challenges faced by Goldman Sachs and other investment Banks can be attributed to a combination of factors here now the federal reserve's aggressive interest rate hikes aimed at curbing inflation have led to a slump in Deal making simultaneously the ongoing conflict in Ukraine has clouded the economic Outlook creating further uncertainty in the financial sector.

Goldman Sachs workforce shake-up, plans to cut 250 jobs

Trouble may be knocking on the doors of Goldman Sachs. The US financial giant revealed that authorities were investigating the company in connection with the collapse of Silicon Valley Bank (SVB).

US Banking Crisis: Goldman Sachs under scanner

With Artificial Intelligence gaining popularity globally, one question that comes up time and time again is whether AI will take over jobs from humans. A new report by investment bank Goldman Sachs has the answer, and it is not good news. The report, as per BBC, says that AI could potentially replace the equivalent of around 300 million full-time jobs. Roughly two-thirds of work in the US and Europe risk some degree of automation. Additionally, it may also lead to a productivity boom, with a seven per cent increase in the total annual value of goods and services produced globally over a 10-year period.

Watch |&nbsp;How AI and Automation will impact jobs in the future

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The report further cites research that says that today around 60 per cent of the workers are engaged in work that didn't even exist in 1940.&nbsp;

Quoting another piece of research, it points to the fact that technological advancements since 1980 have displaced "workers faster than it has created jobs," reports BBC. This, the report concludes, could mean that as AI advances further, it could reduce jobs in the short term.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/can-chatgpt-replace-journalists-in-breaking-stories-575750" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/can-chatgpt-replace-journalists-in-breaking-stories-575750&amp;sa=U&amp;ved=2ahUKEwikqc6Cx__9AhV67zgGHaCXCh44FBAWegQIBhAC&amp;usg=AOvVaw27l3JMQ_Q7oEhQ5_XsE8AR" dir="ltr" href="https://www.wionews.com/world/can-chatgpt-replace-journalists-in-breaking-stories-575750" target="_blank">Can ChatGPT replace journalists in breaking stories?&nbsp;</a>

Goldman Sachs goes on to say that Generative AI's ability to create content such as images, videos, audio, text, and 3D models that are indistinguishable from human work is "a major advancement," and would have an impact on jobs everywhere.&nbsp;

As per the report, administrative and legal sectors will see the maximum impact with 46 per cent of administrative jobs and 44 per cent of legal jobs risking replacement by AI.&nbsp;

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/entertainment/lifestyle/news-artists-fight-ai-programs-that-copy-their-styles-576043" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/entertainment/lifestyle/news-artists-fight-ai-programs-that-copy-their-styles-576043&amp;sa=U&amp;ved=2ahUKEwj5r_L0xv_9AhUGxDgGHTevAYo4ChAWegQIAhAC&amp;usg=AOvVaw3xg4AOD_zqa46lm2a-Itxo" dir="ltr" href="https://www.wionews.com/entertainment/lifestyle/news-artists-fight-ai-programs-that-copy-their-styles-576043" target="_blank">Artists fight&nbsp;AI&nbsp;programs that copy their styles&nbsp;</a>

Physically intensive professions are at low risk, with construction facing a six per cent threat while maintenance is looking at four per cent probable substitution.&nbsp;It further says that almost all occupations will be affected to at least some degree.&nbsp;

(With inputs from agencies)

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With Artificial Intelligence gaining popularity globally, one question that comes up time and time again is whether AI will take over jobs from humans. A new report by investment bank Goldman Sachs has the answer, and it is not good news.

With Artificial Intelligence gaining popularity globally, one question that comes up time and time again is whether AI will take over jobs from humans. A new report by investment bank Goldman Sachs has the answer, and it is not good news. The report, as per BBC, says that AI could potentially replace the equivalent of around 300 million full-time jobs. Roughly two-thirds of work in the US and Europe risk some degree of automation. Additionally, it may also lead to a productivity boom, with a seven per cent increase in the total annual value of goods and services produced globally over a 10-year period. Watch | How AI and Automation will impact jobs in the future The report further cites research that says that today around 60 per cent of the workers are engaged in work that didn't even exist in 1940. Quoting another piece of research, it points to the fact that technological advancements since 1980 have displaced "workers faster than it has created jobs," reports BBC. This, the report concludes, could mean that as AI advances further, it could reduce jobs in the short term. Also read | Can ChatGPT replace journalists in breaking stories? Goldman Sachs goes on to say that Generative AI's ability to create content such as images, videos, audio, text, and 3D models that are indistinguishable from human work is "a major advancement," and would have an impact on jobs everywhere. As per the report, administrative and legal sectors will see the maximum impact with 46 per cent of administrative jobs and 44 per cent of legal jobs risking replacement by AI. Also read | Artists fight AI programs that copy their styles Physically intensive professions are at low risk, with construction facing a six per cent threat while maintenance is looking at four per cent probable substitution. It further says that almost all occupations will be affected to at least some degree. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

AI could replace 300 million jobs worldwide, says report. Is your livelihood at risk?

The potential for recession which has outweighed a surge in demand from China and as the new worries emerge over global banking sector, Goldman Sachs has nudged its forecast down for all prices.

Recession fears to balance surge in China's oil demand

The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse.

The total outstanding amount of all advances under the Bank Term Funding Programme reached $11.9 billion by Wednesday, the US central bank announced in a statement on Thursday.

The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday (March 12) night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB.

The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read.

According to data made available on Thursday (March 16), the Fed drew an additional $152 billion in short-term borrowing for banks from its standing loan window, the traditional liquidity backstop for lenders, a dramatic increase against the roughly $5 billion from the previous week.

And with the seizure of failed SVB and Signature Bank, a second regional-size lender that collapsed at the weekend, an additional $142.8 billion was poured into the bridge banks created by regulators for the two collapsed entities, pushing the Fed's balance sheet up by about $300 billion in the past week.&nbsp;

US authorities moved swiftly to protect depositors at SVB and Signature Bank as they saw "serious risk of contagion" that could have triggered runs on many banks, Treasury Secretary Janet Yellen told senators in Congress on Thursday.

In the days since SVB's failure, a number of regional lenders led by First Republic Bank have seen their share prices plummet on concerns about their long-term financial health.

But markets responded positively after consortium of 11 of America's biggest banks, including Bank of America, Goldman Sachs and JPMorgan Chase,&nbsp;announced Thursday that they were depositing $30 billion into First Republic.

The group said in a statement that their actions reflect "confidence in the country's banking system." 
 
(With inputs from agencies)

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The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse.

The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse. The total outstanding amount of all advances under the Bank Term Funding Programme reached $11.9 billion by Wednesday, the US central bank announced in a statement on Thursday. The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday (March 12) night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB. The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read. According to data made available on Thursday (March 16), the Fed drew an additional $152 billion in short-term borrowing for banks from its standing loan window, the traditional liquidity backstop for lenders, a dramatic increase against the roughly $5 billion from the previous week. And with the seizure of failed SVB and Signature Bank, a second regional-size lender that collapsed at the weekend, an additional $142.8 billion was poured into the bridge banks created by regulators for the two collapsed entities, pushing the Fed's balance sheet up by about $300 billion in the past week. US authorities moved swiftly to protect depositors at SVB and Signature Bank as they saw "serious risk of contagion" that could have triggered runs on many banks, Treasury Secretary Janet Yellen told senators in Congress on Thursday. In the days since SVB's failure, a number of regional lenders led by First Republic Bank have seen their share prices plummet on concerns about their long-term financial health. But markets responded positively after consortium of 11 of America's biggest banks, including Bank of America, Goldman Sachs and JPMorgan Chase, announced Thursday that they were depositing $30 billion into First Republic. The group said in a statement that their actions reflect "confidence in the country's banking system." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Federal Reserve lent US banks nearly $12 billion for a year to ease stress after SVB collapse

Former&nbsp;Goldman&nbsp;Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.

A jury in Brooklyn federal court last April found Ng,&nbsp;Goldman's former head of investment banking in Malaysia, guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business.

The charges stem from some $6.5 billion in bonds that&nbsp;Goldman&nbsp;helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013.

US&nbsp;prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history.

Funds were used to buy high-end real estate, jewellery and artwork, and finance the Hollywood film, "The Wolf of Wall Street," according to the Department of Justice.

US&nbsp;District Judge Margo Brodie, who imposed the sentence, said Ng and his co-defendants "effectively stole money" meant for infrastructure and economic development projects to aid the Malaysian people.

"There is a critical need to deter crimes of pure greed like this one," Brodie said.

The 1MDB scandal also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit.

Najib has consistently denied wrongdoing.

In a filing last week, federal prosecutors in Brooklyn urged Brodie to sentence Ng to 15 years in prison, calling him a "deeply corrupt banker" and arguing a stiff sentence was necessary to dissuade other financial professionals from bribing officials to win business.

"Foreign corruption undermines the public's confidence in international markets and institutions," prosecutors wrote. "It destroys people's faith in their leaders and it is deeply unfair to everybody else who plays by the rules."

In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. He spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018.

Ng had pleaded not guilty and argued that $35 million in kickback payments he was accused of receiving was actually a return on an investment his wife had made.

Leissner had been&nbsp;Goldman's Southeast Asia chief. He pleaded guilty and testified against Ng as part of a cooperation agreement. He has not yet been sentenced.

Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted alongside Ng in 2018 but remains at large. Malaysian officials have said Low is in China, which Beijing denies.

In October 2020,&nbsp;Goldman&nbsp;agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge. 
 
(With inputs from agencies) 
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Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.

Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund. A jury in Brooklyn federal court last April found Ng, Goldman's former head of investment banking in Malaysia, guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business. The charges stem from some $6.5 billion in bonds that Goldman helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013. US prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. Funds were used to buy high-end real estate, jewellery and artwork, and finance the Hollywood film, "The Wolf of Wall Street," according to the Department of Justice. US District Judge Margo Brodie, who imposed the sentence, said Ng and his co-defendants "effectively stole money" meant for infrastructure and economic development projects to aid the Malaysian people. "There is a critical need to deter crimes of pure greed like this one," Brodie said. The 1MDB scandal also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit. Najib has consistently denied wrongdoing. In a filing last week, federal prosecutors in Brooklyn urged Brodie to sentence Ng to 15 years in prison, calling him a "deeply corrupt banker" and arguing a stiff sentence was necessary to dissuade other financial professionals from bribing officials to win business. "Foreign corruption undermines the public's confidence in international markets and institutions," prosecutors wrote. "It destroys people's faith in their leaders and it is deeply unfair to everybody else who plays by the rules." In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. He spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018. Ng had pleaded not guilty and argued that $35 million in kickback payments he was accused of receiving was actually a return on an investment his wife had made. Leissner had been Goldman's Southeast Asia chief. He pleaded guilty and testified against Ng as part of a cooperation agreement. He has not yet been sentenced. Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted alongside Ng in 2018 but remains at large. Malaysian officials have said Low is in China, which Beijing denies. In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Ex-Goldman banker Ng sentenced to 10 years prison in 1MDB corruption case

George Santos, the Republican congressman from New York, falsely claimed during a court appearance in 2017 that he worked for the US investment bank Goldman Sachs, new audio has revealed.

“You work for Goldman Sachs in New York?" the judge asked. "Yup," Santos replied in the audio first obtained by Politico.

This is the first time that conclusive proof has been obtained to disprove the oft-repeated lied perpetrated by the Republican while campaigning for Congress in 2020 and 2022.

At that time, he claimed to be a Goldman Sachs banker on the stump in New York and on a resumé released in January by the local GOP, along with other claims about graduating from college and working elsewhere on Wall Street, which have been debunked.

It was during his interview with New York Post in December that he claimed that he "never worked directly" for the firm.

The audio clip of the court arraignment pertained to his court appearance on May 15, 2017, for Gustavo Ribeiro Trelha, a Brazilian national who was arrested the month before for installing a skimming device on an ATM.&nbsp;

So far, nothing has been proven of Santos’ connection with the Brazilian scamster who is at the centre of a wide-ranging credit card fraud case involving stealing peoples' ATM card information and delivering it to Brazilian accomplices.

Trelha was deported to Brazil in 2018 after serving seven months in jail and pleading guilty to felony access device fraud.&nbsp;

According to Politico, Trelha during a telephone interview revealed that Santos lied about their relationship.

Trelha said he met Santos in the fall of 2016 on a Facebook group for Brazilians living in Orlando, and that his mother died in 2012.

(With inputs from agencies)

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George Santos, the Republican congressman from New York, falsely claimed during a court appearance in 2017 that he worked for the US investment bank Goldman Sachs, new audio has revealed.

George Santos, the Republican congressman from New York, falsely claimed during a court appearance in 2017 that he worked for the US investment bank Goldman Sachs, new audio has revealed. “You work for Goldman Sachs in New York?" the judge asked. "Yup," Santos replied in the audio first obtained by Politico. This is the first time that conclusive proof has been obtained to disprove the oft-repeated lied perpetrated by the Republican while campaigning for Congress in 2020 and 2022. At that time, he claimed to be a Goldman Sachs banker on the stump in New York and on a resumé released in January by the local GOP, along with other claims about graduating from college and working elsewhere on Wall Street, which have been debunked. It was during his interview with New York Post in December that he claimed that he "never worked directly" for the firm. The audio clip of the court arraignment pertained to his court appearance on May 15, 2017, for Gustavo Ribeiro Trelha, a Brazilian national who was arrested the month before for installing a skimming device on an ATM. So far, nothing has been proven of Santos’ connection with the Brazilian scamster who is at the centre of a wide-ranging credit card fraud case involving stealing peoples' ATM card information and delivering it to Brazilian accomplices. Trelha was deported to Brazil in 2018 after serving seven months in jail and pleading guilty to felony access device fraud. According to Politico, Trelha during a telephone interview revealed that Santos lied about their relationship. Trelha said he met Santos in the fall of 2016 on a Facebook group for Brazilians living in Orlando, and that his mother died in 2012. (With inputs from agencies) WATCH WION LIVE HERE

Republican congressman George Santos falsely claimed in court that he worked for Goldman Sachs

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Goldman Sachs Group Inc is embarking on one of its biggest rounds of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week.

World Business Watch: Goldman Sachs to cut about 3,200 jobs this week

Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet.&nbsp;

A source told AFP that a maximum of 3,200 jobs will be eliminated, less than the figure of 4,000 cited in the press last month. The larger figure of 4,000 would be about eight per cent of the bank's staff.

Laying off staff is a basic practice at Goldman Sachs which typically cuts one to five percent of headcount each year, targeting underperforming staff. However, the global economic setting and the increase in the company's staff in recent years has meant that the company will fire more than the usual number of employees this year, a person familiar with the matter told AFP in mid-December.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-ceo-david-solomon-unveils-plan-to-cut-jobs-from-january-in-his-year-end-message-to-staff-547761">Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff</a>

In December, David Solomon, the chief executive of the US investment bank, had unveiled his plan to cut jobs in his traditional year-end message to staff. Solomon had 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."

Goldman's staff stood at 49,100 at the end of October, up nearly 30 per cent from the end of 2019 after hiring campaigns and acquisitions.

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Goldman Sachs and many other investment banks have seen a big drop in fees tied to initial public offerings, leading to massive layoffs across the industry. The outlook for merger and acquisition advising in 2023 also looks bad due to economic uncertainty.

However, despite rising interest rates, the company, as per a survey conducted by S&amp;P Global Market, is expected to report big profits for 2022 and 2023. Analysts predict that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported.

(With inputs from agencies)

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Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet.

Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet. A source told AFP that a maximum of 3,200 jobs will be eliminated, less than the figure of 4,000 cited in the press last month. The larger figure of 4,000 would be about eight per cent of the bank's staff. Laying off staff is a basic practice at Goldman Sachs which typically cuts one to five percent of headcount each year, targeting underperforming staff. However, the global economic setting and the increase in the company's staff in recent years has meant that the company will fire more than the usual number of employees this year, a person familiar with the matter told AFP in mid-December. Also Read | Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff In December, David Solomon, the chief executive of the US investment bank, had unveiled his plan to cut jobs in his traditional year-end message to staff. Solomon had 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." Goldman's staff stood at 49,100 at the end of October, up nearly 30 per cent from the end of 2019 after hiring campaigns and acquisitions. × Goldman Sachs and many other investment banks have seen a big drop in fees tied to initial public offerings, leading to massive layoffs across the industry. The outlook for merger and acquisition advising in 2023 also looks bad due to economic uncertainty. However, despite rising interest rates, the company, as per a survey conducted by S&P Global Market, is expected to report big profits for 2022 and 2023. Analysts predict that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest

Goldman Sachs will reportedly cut up to 3,200 jobs within days. The cuts will impact Goldman's consumer business, as well as its investment banking and trading operations.

Goldman Sachs to cut about 3,200 jobs after cost review

Global investment bank Goldman Sachs is reportedly planning to lay off hundreds of employees at its consumer business. Watch this video to know more.

World Business Watch: Global investment bank Goldman Sachs plans to cut hundreds of jobs

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent.

Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers.

But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout.

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions.

The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty.

At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year.

"At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us."

(With inputs from agencies)

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Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year. News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent. Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers. But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout. Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions. The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty. At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year. "At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Goldman Sachs may cut up to eight per cent of staff in 2023: Reports

Goldman Sachs aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead.

World Business Watch: Goldman Sachs to cut hundreds more jobs as consumer unit scaled back

Austerity seems to be the pointer in the rule book of the gold global bank - Goldman Sachs and this will translate into reduction in bonuses of traders. Cost-cutting pressures will eat into the bonuses of many of the Goldman Sachs traders this year even as the bank is expecting a strong revenue growth.

WION Dispatch: Goldman Sachs executives face bonus cuts; 20% decline in bonuses for Wall St bankers

A veteran&nbsp;female executive who complained&nbsp;about a hostile work environment for women in the most senior positions of Goldman Sachs was supposedly compensated more than $12 million, as reported by Bloomberg.

David Solomon, CEO of the storied Wall Street investment firm, was charged in the court case, which Bloomberg has seen, with boasting about having oral sex.&nbsp;

A settlement with the former business partner was reached two years ago, and the finance company allegedly fought to conceal the specifics of the dispute from becoming public knowledge.&nbsp;

According to her, senior executives at Goldman Sachs allegedly spoke crude and derogatory things about women.

The charges that Solomon made his purported boast shortly after he assumed control of the business in 2018 are included in the lawsuit.&nbsp;

At least three executives are said to have overheard Solomon's alleged statement at the time, according to the report, which alleges that the investment bank promoted a sexist culture.&nbsp;

As per Bloomberg, the fact that Solomon, 60, made such an uncharacteristic comment is what made it stand out. The allegations have been vigorously refuted by the bank.

Also Read:&nbsp;<a href="https://www.wionews.com/world/cambodian-pm-left-g20-early-after-positive-covid-test-expressed-concerns-for-other-leaders-534545">Cambodian PM left G20 early after positive Covid test, expressed concerns for other leaders</a>

The corporation allegedly allowed senior personnel to make obscene and vulgar remarks, according to the report, and Goldman agreed to pay the female employee "well over" $12 million.&nbsp;

It's possible that the claimed secret settlement, which was delivered two years ago, is the biggest payment of its kind to date.&nbsp;

According to Bloomberg, Goldman Sachs was keen to reach a settlement since the bank is working to increase diversity among the top ranks.

(with inputs from agencies)

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A veteran female executive who complained about a hostile work environment for women in the most senior positions of Goldman Sachs was supposedly compensated more than $12 million, as reported by Bloomberg.

A veteran female executive who complained about a hostile work environment for women in the most senior positions of Goldman Sachs was supposedly compensated more than $12 million, as reported by Bloomberg. David Solomon, CEO of the storied Wall Street investment firm, was charged in the court case, which Bloomberg has seen, with boasting about having oral sex. A settlement with the former business partner was reached two years ago, and the finance company allegedly fought to conceal the specifics of the dispute from becoming public knowledge. According to her, senior executives at Goldman Sachs allegedly spoke crude and derogatory things about women. The charges that Solomon made his purported boast shortly after he assumed control of the business in 2018 are included in the lawsuit. At least three executives are said to have overheard Solomon's alleged statement at the time, according to the report, which alleges that the investment bank promoted a sexist culture. As per Bloomberg, the fact that Solomon, 60, made such an uncharacteristic comment is what made it stand out. The allegations have been vigorously refuted by the bank. Also Read: Cambodian PM left G20 early after positive Covid test, expressed concerns for other leaders The corporation allegedly allowed senior personnel to make obscene and vulgar remarks, according to the report, and Goldman agreed to pay the female employee "well over" $12 million. It's possible that the claimed secret settlement, which was delivered two years ago, is the biggest payment of its kind to date. According to Bloomberg, Goldman Sachs was keen to reach a settlement since the bank is working to increase diversity among the top ranks. (with inputs from agencies)

Goldman Sachs paid $12 mn to female ex-partner who alleged 'sexist culture': Report

Home prices in Hong Kong, long the world’s most expensive housing market, could fall by 30% by the end of 2023, compared to 2021’s prices, analysts at Goldman Sachs predicted.

World Business Watch | Goldman Sachs: Hong Kong home prices could fall 30%

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure.

The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement.

&nbsp;“No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London.

The bank further said that an “overwhelming majority of clients would not be affected until 2023.”

Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf.

Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking.

The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank.

Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business.&nbsp;

The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain.

Goldman is also offering savings accounts under its consumer arm Marcus in Britain.

(With inputs from agencies)

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Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank.

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed. “Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement. “No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London. The bank further said that an “overwhelming majority of clients would not be affected until 2023.” Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf. Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking. The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank. Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business. The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain. Goldman is also offering savings accounts under its consumer arm Marcus in Britain. (With inputs from agencies) WATCH WION LIVE HERE:

Citigroup plans to shut down its lone retail bank in UK

Banking major Goldman Sachs has cut the GDP forecast for the US for 2023, anticipating an aggressive rate hike from the Federal Reserve. Reportedly, the GDP growth will see a decline of 0.

Banking major Goldman Sachs has cut the GDP forecast for the US for 2023, anticipating an aggressive rate hike from the Federal Reserve. Reportedly, the GDP growth will see a decline of 0.4 per cent to 1.1 per cent from the earlier projection of 1.5 per cent. Meanwhile, the projection for 2022 was left unchanged at zero per cent. Furthermore, the financial firm expects the US central bank, the Federal Reserve to hike policy rates by 75 basis points in its next meeting. “This higher rates path combined with recent tightening in financial conditions implies a somewhat worse outlook for growth and employment next year,” said the company. Read more: Goldman Sachs to start firing employees from next week amid economic slowdown “Our growth forecast is slightly below consensus and implies a below-potential growth trajectory that we believe is necessary to cool wage and price inflation.” it further added. The firm also believes that the unemployment rate will skyrocket to 4.1 per cent by the end of 2023, up 0.3 per cent from the previous forecast of 3.8 per cent. As reported extensively by WION, the US has already seen two consecutive quarters where the economy has contracted; meaning, an unofficial recession has already set in place. The worries were compounded earlier this week when the Consumer Price Index report was released. The inflation rate stood at a worse-than-expected mark of '8.3' per cent, leading industry experts to predict that the Fed may hike interest rates for a record fifth time this year, next week. Read more: Biden parties as stock market tumbles, inflation worsens and Fed indicates rate hike Moreover, as soon as the report came out, the US stock market tumbled to its two-month low. Reportedly, all three major US stock indices fell well below their numbers set in the month of June. The Dow dropped 139. 40 points to close at 30,822 while S&P 500 closed the week by siding 0.72 per cent. Lastly, Nasdaq Composite slide 0.9 per cent to finish the week at 11,448. Read more: As recession fears mount, Wall Street tumbles to a two-month low (With inputs from agencies) WATCH WION LIVE HERE:

Goldman Sachs slices US GDP forecast; predicts fed hike and rise in unemployment

As a recession looms around the US economy, banking major Goldman Sachs is planning to fire hundreds of its employees as early as next week. Reportedly, the layoffs will mark the resumption of its annual practice which was halted the last two years due to the pandemic.

As a recession looms around the US economy, banking major Goldman Sachs is planning to fire hundreds of its employees as early as next week. Reportedly, the layoffs will mark the resumption of its annual practice which was halted the last two years due to the pandemic. According to data available, without any layoffs, the company's headcount had grown to more than 47,000 globally, at the end of June, which was a 15 per cent increase from the similar period last year. Experts believe that Goldman Sachs could clip as many as one to five per cent of its low-performance employees, come the next week. This will mean losing anywhere between 500 to 2,400 employees. WATCH | UK Inflation could top 20% next year: Goldman Sachs × It is not like the banking giant had not signalled this move. In July, during an earnings call, Chief Financial Officer Denis Coleman warned that the company might slow hiring and cut expenses as the economic outlook worsens. "Given the challenging operating environment, we are closely re-examining all of our forward spending and investment plans to ensure the best use of our resources," said Coleman. "Specifically, we have made the decision to slow hiring velocity and reduce certain professional fees going forward, though these actions will take some time to be reflected in our results." he further added. Coleman stated that the company had witnessed a 48 per cent slump in quarterly profit, forcing it to clock in the tough changes. It is pertinent to note that wobbly macroeconomic conditions, uncertain geopolitical climate due to the Russia-Ukraine war and sky-high inflation have contributed to the decision. In addition to reinstating the annual tradition of trimming down the employee count, Goldman Sachs is also expected to bring back its annual performance review policy for employees at the end of the year. Previously, other banking majors on Wall Street such as Citigroup, JPMorgan Chase & Co., Wells Fargo & Co. have also terminated the contracts of their employees to downsize. Read more: Goldman Sachs forecasts 30 per cent chance of US economy tipping into recession: Report (With inputs from agencies) WATCH WION LIVE HERE:

Goldman Sachs to start firing employees from next week amid economic slowdown

Global banking giant Goldman Sachs is embarking on its biggest job cuts since the start of the pandemic. Without any layoffs, the number of employees in the company has grown to 47,000 globally, which is 15% increase from last year.

WION Business News: Goldman Sachs plans to lay off hundreds of employees

Goldman Sachs, one of the leading US financial service companies has some grim analysis for the United Kingdom. The financial firm says inflation in the country could exceed to as much as 20 percent next year if oil prices fail to cool down.

UK Inflation could top 20% next year: Goldman Sachs

A little more than a month after China's National Bureau of Statistics released its report stating that the Chinese economy had only grown by a tiny 0.4 per cent in the second quarter, Goldman Sachs and Nomura have downgraded China's growth forecast as well.

Reportedly, the American company cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile,&nbsp;Nomura lowered its projections from 3.3 per cent to 2.8 per cent.

“Beijing will likely do more to arrest the slowdown, but rolling out a comprehensive stimulus package is of low probability in a year of government reshuffle, while the need for maintaining zero Covid makes conventional stimulus measures much less effective,” said Nomura in a statement.&nbsp;

Chinese leaders are not even discussing GDP projections

The dip in forecast also stems from the fact that the Chinese authorities&nbsp;believe that the country will miss&nbsp;the target of 5.5 per cent economic growth by the year-end. Such has been the situation that in a recent quarterly economic meeting between the Politburo members, the&nbsp;5.5 per cent GDP growth target was not mentioned.&nbsp;

Read More: <a href="https://www.wionews.com/world/china-to-miss-its-year-end-55-per-cent-economic-growth-target-501801">China to miss its year-end 5.5 per cent economic growth target</a>

It is pertinent to note that in May, earlier this year, credit rating agency&nbsp;Fitch Ratings cut China's GDP growth forecast&nbsp;from 4.8 per cent&nbsp;to 4.3 per cent.&nbsp;

Why is China's growth story at a halt?

As reported by WION, while countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.&nbsp;

Read More:<a href="https://www.wionews.com/world/chinas-economic-growth-drops-to-04-per-cent-amid-draconian-lockdown-measures-and-severe-heatwave-497575">&nbsp;China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave</a>

The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods.

It hasn't helped the cause that mainland China is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demands.&nbsp;

Read more:<a href="https://www.wionews.com/world/china-yangtze-river-shrinks-factories-shut-as-drought-hits-hydropower-507838">&nbsp;China: Yangtze river shrinks; factories shut as drought hits hydropower</a>

For a long time, China was the planet's fastest-growing economy. However, a global pandemic, that originated from its soil has managed to apply a screeching handbrake on its growth story.&nbsp;

(With inputs from agencies)

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A little more than a month after China's National Bureau of Statistics released its report stating that the Chinese economy had only grown by a tiny 0.4 per cent in the second quarter, Goldman Sachs and Nomura have downgraded China's growth forecast as well.

A little more than a month after China's National Bureau of Statistics released its report stating that the Chinese economy had only grown by a tiny 0.4 per cent in the second quarter, Goldman Sachs and Nomura have downgraded China's growth forecast as well. Reportedly, the American company cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile, Nomura lowered its projections from 3.3 per cent to 2.8 per cent. “Beijing will likely do more to arrest the slowdown, but rolling out a comprehensive stimulus package is of low probability in a year of government reshuffle, while the need for maintaining zero Covid makes conventional stimulus measures much less effective,” said Nomura in a statement. Chinese leaders are not even discussing GDP projections The dip in forecast also stems from the fact that the Chinese authorities believe that the country will miss the target of 5.5 per cent economic growth by the year-end. Such has been the situation that in a recent quarterly economic meeting between the Politburo members, the 5.5 per cent GDP growth target was not mentioned. Read More: China to miss its year-end 5.5 per cent economic growth target It is pertinent to note that in May, earlier this year, credit rating agency Fitch Ratings cut China's GDP growth forecast from 4.8 per cent to 4.3 per cent. Why is China's growth story at a halt? As reported by WION, while countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods. It hasn't helped the cause that mainland China is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demands. Read more: China: Yangtze river shrinks; factories shut as drought hits hydropower For a long time, China was the planet's fastest-growing economy. However, a global pandemic, that originated from its soil has managed to apply a screeching handbrake on its growth story. (With inputs from agencies) WATCH WION LIVE HERE:

Dark clouds for China: Goldman Sachs and Nomura slash China's GDP outlook

Global banks and rating agencies Goldman Sachs and Nomura have cut down forecasts for economy of China, they have further downgraded their forecast for world's second largest economy with a power shortage making outlook in China even more uncertain.

Goldman Sachs, Nomura cut China GDP forecasts

Goldman Sachs, an American multinational investment bank and financial services said it now thinks there is a 30% chance of the U.S. economy tipping into a recession over the next year, up from its previous forecast of 15%,&nbsp;as reported by Reuters.

Wall Street was set to open higher on Tuesday and European shares were set for the second day of gains, recovering slightly from last week's 17-month lows, but major central banks' rate hike plans and global recession risks kept investors cautious.

World stocks have edged higher so far this week, recovering from last week's sharp sell-off which saw global equities tumble to their lowest since November 2020 as expectations for central bank policy tightening to combat high inflation prompted investors to ditch risky assets.

But, analysts expect the bounceback to be short-lived. Timothy Graf, head of macro strategy for EMEA at State Street Global Markets, said the move higher was likely a result of markets being oversold in recent weeks and relief that event risks, such as the Bank of Japan and Swiss National Bank meetings, have passed.

Also Read:&nbsp;<a href="https://www.wionews.com/world/russian-television-broadcasted-in-ukraines-kherson-490290">Russian television broadcasted in Ukraine’s Kherson</a>

Oil prices rose as investors focused on tight supplies of crude and fuel products. Brent crude futures were up 1.1% at $115.38 while U.S. West Texas Intermediate (WTI) crude futures were up 1.4% at $111.13. Gold was little changed at around $1,832.6 an ounce.&nbsp;

Bitcoin was up around 3% on the day at $21,173, having stabilised slightly since it plunged to as low as $17,592.78 at the weekend. Cryptocurrencies have increasingly become a metric of risk appetite, State Street's Graf said.

(with inputs from agencies) 
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Goldman Sachs, an American multinational investment bank and financial services said it now thinks there is a 30% chance of the U.S. economy tipping into a recession over the next year, up from its previous forecast of 15%, as reported by Reuters.

Goldman Sachs, an American multinational investment bank and financial services said it now thinks there is a 30% chance of the U.S. economy tipping into a recession over the next year, up from its previous forecast of 15%, as reported by Reuters. Wall Street was set to open higher on Tuesday and European shares were set for the second day of gains, recovering slightly from last week's 17-month lows, but major central banks' rate hike plans and global recession risks kept investors cautious. World stocks have edged higher so far this week, recovering from last week's sharp sell-off which saw global equities tumble to their lowest since November 2020 as expectations for central bank policy tightening to combat high inflation prompted investors to ditch risky assets. But, analysts expect the bounceback to be short-lived. Timothy Graf, head of macro strategy for EMEA at State Street Global Markets, said the move higher was likely a result of markets being oversold in recent weeks and relief that event risks, such as the Bank of Japan and Swiss National Bank meetings, have passed. Also Read: Russian television broadcasted in Ukraine’s Kherson Oil prices rose as investors focused on tight supplies of crude and fuel products. Brent crude futures were up 1.1% at $115.38 while U.S. West Texas Intermediate (WTI) crude futures were up 1.4% at $111.13. Gold was little changed at around $1,832.6 an ounce. Bitcoin was up around 3% on the day at $21,173, having stabilised slightly since it plunged to as low as $17,592.78 at the weekend. Cryptocurrencies have increasingly become a metric of risk appetite, State Street's Graf said. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Goldman Sachs forecasts 30 per cent chance of US economy tipping into recession: Report

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