Malaysia wants $7.5B in reparations from Goldman Sachs: report

KUALA LUMPUR, Malaysia — Malaysia is seeking $7.5 billion in reparations from Goldman Sachs over its dealings with scandal-linked state fund 1MDB, the Financial Times (paywall) reported on Friday, citing the country’s finance minister. Separately, Bloomberg reported that Singapore has expanded its criminal investigation of 1MDB to include Goldman Sachs, in a sign of increasing scrutiny of the bank’s role […]

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Ex-Goldman Sachs partner still believes in cryptocurrency

Mike Novogratz, the former hedge fund manager and ex-Goldman Sachs partner, said in an interview published Tuesday that Galaxy Digital, the cryptocurrency merchant bank he founded, can break even next year even after bitcoin tumbled below $3,500. “We’re not nervous,” Novogratz told Bloomberg. “We’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business […]

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Goldman Sachs is investing $20 million in $1.1 billion startup GitLab because the bank's engineers loved it so much: 'They were so happy as a customer'

Goldman Sachs has invested $20 million into the DevOps platform GitLab, adding to a Series D funding round that valued the startup at $1.1 billion. While Goldman Sachs has made strategic tech investments for around two decades, GitLab was unique because the investment was driven by the bank’s own engineering team. Goldman Sachs’s tech team started using GitLab on its […]

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Goldman Sachs is shuffling its top stock trading executives as the business tries to claw back market share from Morgan Stanley and JPMorgan

Goldman Sachs moved Tony Pasquariello, formerly its equities sales head for the Americas, into a newly created role, according to a memo from the securities division co-heads. Josh Glassman and Ronnie Wexler have been promoted to run Americas equity sales. Glassman was in talks to join Morgan Stanley earlier this year before being wooed back to Goldman. The changes come […]

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Goldman Sachs believes the US economy will slow to a crawl next year

Goldman predicts 2.5 percent and 2.2 percent growth in the first two quarters of 2019, respectively, but then just 1.8 percent and 1.6 percent real GDP growth in the final two quarters. “We expect tighter financial conditions and a fading fiscal stimulus to be the key drivers of the deceleration,” wrote the bank’s chief economist, Jan Hatzius. But Goldman believes […]

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Goldman Sachs says the stock market isn't buying official growth trends

Stocks have sold off steeply in recent weeks as investors fret over growth and company profits. Goldman Sachs has said the selling implies a bigger slowdown in growth is coming than official data suggests. Goldman’s bear market indicator is at a rare 73 percent, its highest level since the late 1960s and early 1970s. Goldman Sachs told CNBC Friday the […]

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Goldman Sachs CEO ‘outraged’ over money-laundering scandal

Goldman Sachs’ new boss told employees in a voicemail blast he’s “outraged” about the Malaysian money-laundering scandal that has engulfed the Wall Street bank and is hammering its stock. In a Wednesday voicemail message to 40,000 of Goldman’s rank-and-file, newly minted Chief Executive David Solomon railed over the Justice Department’s indictment of former Goldman banker Roger Ng for money laundering […]

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Goldman Sachs just bought a one-person startup, and it's betting it could change the day-to-day lives of its bankers

Goldman Sachs has bought a one-person startup to help supercharge its bankers’ financial modeling skills. The bank is hoping the cloud-based software can begin to do for investment banking what SecDB, its risk-management system, has done for the securities division by creating a single place where models can be stored and analyzed. Goldman Sachs has been searching for years for […]

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Goldman Sachs then CEO Blankfein attended meeting at center of $6.5 billion Malaysian wealth fund scandal

Goldman Sachs may still face “significant fines” for its role in financing 1MDB, the $6.5 billion Malaysian wealth fund at the heart of a corruption probe, according to Bloomberg. Court documents in the US show an unidentified Goldman executive was involved in a 2009 meeting Malaysia’s Jho Low. Low has been charged with money laundering and bribery by US authorities, […]

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