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Goldman Sachs wades into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays

“REUTERS/Danny Moloshok Goldman Sachs has waded into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays” writes Alex Morrell for businessinsider.com. Equity derivatives traders have become the focus of an intense Wall Street hiring battleground, with more than 40 moves at the level of vice president or higher in equity derivatives in the US this year.The bank has hired David Wernert, formerly an equity derivatives trader at Barclays focused on single-stock trading, according to people familiar with the matter.Goldman lagged behind peers, reporting equity trading revenues of $1.89…

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Wall Street traders set for best year since aftermath of crisis

“Wall Street trading desks started to see their fortunes fade in 2010 as the huge relief rally that came after the 2007-2009 financial crisis dissipated” writes Midwest Communications Inc for 95kqds.com. As Wall Street banks overhauled trading businesses and waited for markets to pick up, revenue tracked almost consistently downward since 2009.Citigroup Inc was the only major bank to report lower trading revenue, citing challenges in fixed income markets.New regulations on proprietary trading, derivatives and capital crimped big banks’ trading profits in the following years, as did the popularity of…

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Clorox’s stock is now a sell, says Goldman

“He believes price increases will lead “decelerating volume growth,” which means Clorox’s pricing power “will likely be constrained despite management’s optimistic tone.”” writes Reporter Editor for marketwatch.com. The stock has gained 2% over the past three months, while the consumer discretionary ETF has slipped 0.7% and the S&P 500 SPX, +0.18% has gained 3.9%.Clorox’s price-to-earnings ratio (P/E) is currently 21.11, compared with the implied P/E for the SPDR Consumer Discretionary Select Sector ETF XLP, -0.69% of 18.18, according to FactSet.CLX, -3.88% tumbled 4.3% in morning trade Wednesday, after Goldman Sachs…

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Goldman Sachs Names David Solomon C.E.O. as Blankfein Plans Exit

“Then came the financial crisis that hobbled the banking industry, followed by a return to robust profits in 2009” reports nytimes.com. Blankfein’s first full year running Goldman Sachs, the firm brought in close to $1 billion per week in revenue, thanks largely to its stock and bond trading. Source: nytimes.com Share This:

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Next Goldman CEO to take on old problems, new businesses

“He is stepping away at a time when Goldman Sachs is on steadier footing, but needs fresh leadership to reinvent itself, said Marty Mosby, a bank analyst at Vining Sparks” writes Midwest Communications Inc for 95kqds.com. Management detailed parts of that plan last September after years of insisting that Goldman’s once-lucrative trading business would come roaring back to life when markets picked up.Unlike Blankfein, who rose through the trading ranks to become CEO, Solomon made a name for himself advising corporations on financing and strategy in Goldman’s investment bank. Source: 95kqds.com…

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David Solomon, investment banker and part-time DJ, to lead bank

“A veteran banker who also DJs under the stage name DJ D-Sol has been named as the next chief executive officer of Goldman Sachs” writes Dominic Rushe for theguardian.com. Blankfein steered the bank into and out of the aftermath of the financial crisis – a crisis that proved almost existential for Goldman Sachs.Solomon, the current president of the bank, is also a yoga practitioner and plays electronic dance music as DJ D-Sol. Source: theguardian.com Share This:

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Goldman beats earnings and revenue expectations, but stock falls as equities revenue misses

“GS, +2.22% fell 1% in premarket trade Tuesday, although the investment bank reported second-quarter earnings and total revenue that rose above expectations, although equities revenue missed” writes Reporter Editor for marketwatch.com. This replaces a previous item that incorrectly reported total revenue.Institutional client services revenue grew 17% to $3.57 billion, just shy of the FactSet consensus of $3.63 billion, as fixed income, currency and commodities (FICC) revenue rose 45% to top expectations while equities revenue was flat to miss expectations.Net income grew to $2.35 billion, or $5.98 a share, from $1.63…

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Goldman CEO Lloyd Blankfein to retire, to be succeeded by Co-COO David Solomon

“Blankfein will be given the title of senior chairman after his retirement, and Solomon will join the board on Oct. 1” writes Reporter Editor for marketwatch.com. GS, +2.22% said Lloyd Blankfein will down as chief executive on Sept. 30 after about 12 years in the role, and retire as chairman and from the firm at the end of the year. Source: marketwatch.com Share This:

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