Author: News Room
Goldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.CEO David Solomon said Monday at a conference that by unloading Goldman’s GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month.It’s the latest turbulence related to Solomon’s push into consumer retail. In late 2022, Goldman began to pivot away from its nascent consumer operations, beginning a series of writedowns related to selling chunks of the business. Goldman’s credit card business, in particular…
Have you noticed how much information appears in both mainstream and social media about American pensioners planning or wishing to retire abroad? If you’re among those dreaming of retiring abroad, you’re in good company. According to Fortune, “boomers are leaving America to retire abroad in droves because the U.S. is just too expensive.” Or, as CNN writes: “As America’s retirement crisis grows, so too does the dream of retiring abroad where cities are walkable, social services plentiful and the cost of living affordable.” The number of Americans looking to settle abroad has tripled over the past 30 years, according to…
The most important moment in the race between Kamala Harris and Donald Trump comes this week, as the vice president prepares for what could be her only opportunity to directly confront a former president whose political dominance she is pledging to end. Their Tuesday night debate is particularly important for Harris, who is battling to define herself in voters’ eyes and keep up the positive momentum she’s enjoyed since becoming the Democratic Party’s new nominee this summer. The debate at the National Constitution Center in Philadelphia will be the first face-to-face encounter between Harris and Trump, who are locked in…
Anthony Miller © WestpacWestpac, one of Australia’s Big Four banks, named Anthony Miller on Monday as its new chief executive to succeed the retiring Peter King.Miller, currently CEO of Westpac’s Business & Wealth division, will take office in December.“Anthony is an exceptional leader,” said Westpac chairman Steven Gregg. Miller was previously Deutsche Bank’s Australia and New Zealand chief executive. He also spent 16 years at Goldman Sachs.“In our search for a CEO, we looked for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market,” Gregg said. Read the full article…
Distribution Is Sustainable As Long We Develop Time Travel By 2027 In April of this year, we switched NextEra Energy Partners LP. (NYSE:NEP) to a Sell rating. So we would not count on the current distribution becoming your annualized total return profile in the next 5 years. We rate NextEra Energy Partners, LP units a Sell and think there is substantial downside once the distribution is realigned. Source: Lower For Longer The stock realized that resistance was futile and moved lower. Seeking AlphaPrevious to that, as well, we have been skeptical of the merits of this investment. Seeking AlphaOver the…
DirecTV filed a complaint Saturday with the Federal Communications Commission alleging Disney did not negotiate in good faith as the two sides remain at an impasse on a distribution deal. “Disney has violated the FCC’s good faith mandates by predicating any licensing agreement on DIRECTV’s waiving any legal claims on Disney’s past, current, or future anticompetitive actions, including its ongoing packaging and minimum penetration demands,” a DirecTV spokesperson told CNN on Sunday. In the 10-page complaint, DirecTV claimed the negotiations stalled because, “Disney insists on bundling and penetration requirements that a federal district court judge in New York recently found…
It was a rough start to the historically weak month of September on Wall Street. Economic growth concerns and investor trepidation ahead of Tuesday’s presidential debate and the Federal Reserve’s policy meeting later in the month sank the market. For the week: The S & P 500 gave back over 4% in its worst weekly performance in a year; the Nasdaq plunged more than 5.5%; and the Dow Jones Industrial Average dropped roughly 3%. The sharp selling Friday was partly due to Club name Broadcom ‘s 10% post-earnings stock decline. The chipmaker beat on the quarter but disappointed with guidance…
Norfolk Southern’s board is examining allegations that CEO Alan Shaw engaged in an inappropriate workplace relationship, according to three people familiar with the matter.The probe is in its early stages, and it is possible that no misconduct may be uncovered. The company is working with outside legal advisors on the probe, two of the people said.Shaw did not return phone calls or text messages requesting comment. Multiple directors, including the chair, former Canadian National Railway CEO Claude Mongeau, also did not return requests for comment.In addition, multiple spokespeople for the company also did not immediately return requests for comment.Norfolk Southern’s…
Recently, I was on a company trip with my husband who is a wealth advisor. It was an awards trip for high performers in his profession. It has been fun over the years to meet people across the country and become friends. In past years, the conversations focused on sharing best practices about how they structured, built, and enhanced their businesses. Now these friends are in the fourth quarter of their careers, and our conversations are shifting into less familiar territory. Everyone had worked very hard to become star contributors to their businesses. Now they were starting to ask each…
Former President Donald Trump on Saturday called for “modifying” the 25th Amendment to allow for the removal of a vice president who “lies or engages in a conspiracy to cover up the incapacity of the president,” a political nonstarter and the latest escalation of his attacks on President Joe Biden and the change atop the Democratic ticket. “If you do that with a cover-up of the president of the United States, it’s grounds for impeachment immediately and removal from office, beause that’s what they did,” Trump said during a campaign rally in Mosinee, Wisconsin. In the wake of Biden’s poor June debate…
