Banking & Finance News

Banking & Finance

Hidehiro Imatsu Named President of Goldman Sachs Japan Co., Ltd.

Goldman Sachs Group, Inc. (NYSE:GS) has appointed Hidehiro Imatsu as the new president and representative director of Goldman Sachs Japan Co., Ltd. (“GSJCL”), with the effective date set for June 3, 2024. Imatsu, currently serving as co-head of Global Interest Rate Products Trading and co-head of the Asia Pacific Fixed Income, Currency and Commodities Franchise in Hong Kong, will retain these roles while taking on the new leadership position in Tokyo.In a statement, David Solomon, Chairman and Chief Executive Officer of Goldman Sachs, expressed confidence in Imatsu's...
Banking & Finance

Spelman College Wins Goldman Sachs’ Fourth-Annual Market Madness Competition and $1 Million Grant

Goldman Sachs' HBCU Market Madness competition concluded with Spelman College emerging victorious for the third time in four years, securing a $1 million grant. The event, which is part of the firm's HBCU Possibilities Program, saw finalists from Delaware State University, Florida A&M University, Howard University, and Spelman College present case studies to top Goldman Sachs and Nike executives.Megan Hogan, Goldman Sachs' global head of Talent and chief diversity officer, expressed admiration for the talent showcased by HBCU students during the competition, stating, "The...

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Banking & Finance

Goldman Sachs to Redeem Depositary Shares Representing Series K Preferred Stock

NEW YORK, NY, April 16, 2024 - The Goldman Sachs Group, Inc. (NYSE: GS) has announced its plan to redeem all outstanding shares of its 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K ("Series K Preferred Stock") and the corresponding 28,000,000 depositary shares ("Depositary Shares") on May 17, 2024.According to The Goldman Sachs Group, Inc., "The Depositary Shares will be redeemed for a redemption price equal to $25 per Depositary Share (equivalent to $25,000 per share of Series K Preferred Stock) plus an amount equal to any dividends that have...

Banking & Finance

Goldman Sachs Reports 2024 First Quarter Earnings Per Common Share of $11.58 and Annualized Return on Common Equity of 14.8%

The Goldman Sachs Group, Inc. announced its financial results for the first quarter ended March 31, 2024. The company reported net revenues of $14.21 billion and net earnings of $4.13 billion. Diluted earnings per common share (EPS) were $11.58, with an annualized return on average common shareholders’ equity (ROE) of 14.8% for the first quarter of 2024.In a statement, David Solomon, Chairman and CEO of Goldman Sachs, expressed satisfaction with the quarterly performance, stating, “Our first quarter results reflect the strength of our world-class and interconnected...

Banking & Finance

Goldman Sachs Declares Preferred Stock Dividends

Goldman Sachs Group, Inc. has announced dividends on various series of its non-cumulative preferred stock. The declaration includes dividends on different preferred stock series, with specific amounts allocated to each category.According to Goldman Sachs Group, Inc., the dividends declared are as follows:- "$385.79 per share of Floating Rate Non-Cumulative Preferred Stock, Series A;"- "$385.79 per share of Floating Rate Non-Cumulative Preferred Stock, Series C;"- "$380.90 per share of Floating Rate Non-Cumulative Preferred Stock, Series D;"- "$398.44 per share of...

Banking & Finance

Wells Fargo announced partnership with ICON to support affordable housing initiative

Wells Fargo has entered into a partnership with ICON, an advanced construction technologies company, to support a global architecture competition focused on affordable housing. The Wells Fargo Foundation has pledged $500,000 in grants to Mobile Loaves & Fishes, a non-profit organization based in Austin.

Banking & Finance

CME Group announces historic milestone in copper options trading

CME Group has announced that open interest in copper options has surpassed 200,000 contracts, marking a significant milestone after several consecutive daily records. The top five open-interest Copper option (HX) records have been established.

Banking & Finance

JPMorgan Chase partners with Academy Museum of Motion Pictures

JPMorgan Chase has announced a partnership with the Academy Museum of Motion Pictures. As a result of the partnership, the financial institution, headquartered in New York City, will sponsor select temporary exhibitions, the museum's regular feature, and community related events.

Banking & Finance

Wells Fargo introduces Autograph Journey card for travel enthusiasts

Wells Fargo & Company recently announced an expansion to its Autograph rewards cards with the introduction of the Wells Fargo Autograph Journey Visa card. This new addition is designed for frequent travelers, offering accelerated rewards in popular travel categories.

Banking & Finance

BofA program provides banking & investing benefits to 4 million corporate employees

Bank of America has reported that over 450 corporate and commercial clients have enrolled in its Employee Banking & Investing (EBI) program. These clients, which span a range of industries across the country, are extending the benefits of this Bank of America initiative to their employees.

Banking & Finance

CME Group is set to introduce E-mini S&P 500 Equal Weight futures

CME Group has unveiled plans to launch E-mini S&P 500 Equal Weight futures. This is a departure from the S&P 500 Index, which assigns weights based on market capitalization; the S&P 500 Equal Weight Index instead distributes equal weight to all constituents in the index.

Banking & Finance

Drivers with low credit scores pay more for car insurance

The Zebra, an online platform for comparing insurance policies, has found that drivers with low credit scores may end up paying more than double the amount paid by those with high credit scores for car insurance.

Banking & Finance

Citi and LuminArx Capital unveil strategic lending vehicle cinergy

Citi has recently revealed that LuminArx Capital is introducing Cinergy, a strategic financing vehicle designed to cater to the burgeoning private lending market. The initiative will offer private credit solutions to companies, extending its services to include Citi's global client base.

Banking & Finance

BofA introduces CashPro Insights

Bank of America has launched CashPro Insights, a new addition to the CashPro Data Intelligence product suite. This digital tool is designed to analyze data within the CashPro platform, enhancing the capabilities of both CashPro Forecasting and CashPro Search. It provides users with advanced insights into the information processed through the platform.

Banking & Finance

BECO Holding, H.I.G. Capital portfolio, completes two strategic acquisitions

H.I.G. Capital has announced that BECO Holding Company (BHC) has completed the acquisitions of Electronic Supply Company ("ESC") and Grease Lock. The acquisitions will support the growth initiatives of both companies and leverage commercial synergies.

Banking & Finance

H.I.G. Capital acquires Mainline

H.I.G. Capital has announced that its affiliates have completed the acquisition of Mainline Information Systems. The process saw H.I.G. receive advisory services from Guggenheim Securities LLC, UBS, and Latham & Watkins LLP, while Mainline Information Systems sought advice from Highlander Advisors and King & Spalding.

Banking & Finance

CFTC Chair classifies most crypto tokens as commodities

Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), has expressed his belief that most digital assets should be classified as commodities rather than securities. His comments were made during an appearance on CNBC's "Squawk Box" on Dec. 12.

Banking & Finance

Wells Fargo appoints new head of philanthropy and community impact

Wells Fargo has recently announced the appointment of Darlene Goins as the head of Philanthropy and Community Impact, and president of the Wells Fargo Foundation. In her previous role, Goins served as the head of Diverse Customer Segments within Wells Fargo’s Consumer, Small & Business Banking division, where she focused on addressing the needs of diverse customers through customer feedback, analytics, and insights.

Banking & Finance

Citi bolsters payments innovation with investment in icon solutions

Citi has revealed that its Treasury and Trade Solutions (TTS) division has invested in Icon Solutions, a leading fintech provider known for its expertise in payments technology and consultancy services. This investment signifies Citi's plan to further incorporate the Icon Payments Framework (IPF) into its micro-services orchestration architecture.

Banking & Finance

Wells Fargo CIB names new co-head for Equity Capital Markets

Wells Fargo & Company has announced the appointment of Clay Hale as the new co-head of Equity Capital Markets (ECM) within the Banking division of its Corporate & Investment Bank. The company made this appointment following Hale's recent role as the global head of Consumer & Retail (C&R) Banking, Capital Markets, and Advisory at Citigroup.