35 Burst results for "David Solomon"
Squawk Pod
"david solomon" Discussed on Squawk Pod
"Live from the NASDAQ market site in Times Square where snow's gone already. I'm Joe carnival with Becky quick. And Andrew Ross Sorkin, is that all there is? Is that all there is? For now. For now, U.S. equity. It was a little dicey at three 34 o'clock o'clock in the morning. It's still snowing. And the roads weren't great, but here we are. Andrew. Okay. Joe, we've got a big interview, Goldman Sachs kicking off its second ever investor day this morning and joining us right here at the bank's headquarters in downtown Manhattan. First right here on CNBC is Goldman Sachs, chairman and CEO, David Solomon. David, thank you for joining us. Thanks, Andrew. It's great to have you here in the building. I think there's a second time we've had time with the building in the last year. Help us understand what you're going to be talking about today. There's been a lot of noise dare I say. I think almost every other day there is now a new headline about Goldman Sachs about you about what the firm is, what it isn't. Some of the criticism fair, probably some unfair. What do you think the investor community and maybe the public misunderstands about Goldman? Well, first of all, I'm excited to have you here today and I'm excited to have our investor day today. This is only as you highlighted Andrew the second time in over a hundred and 50 years, we've brought investors into the building to give them an update on our business and our progress. And I think you know, back three years ago when we had our first investor day, we laid out a clear strategic plan for the firm. We laid out a plan to invest in our core businesses. We pointed to four areas that we thought were interesting opportunities for the firm to grow. Asset management, wealth management, transaction banking, and also consumer banking. We said we'd run the firm more efficiently. And we put out some targets and metrics to track our performance over time. And
Squawk Pod
"david solomon" Discussed on Squawk Pod
"Today, two enormous interviews. First, CEO of target Brian Cornell, the morning of his company's fourth quarter results. We've delivered $55 billion of revenue through discretionary categories in 2022. But we have seen a consumer who's not spending the way they were during the pandemic. The state of the consumer and what the retailers financials say about inflation and our economy's health. It's impacting costs that still impacting transportation and we're still far away from a more normalized environment. And CEO of Goldman Sachs David Solomon, meeting his shareholders at the bank's investors day. When I look across the spectrum of work we've done, to grow the firm, to improve the way we serve our clients. The strength in our business, we've made a lot of progress. Those big interviews, plus zooms, enterprise zoom, meta's bet on AI, and the maker of Marlborough is going digital. Move over Juul. You ever sleep? And really? Well, like when I was 23 or 27, stockbroker. It's Tuesday, February 28th, 2023, and squawk pod begins right now. Stamp Becky bye in three, two, one, kill, please. Good morning, everybody. Welcome to squawk box here on CNBC. We're live from the NASDAQ market site in Times Square. I'm Becky quick, along with Joe kernan and Andrew Ross Sorkin. Shares of zoom because they are going higher this morning up close to 7% 6 and a half percent will call it right now. Earnings of a dollar 22 per share beat the estimate of 81 cents. Revenue will also be now executives say the clients were looking carefully before agreeing to pay zoom for services and some organizations have decreased the number of seats resumed software as part of a broader expense pullback guidance for the full year revenue, short of estimates, but earning guidance was well above expectations and current quarter guidance also beating. Big question, when you look at an earnings report like that to me, is just whether the expectations had been lowered by so much, not to suggest they sandbagged what they thought the quarter was, but I do think that there's been a sort of lowering of expectations across the board. The stock's been down pretty significantly over the last year and a half or so as people have come back to work. You know what the high is? One 25 one 40 5 50. 5 50 oh, going back even further. It's a high for the pandemic. So yeah. It's up to 78. I'm just saying. Nothing. Life is commentary. Life is relative. I mean, look at the chart. I mean, it's like a DCB, really. But it's okay. It's good. It's up 6. You could put that right on top of it. Put a lot of them on there. But yeah, 5 50 to but hey, it's up 6%. Meta will create a new product group inside the company that's focused on generative AI. The CEO Mark Zuckerberg said that the new unit will combine several teams across meta, organized under current chief product officer Chris Cox.
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Movement since that UK CPI prints 6 tenths of 1% weaker now against the dollar under one 21. Just a whisker, the Euro's two tenths of 1% weaker against dollar one O 7 13 Wall Street features also in the red and equity markets S&P E minis are down by half of 1% now stock futures down by 6 tenths. Now to our top stories, UK inflation has fallen for a third month in a row, but still sits in double digits at 10.1% for January, the decline is the latest month, was largely due to falling petrol prices along with easing price pressures in restaurants and cafes. Traders are bouncing back to the fed is about to cut rates with the yield on the two year rising above four and a half percent. The markets rethink comes after data showed consumer prices rose by 6.4% in January year on year, speaking exclusively to Bloomberg Richmond fed president Thomas barkin says the Central Bank will hike higher if needed. Inflation is normalizing, but it's coming down slowly. And I just think there's going to be a lot more inertia a lot more persistence to inflation than maybe we'd all want. Part of that is still COVID factors, excess money and people's pockets. Supply chain issues in places like cabinets and switch gears. Part of his business factors. There are businesses out there still trying to recover lost margin. Barkin's comments were echoed elsewhere by New York fed chief John Williams, who says the U.S. Central Bank will stay the course until prices moderate. Now to chip's news, ASML says that a former employee in China misappropriated data about its proprietary technology, potentially violating export controls. The Dutch company, the leading maker of high-tech machines for producing chips, says that it reported the breach to authorities and initiated an internal review, it is the second time in as many years that ASML has leveled charges against Chinese entities. After a record slew of job cuts, Goldman's CEO, David Solomon, says the bank plans to have stricter hiring policies going forward, he told a Credit Suisse conference that cotton costs was a key focus for him. We are definitely in a different macroeconomic environment than we've lived in for the last decade. And I still think that people are adjusting to that. People are going to have to adjust to that with respect to asset prices and returns. And things like that. And it's an adjustment period. And like everything else, it lacks. It takes time for people to accept the new reality. And we're still we're still in my opinion and that transition. Speaking out the same conference as David Salomon, JPMorgan's chief financial officer Jeremy barnum also struck a pessimistic tone he warned the lender's first quarter trading revenue for this year made decline compared to the $8.8 billion that it pulled in at the start of 2022. Now Australia's Central Bank chief says that he won't be resigning as he made his first public remarks this year, Philip Lowe faced a Senate committee after calls from some lawmakers for him to step down over earlier guidance that interest rates in Australia were unlikely to rise before 2024. Sometimes the fact that it's all down to me is a bit unfair, but because it's the board during iron office, including Michelle and make these decisions. And we take them collectively. It's not just me making these decisions. There are 9 people based on the advice of a large staff. That was Australia's Central Bank chief Philip Lowe. Those are our top stories this morning. I'm actually really interested to hear Philip low talk about the criticism level that central banks, because you know, for most people, we talk here about a lot of cause and effect of why central banks are doing it. But for most people, they just see their interest rates going up. If they're paying a mortgage and they see those costs going up and the raised criticism of central banks for that reason. Yeah, well, this criticism for that. But I think that the market criticism is about where the central banks got there fast enough in dealing with inflation. So that was also part of the kind of criticism of low, but quite interesting. Look, I'm watching actually the tea live blog on the Bloomberg terminal Barclays fourth quarter earnings pre-tax income and revenue missing analysts estimates they're initiating a share buyback. Mix, but equity trading fee and investment banking fees trailing off. So Barclays results out too. Okay, we'll be getting back to talking about the markets next with building head of investment strategy
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Will be shared with shareholders and prospective investors because when they came out with earnings, the same day as arch rival Morgan Stanley last month, their stock down 6%. Morgan Stanley went up 6%. David Solomon acknowledged a 2022 was not a good year and he promised that they will provide clarity and guidance in an uninvested date, which is on February 28th. The problem is, I don't know what it is that they can say that it's very different from what they've already been saying. But have they put a final light on it and try and reorient attention into the parts of the business. They would like people to see. Three eagles are chiefs. It's the Indian cricket team for me. That's the only thing. There we go. Shoot out a ride at weighing in with the same depth. This care in my frankly the same depth is me. The lady from Texas probably has an opinion here because Texas football religion, isn't it? It is, but I gotta say, I'm a team keen here where I don't have a preference. But I will say one of the four ops people got me to buy a Super Bowl box in which they assign you random numbers. And yes, and I did not quite know what it was, and they kind of decided it for me. So my numbers are three 7. Chiefs eagle, so I guess I have to shoot for the eagles if I want to win my $5. There we go. Four, $5 a box. Reach a box. I think the pool is like 50. Bloomberg compliance has a rule if you spend over $6 on bedding. There we go. Wicked illegal. I guess you're right. We're going to enjoy it and we're going to go Ella Ella because Rihanna is coming back. She is. To do it again
AP News Radio
Nate Oats on Missouri students reacting to Darius Miles murder charge: 'They got him out of there'
"Also added 17 points to help fourth ranked Alabama beat Missouri 85 to 64 on Saturday. The crimson tide have improved to 7 and zero in SEC play in Alabama coach Nate oats his team is two zero since junior Darius miles was dismissed from the team after being charged with capital murder. Really proud, a lot of mentally tough guys that are able to focus on what they need to focus on. You know, and still have compassion for all situation. Isaiah Mosley led Missouri with 19 points. David Solomon, Columbia, Missouri
AP News Radio
Hurts runs for 3 TDs as Eagles squeeze by Bears 25-20
"Eagles quarterback Jalen hurts through for 315 yards and rushed for 61 more to lead Philadelphia to a 25 20 win over the Chicago Bears on Sunday. Hertz ran for three touchdowns in 18° cold to lead Philadelphia to its franchise record tying 13th win. We played in against a really good team that's been competitive and had played every team a day played hard. I think the great teams find a way to win and this time of the year. The ghost can clinch the NFC north with a win next week over Dallas, I'm David Solomon
The Breakdown
The White-Collar Recession
"Right now, some of Wall Street's loudest voices are sounding the alarm about next year's outlook for the U.S. economy and equity markets. Goldman Sachs, David Solomon, said that the economy faces quote a bumpy road ahead. JPMorgan CEO Jamie Dimon held a view that the U.S. would see a, quote, mild to hard recession. Morgan Stanley wealth management's Lisa's shallots said corporations are facing a rude awakening on earnings. And the CIO of UBS global wealth management recently wrote, we do not think the economic conditions for a sustained upturn are yet in place. Growth is slowing in central banks are still raising rates. Now, equity investors appear to be taking note. After a two month rally, the S&P 500 has fallen in 8 of the last 7 sessions, including a brutal 1.4% drawdown on Tuesday. Equity strategists who are typically perma bullish are now on average predicting a down year in 2023. BlackRock strategists wrote a recession is foretold. Central banks are on course to over tighten policy as they seek to tame inflation. Equity valuations don't yet reflect the damage ahead in our view. Chart readers are also finding few reasons for hope. Each year, the S&P 500 suffers a 50% drawdown through November, December is typically much weaker according to BTIG Jonathan krinsky. This year's drawdown to date has exceeded 19%, with multiple projections off the 200 day moving average, including the end of the rally last week. Morgan Stanley strategist Michael Wilson, notable for being bearish equities, encouraged his readers to take profits in this week's note. The risk reward for playing for more upside quite poor at this time and now we are sellers again.
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Conversation with a Bloomberg tree not a Rajan on Goldman CEO David Solomon's thoughts on the global economic outlook. We've had a potato CEO's talking to Bloomberg today and it's clear from their tone and what their messaging has been that they are a lot more cautious. In fact, David Solomon, the CEO of Goldman Sachs, made a point to say that while his firm zone economists believe that we will be able to avoid a recession in the U.S. narrowly next year, he says he himself is a little more pessimistic and that was clear in the messaging he put out there the talk of possible additional job cuts, the need to pay people down, it's not what you were hoping to hear. We can't pay you a lot this year. That was my first thought too. Such a cynic. That's a factor, right? Because we do know that Goldman has begun compensation conversations and it is clear that even those who perform really well this year will be paid down because the entire firm as a whole has not done as well as 2021. Of course, 2021 was an exceptional year. But I am going to run a little bit further away from the cynical lane only because what he said has been echoed by almost everyone else has spoken with Bloomberg. But again, job cuts in the news can not be very fun to hear. Goldman Sachs CEO David Solomon, speaking exclusively to Bloomberg on the sidelines of the Goldman Sachs U.S. financial services conference in the city earlier today. Check out what he told her. We're at a very uncertain time. And in certain time, given we're changing monetary and economic conditions very, very quickly. And that's certainly having an impact of slowing down economic activity. And so if you're running a big financial services firm, I think you have to assume
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Podcast, a conversation with a Bloomberg tree not a Rajan on Goldman CEO David Solomon's thoughts on the global economic outlook. We've had a parade of CEOs talking to Bloomberg today and it's clear from their tone and what their messaging has been that they are a lot more cautious. In fact, David Solomon, the CEO of Goldman Sachs, made a point to say that while his firm zone economists believe that we will be able to avoid a recession in the U.S. narrowly next year he says he himself is a little more pessimistic and that was clear in the messaging he put out there the talk of possible additional job cuts, the need to pay people down. It's not what you were hoping to hear. We can't pay you a lot this year. That was my first thought too. Such a cynic. That's a factor, right? Because we do know that Goldman has become compensation conversations and it is clear that even those who perform really well this year will be paid down because the entire firm as a whole has not done as well as 2021. Of course, 2021 was an exceptional year. But I'm going to run a little bit further away from the cynical lane only because what he said has been echoed by almost everyone else has spoken with Bloomberg. But again, job cuts in the news can not be very fun to hear. Goldman Sachs CEO, David Solomon, speaking exclusively to Bloomberg tenali bassi on the sidelines of the Goldman Sachs U.S. financial services conference in the city earlier today. Check out what he told her. We're at a very uncertain time and in certain time given we're changing monetary and economic conditions very, very quickly. And that certainly having an impact is slowing down economic activity. And so if you're running a big financial services firm, I think you have to assume that we have some bumpy
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"The Bloomberg surveillance podcast, a conversation with David Solomon of Goldman Sachs on the future of bonuses and global Wall Street. We operate a business where every single year, we have to pay our most important asset, which is our people. It shouldn't be surprising to people watching the performance of the business this year that 2021 was an exceptional year. It was a record year for the firm. It was the highest at revenue year ever for the firm. 2022 is a different year. And so naturally, compensation will be lower. We're still early in the process of making those decisions, but just like every year, we pay for performance, and we will pay people based on the overall performance of the firm. And especially for our senior people, we consider the overall performance of the firm as we go through our compensation process. How do you balance also? This year, you'd reintroduce the natural calling of headcount, the bonus discussion is not just here. It's obviously everywhere on Wall Street. How do you balance that with kind of the story that we saw just a year ago, this talent war that we saw, this booming market for people. And what's happening this year going into next gen to tougher time. How do you balance retention as well as those more difficult conversations? Well, we take a very long-term view with everything we do. And you have to adjust to the environment. And so you make changes around the margin. But at the same point, you take a long-term view, and you try to think about your business over time. We're extremely focused on surveying our clients and our core businesses. Our clients have been active. And so it's important for us to strike the right balance in protecting our franchise and making sure that our people are paid for performance. On the other hand, we're in an environment that's a tougher environment broadly performance is not as strong. And so we balance them. Catch more of this and other conversations on today's Bloomberg
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Reporting at Bloomberg dot com. All right, let's get to it because we just talked about the Big Bang CEOs Tim and a big way we are getting a good feel of the outlook from them. Thanks to that Goldman Sachs conference. Hey, if there's one sort of theme that drives them together, it's sort of a downbeat note about the economic outlook. Goldman Sachs Group CEO, David Solomon, saying that smaller bonuses and even potential job cuts could come as no surprise he did make those comments Carol at the Goldman Sachs U.S. financial services conference here in New York City. Speaking exclusively to our Bloomberg chanley basic. All right, so covering the event is web Bloomberg news finance reporter. Srinagar Rajan, he is in our Bloomberg interactive broker studio. So first of all, we're all talking about it in a good reason. These great exclusive interviews by Bloomberg shanali basic, it does feel like they're kind of Debbie downers most of these guys. There's certainly no ips and buzz out here. We've had a parade of CEOs with talking to Bloomberg today and it's clear from their tone and what their messaging has been that they are a lot more cautious In fact, David Solomon, the CEO of Goldman Sachs, made a point to say that while his firm zone economists believe that we will be able to avoid a recession in the U.S. narrowly next year, he says he himself is a little more pessimistic and that was clear in the messaging he put out there the talk of possible additional job cuts, the need to pay people down, it's not what you were hoping to hear and talking his book and saying, listen, guys, we're worried we can't pay you a lot this year. That was my first thought too. Being such a cynic. That's a factor, right? Because we do know that, especially Bloomberg readers know that Goldman has begun compensation conversations and it is clear that even those who have performed really well this year will be paid down because the entire firm as a whole has not done as well as 2021. Of course, 2021 was an exceptional year. But I'm going to run a little bit further away from the cynical lane only because what he said has been echoed by almost everyone else has spoken with Bloomberg today and look at the reports that are Morgan Stanley. They're cutting about 2000 jobs to percent of their work for not a whole lot. But again, job cuts in the news can not be very fun to hear. Let's go to his words because Goldman Sachs CEO David Solomon spoke speaking exclusively to Bloomberg Bassett on the sidelines of the Goldman Sachs U.S. financial services conference in the city earlier today. Check out what he told her. We're at a very uncertain time and uncertain time given we're changing monetary and economic conditions very, very quickly. And that's certainly having an impact to slowing down economic activity. And so if you're running a big financial services firm, I think you have to assume that we have some bumpy times ahead. We could see a recession in 2023 also. And so I think you've got to be cautious and prepare. That was Goldman Sachs CEO David Solomon from the firm's U.S. financial services conference here in New York City. Check out more from that interview on the Bloomberg terminal and at Bloomberg dot com. Carol, you're got a smile on your face. I'm thinking of Bette Davis. Fasten your seat belts. It's going to be a bumpy night or bumpy ride. That kind of ominous tone, but I do think about this is something we have said tree what these big banks CEOs have to say is we get ready for the next round of earnings as we get ready for the next and last fed meeting of the year. I mean, you've been covering this sector when they are so negative does it usually pan out? To some extent, yes, because I do think that they use these occasions these public appearances too shy and signal and flag what is ahead so they are preparing us for what's ahead. But I'll tell you and you guys tell me whether this read is right or wrong or actually what your read is to me the most fascinating thing in that interview was David Solomon talking about this idea that it should come as no surprise to anyone that they have to pay people down this year. That is going to happen definitively. While also repeatedly saying in that record year, in the remarks, not necessarily record deals, but this idea that there is this massive competition for talent. What's the point of saying that? Is that him signaling that there is still room for tinkering and he could still potentially tweak the compensation pool to make it look better or is he telling people who are complaining and whining? If you really want to complain, I am telling you the pay pool is going down. The market out there is great. You're free to go ahead and find a job out there. I don't know. What do you guys make of it? I like that sort of cynical view of it, but I do wonder how you explain the distance between what the firm's own economists say versus what the CEO says. It's interesting that now I am the cynic in-house. I thought that was Carol. That's unfortunate. Well, I know. Well, you know, but you have to read between the lines here. I will say the student though, I think David Solomon's always had this posture of being more cautious, even when things are going great. Through the run up we've seen in the post pandemic times every quarter they would Solomon would come out and say, it has been great. We're not certain that that base can be maintained next quarter. And yet quarter of the quarter of the quarter, these big banks performed really well. And Goldman Sachs in particular, so I personally having observed him closely for four years and not that surprised that he would strike a more cautious note than his economist. A little surprise that he is going away from the script because he tends to stick to what the economists say and often says, I don't have a crystal ball. But the fact that he was willing to be a little more downbeat was easily explained in everything else he said in the interview, the idea of the pressure and cost, the cost cuts the commentary had on the pay that kind of shows you why he would be more cautious. All right, well, having said that and speaking of cautious tones, our scenario basic also caught up at the conference with the CEO of Bank of America, Brian, moynihan, great clue in terms of how consumers are feeling as well. So here's what he had to say about inflation and higher rates. The evidence shows that yes, the economy is being slowed
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"To get a recession in the U.S. that sort of inevitable. They want to get rid of inflation. If they want to get inflation down to a 2% target, then yes, I would say there is a theoretical, soft banding runway, but it's so thin you wouldn't want to try to land a plane in a hurricane in it. May I group CEO Luke Ellis sees U.S. inflation slowing to three and a half to 4% as soon as next year. Well, Karen M and a on Wall Street's been slowing down, but David Solomon expects that to change the Goldman Sachs CEO sees a recovery in deal making next year and he's speaking about that and the current state of financial markets. Generally speaking, when we've had these periods in the past, it takes somewhere between two and four quarters. Sometimes maybe 6 quarters to rebalance. I think we're going through that rebalancing period. I think there's still a significant amount of uncertainty, but as we get into 2023 and we start to have a clear understanding of the trajectory of capital markets. Goldman Sachs CEO David Solomon made the comments that today's global financial investment summit in Hong Kong. Solomon is one of several financial leaders attending that summit Nathan HSBC CEO Noel Quinn is also there and we come up with him to discuss the impact COVID is having on the Chinese economy. The COVID is a big story because with a restriction in movement into an hour of China. It's very hard for the international community to reconnect with that economy. But it will rebound and China will open up at some point in time. But I think it is important for the economy for China eventually to find a solution to the COVID strategy. HSBC is Noel Quinn. He's Asia as a strong platform for growth. Stocks in Asia rose again overnight Karen on optimism COVID restrictions will ease. Let's get the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliet. Good morning, Nathan and Karen afternoon trade in Hong Kong was hold her due to a storm, however, the hang seng index still posted its best two day gain since March, mainland shares also climbed as investors tried to waste speculation that China may scrap its COVID zero policy. In Taipei on high shares rose despite China locking down the zhengzhou airport economy zone where Foxconn's iPhone plan is located to cut the COVID spread. At the end, strengthened for a second straight day with traders considering the risk that a hawkish fed may boost the dollar to levels that trigger fresh intervention on a Japanese holiday. In Singapore, Juliet Saleh Bloomberg daybreak. All right, Juliet, thanks Dan and China now Bloomberg news has learned that Tesla shut its flagship showroom in Beijing last month, the electric carmaker has a number of showrooms in China's capital. And the one now shuttered was in a shopping center in a residential area, for the most part, Tesla sounds cars, and online direct sales model rather than through dealerships or showrooms. In other corporate news, Karen Amazon is taking more measures to align its expenses with a slowdown in sales. We get the details
Squawk Pod
"david solomon" Discussed on Squawk Pod
"Extended interview with Goldman Sachs CEO David Solomon. I think there's no question we're tightening economic conditions relatively quickly. We're reversing what's been a very, very long period of relatively easy economic conditions. And as you do that, at some point, there's going to be a bigger impact on consumer behavior on market behavior. You know, I think we've started to see that. His recession predictions, Goldman's partnership with Apple, the company's new reorg, hey, we even cover back to office transitions. Before the pandemic, about 75% of our people were in the office on any given day of the week. Today, it's about 65%. It's all right after this. The CNBC investing club gives you access to Jim Cramer's trades before he makes them. It's 49.99 per month or get one year for two 9 9 9 9. Subscribe today at CNBC dot com slash join gym. That's CNBC dot com slash join Jim. This is squawk pod from CNBC. And today's big interview Goldman Sachs CEO David Solomon. The bank's big headline this week, a proposed reorganization. Now the plan hasn't been formally released yet, but here's what we know. The banks four divisions would turn into three, splitting its consumer finance prime brokerage initiative between two other groups. It's currently the weakest link revenue wise for Goldman. This would be CEO David Solomon's third reorg in four years, and it's not the only change that's occurred under his leadership. Famously, during the height of pandemic remote work, a group of Goldman's youngest bankers, the newest employees, banded together to create and then circulate presentation of their grievances about working at the bank. Their long hours, while the inside joke went outside, the spoof report went viral, and ultimately it did prompt pay raises for new recruits, and for their peers at fellow Wall Street firms. Goldman reported third quarter financials today, which meant it was a perfect time for us to invite its CEO for an interview. The bank came in above analysts expectations, revenue did decline, but less than expected, volatile markets, however, and looming recession fears, discouraged new companies from listing publicly, so the IPO business was quiet. If you were to look at a chart of Goldman Sachs stock today, you'd see shares popped a little on the quarterly report, particularly due to the success of Goldman's fixed income trading desk. Now this is interesting, while markets have been choppy this last quarter, traders were all over the ups and downs of the currency and bond markets. Good news for Goldman. CEO David Solomon, who champions the benefits of in person work, he made it to our set in Times Square to chat all about the latest on Wall Street. Andrew takes it from here. Joining us at new exclusive interview is Goldman Sachs CEO, David Solomon. Nice to see you, sir. It's nice to see you guys. On Saturday the table. Really happy to be here. Really? Really happy to be with you on set. We've been joking with you for years now that you're an in person guy so now it's nice to see you in person. It's nice to be in person. Nice to be with you. Let's talk about these numbers and let's also talk about the other big headline that a lot of folks in Wall Street are talking about, which is this reorg of what's happening inside the company. But in terms of the numbers, better than expected, but there's a lot of questions about what the future of this firm is going to look like. So speak to it if you could. Sure. Well, on the numbers, this was a challenging operating environment. Certainly for capital markets centered firm. There has not been a lot of capital markets activity, given the headwinds of economic activity, equity issuance debt issuance has been slower. M and a activity was still relatively robust. And I think strategic dialogs still remain pretty good at this point in time. Our clients were active though, and the thing that I'm most proud of when I look at the way our team's done over the course of the last few quarters, if you look at our market shares on our wallet chairs, we're really, we're really focused on our clients and we're really doing well in servicing them and being there with liquidity and capability and financing. You know, to meet their needs, what's a very challenging time? In terms of thinking of you though as a bill weather for the capital markets, what do you expecting in terms of the next, when you look out? Sure, over the next couple of quarters. What is it even feel like to you? I think it feels uncertain. And I think there's no question we're tightening economic conditions relatively quickly. We're reversing what's been a very, very long period of relatively easy economic conditions. And as you do that, at some point, there's going to be a bigger impact on consumer behavior on market behavior. I think we've started to see that. But I think until we have a better trajectory on the direction of economic activity, it's hard to really know where market settles. So I think it's time to be cautious. If you look at if you look at what most economists are predicting, they're predicting slow to no growth in the U.S., they're predicting negative growth across other developed economies in Europe. And so that environment heading into 2023 is one that I think you've got to be cautious and prepared to the extent that you have to place a bet on where to put your own business, meaning is it trading where you think that the growth is going to come. When you look out over the next year, to the extent there's opportunity, if there is one, what is it? Well, I think there's a lot of opportunity with our clients because our clients are resorting their position, given the fact that the world has changed. We're entering a period where there's more embedded inflation. Obviously, the fed's focus on taming that. But we're shifting the economic environment materially. I think big businesses are looking at how their strategically positioned and saying, how do we adapt to that? Scale matters a lot in an environment like this. People are shifting supply chains. It's not that everything's on shoring, but they're thinking more strategically about certain supply chains. And so as you look ahead and think about that, I think our clients will continue to be active and we're prepared to serve them. And we don't really think Andrew. We're not looking quarter to quarter. We've got a leading investment banking business, a leading global markets business. We have an extraordinary asset and wealth management platform. And all those are set up to serve clients. And this where you organization of the way we're organized really comes out of our one Goldman Sachs ethos to try to say, how can we continue to position ourselves to serve our clients better? So let's talk about that because you're going to go from effectively four units to three, the markets business gets moved into the wealth management piece of things. There's this new platforms cloud unit that's going to encompass the sort of Goldman apple and General Motors piece of the card business. Why break it up that way? So this is all really driven through this client lens that I was talking about. One of the big things that we're very proud of when we think it's really had an impact on the firm's performance over the last four years is the evolution of this one Goldman Sachs ethos. It started four years ago with taking 30 clients and saying, how can we serve them across the firm, break down silos, serve them very well. It's now expanded to hundreds of clients, but it's really become an operating ethos in the firm. And we've seen in doing that, there are synergies between our banking and our markets business. They've been operating increasingly close together over the course of the last couple of years. And when we think about our investing platforms across asset and wealth, we've wanted to really bring those together as we've been able to organize over the last few years. And so that was the lens of really doing this. The fundamentals really don't change. The leadership does move to different places, but it's the same leadership a couple of people with different responsibility. The financial targets are the same. With respect to how we're serving consumers, we really have had two businesses that we've been working on. One is a direct to consumer business. And that business, we've learned a lot over the last few years. And that's the markets business. That's the markets business. And one of the things we've learned is that our ability to align with our wealth business to go to consumers and people that are already on our platform is a strength of the firm. And that's a better place for us to be focused than to be out massively looking for consumers. So we're aligning it with wealth. And then we have our partnerships like the big card. And those are FinTech platforms. We're embedded in somebody else's ecosystem. And those operate differently. And that's a big opportunity for us. Does it indicate you've cooled at least a little on consumer that is it retrenching just slightly and realizing you want to focus on what was made Goldman great for years and three years ago it looked
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"The numbers themselves because we are going to want to see Goldman still beat on the things that they're good at, that is fixed income trading. We have Morgan Stanley bringing a 33% jump at that business. We want them to hold strong and equities because it's a time to gain share when the whole industry has been shaken up and consumer, we've been talking about it all day. You guys were talking about it this morning, those rise and deposit rates at Goldman have been higher and you are seeing numbers come out now as we speak. So let's take a look at those. But really, to your point here, they have been spending more for those deposits as they build this business. Are they going to see that as something that was worthwhile or something that they need to change course on? I'll pick up a couple of the numbers. And you can get digging into it as well. So third quarter investment banking revenue $1.54 billion, the estimate 1.63 billion. Third quarter training revenue 6.2 billion, the estimate 5.69 billion. If you break that down between equities and fick, let's do equities first. Equity sales and trading revenue 2.68 billion the estimate 2.65, looking at fick here's finale sales and trading revenue 3.53 billion the estimate 3.04. So that strong beat, right? That's what I was talking about right there. And as they consolidate those trading and investment banking businesses, you have them coming in stronger than their rivals. And I think that's where the robber hits the road for Goldman Sachs. Now, again, they are putting out all those details on what that new business looks like. I think this will take a while today for the market to absorb. As David Solomon walks the market through those numbers because again, what does this mean for the future of Goldman Sachs? You are looking at revenue coming in above expectations. You're looking at ROE also coming in above expectations really matching that of Morgan Stanley. They are more efficient than Morgan Stanley, typically, but again, if they're making the same in terms of returns, what is the market going to prefer? Very quickly here. We're going to come back after we digest these numbers as well. I look at the long-term track record and it costs four or 5, 6 managements. Big banks outperform Goldman Sachs. His Goldman Sachs been a decade or two decade underperformer. I mean, you're looking at today, it trades at less than price to book. Wells Fargo is even more than that time. Wells Fargo trades at a higher book. Yes. That's stunning. Exactly. And all the problems that it has and still has, you are still seeing them trade higher than Goldman Sachs that does not have half the regulatory overhang today than it did have 5 years ago even. So what is it that the market is not latching onto with Goldman Sachs? You are seeing the market now rewarding Goldman for those trading numbers really again much stronger than all of its peers. So they're not showing just a strength in a tough market. They're showing market share gains. I should note, thank you. Stick around, Lisa, upper back 2% in the free market. How much does this gave David David Solomon a bit more lifeline to build out his vision? We'll continue building out these numbers for you in
AP News Radio
Flaherty solid in return to Cardinals; Sánchez, Nats win 6-0
"Animal Sanchez pitched 5 scoreless innings in CJ Abrams went four for 5 as the Washington Nationals beat the Saint Louis Cardinals three nothing Monday afternoon Jack flirty allowed one run on 6 hits and 5 innings for St. Louis and his first start since June 26th It was where this did the position that the team has put us in to be in the spot that we're at and the chance that we have going forward to make a run at this thing In fun watching me it's more fun to be a part of it St. Louis leads Milwaukee by 7 and a half games in the NL central David Solomon St. Louis
AP News Radio
Goldschmidt, Pujols lift Cardinals to 11-3 win over Reds
"Paul Goldschmidt hit his 20th home run of the season and drove in three runs to help the Saint Louis Cardinals beat the Cincinnati reds 11 to three Saturday Miles Michael is allowed to lead off home run to Jonathan India but otherwise blank the reds on three hits in 7 innings Goldschmidt's second inning home run was the 300th of his career It was a good day You know I had a Homer help us win but it's not like it's a goal or anything like that so I'm glad I could help us win And try to play tomorrow The Cardinals have won two in a row and entered play two games behind Milwaukee in the national league central division David Solomon St. Louis
AP News Radio
Goldschmidt, Carlson homer, Cards send Pirates to 7th loss
"The Saint Louis Cardinals rallied from a 5 zero deficit with 7 unanswered runs to beat the Pittsburgh pirates 7 to 5 Monday night Paul Goldschmidt hit a go ahead solo home run in the 7th inning and Dylan Carlson hit a three run Homer to cap a 5 run 6 spinning Brendan Donovan hit a two run double in that 6th inning and says the team's persistent offense never stays dormant for long I think we're having quality at bats and some balls hard They just weren't falling and just kept grinding and try to get them out of there and then luckily we got to go on off the bolt then But I think that's a testament to us but don't give in We just keep fighting and think that's the identity that identity over offense The cardinal city game ahead of Milwaukee atop the national league central division David Solomon St. Louis
AP News Radio
Gorman's 2-run homer, 3 hits lift Cardinals over Padres 6-3
"Nolan Gorman and Paul Goldschmidt each hit two run home runs to lead the Saint Louis Cardinals to a 6 three win over the San Diego Padres Monday Goldschmidt's 11th home run of the season in the 7th inning extended his hitting streak to 21 games His 31 RBIs during the streak ties Stan Musial for the second most during a hitting streak in franchise history Goldschmidt says the individual feat isn't his top priority Anytime you know you can hear that that's a huge compliment So yeah it's not on my mind just like I said should I do my job try to play well help us win And whatever happens after that side of my control Andre Pelant allowed one run in three and a third innings of relief turn his first career win David Solomon St. Louis
AP News Radio
Thomas scores twice as Blues beat Rangers 6-2
"Robert Thomas scored twice as the St Louis blues beat New York Rangers sixty two Thursday night to snap a four game losing streak Ivan Barbashev Jake Wallman David Pridham Randall Reilly also scored in Philly who so made twenty seven saves and says the blues needed to put the losing streak in the rear view mirror we are lucky that I was only you know a couple games and and I'm we just need to get better every day and every game and not just you know every game matters right now and big points every night so we just need to quit crying and get those wins your sister can give up four goals on seventeen shots before being pulled early in the second period as the Rangers lost their second in a row David Solomon St Louis
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"The movement market Should I send a dozen roses to chairman Powell will that work I'm sure that would work Thank you I think that would cheer him up Lisa brabant and Jonathan farrow futures down a tenth of 1% from New York City On TV at radio this is Bloomberg Now with the latest news from New York City and around the world here's John Tucker Tom John and Lisa Russia says it's returning more troops and weapons to bases but NATO says it sees no sign of a drawdown as fears that Moscow could invade Ukraine soon persist Russia has amassed about 150,000 troops east north and west of Ukraine A major Wall Street firm still grappling with how to bring employees back to the office as we come out of the pandemic for Goldman Sachs CEO David Solomon he says in person offices will always be imparting port to important part of the bank's identity Let's get that story this morning from Bloomberg's Charlie palette Speaking from the pivot MIA conference in Miami Beach Solomon said The Office was particularly valuable for the development of employees in their 20s who make up about half of the firm He noted that Goldman has established a presence in cities across the U.S. including in South Florida but he said the pandemic will not prompt the Wall Street giant to provide jobs that can be done from remote locations such as Jackson hole Wyoming In New York Charlie pellet Bloomberg radio and Disney is dropping its mass mandate for fully vaccinated gas at its U.S. theme parks starting tomorrow face coverings will be optional both indoors and out and Walt Disney World in Florida and Disneyland in California Mass will still be mandatory if you're not fully vaccinated There's a new big money maker on campus Stanford University is edged out Harvard as the country's biggest college fundraiser The California institution raised 1.31 $.39 billion last fiscal year about 10 million more than Harvard University But the only two schools that raked in more than a $1 billion last year rising stock markets helped drive donations last year Live.
AP News Radio
Walker's 1st hat trick lifts Blues to 6-2 win over Red Wings
"Nathan Nathan Walker Walker earned earned his his first first NHL NHL hat hat trick trick in in his his season season debut debut as as the the St St Louis Louis blues blues beat beat the the Detroit Detroit Red Red Wings Wings sixty sixty two two Thursday Thursday night night Walker Walker was was called called up up under under emergency emergency conditions conditions Wednesday Wednesday and and had had three three goals goals in in twenty twenty five five previous previous NHL NHL games games Charlie Charlie Lindgren Lindgren made made twenty twenty nine nine saves saves to to win win his his first first NHL NHL start start since since March March seventh seventh of of twenty twenty twenty twenty with with the the Montreal Montreal Canadiens Canadiens former former blues blues forward forward Robby Robby Fabbri Fabbri scored scored both both Detroit Detroit goals goals as as the the red red wings wings have have now now lost lost their their last last two two contests contests after after having having won won five five in in a a row row David David Solomon Solomon St St Louis Louis
Squawk Pod
"david solomon" Discussed on Squawk Pod
"And that gives you direct access to APIs and such into the dataset that is Goldman Sachs. Joe's got a question for you. Andrew, I know you got a lot of places you want to go. We get David. It's good to see it. We could do this for probably longer than an hour. But just real quickly. So rates are probably after years of what we've seen. Probably headed the other way. Someday, art is Goldman Sachs factoring in a lower average return for equities over the next three or four years than we've seen for the past three or four. It's just a simple question. Do you think it has to be that way? Are we back to like mid single digits maybe? So Joe, I would never say it has to be because it has to be is stronger than I would make it, but it's certainly we would expect that we're not going to see the same rate of returns in equities and many other assets over the next few years that we've seen over the last couple of years. It's been an extraordinary disruption in markets and in the context of that you've seen some skewed results. And so I'm not a believer that double digit equity returns compounding in perpetuity is something as an investor you should expect. I've been involved in a number of investment committees and charitable foundations, college board, et cetera, and certainly my mindset is the returns we've received over the course of the last three to 5 years are different than what we should expect as we go forward from here. What we have here also wanted to ask you a little bit about China because it's a controversial topic, Goldman Sachs has spent a lot of time trying to build a business and you are committed to building a business in China. And yet we're at this moment where a lot of people are looking at the human rights issues that are taking place in that country, and thinking about what is the role of an American business, oftentimes vocal American businesses here.
Squawk Pod
"david solomon" Discussed on Squawk Pod
"Thanks for joining us. I know you have been somebody who thinks it's really important to be in the office. So I'd like to ask where you think the majority of office places are going to be. Let's say a couple of years from now, maybe when the job market shifts a little bit and it's not quite as competitive. And will those offices be in places like New York City? So first Becky, it's great to see you and appreciate you're having me on. I think this is a complex question and my view on this and I talk to Andrew about this a couple of months ago when we were together an event. I've been very focused on Goldman Sachs and what's right for Goldman Sachs and what Goldman Sachs needs to do to continue to serve its clients and be super competitive in our business. For our organization, which is an organization where 50% of the people work at Goldman Sachs are in their 20s, we need to come together. We're an apprenticeship culture. We collaborate, and we need to come together. That doesn't mean that there can't be flexibility. That doesn't mean the technology can't lever. That flexibility, but generally speaking for our organization, we need to come together. I think in most businesses, collaboration is important, but every business has to determine what's best for that business to serve their clients or other customers to compete to retain their talent. I'm talking to a lot of our employees in their 20s, they don't want to be sitting at home at a small apartment. They want to be with other people their age. They want to be collaborating. They want to be learning. They want to be in touch. And so every company is going to choose its journey along a path to how to get back to work. I'm not good. I don't have a crystal ball to say where everyone comes out. But generally speaking, we're social creatures. And I'd be cautious about interpolating forward a permanent state based on what we see at the moment. What about New York City? Well, I think in New York City, one of the reasons why I'm an advocate here in New York City, I think it's very important for the economic vitality of New York City to get people back into the city and get people back working. If you go through midtown during the day, it's getting a little bit better, but think about all the small businesses and all the organizations that are still under enormous pressure because we don't have that economic ecosystem where people come during the day. So I think for big urban centers, they have to be attractive, you have to bring people in. There's got to be a balance. I think technology allows more flexibility, but generally speaking, you know, I think it's important for New York to continue to bring people together. And I think one of the strengths in New York is that young people want to be here. And I don't think young people want to be locked in their apartments. I think they want to be here, they want to participate..
Squawk Pod
"david solomon" Discussed on Squawk Pod
"Broadly. The oma crown variant, investor returns in 2022, and what the Wall Street veteran thinks about getting back to the office. For our organization, we're 50% of the people who work at Goldman Sachs are in their 20s. We need to come together. We're an apprenticeship culture. We collaborate, and we need to come together. And the markets seem to be moving past fears of the severity of the latest COVID variant. However you say it. I'm going to stick with a. You guys can do omicron in a micron. I prefer a Macron. If you're going to give me the go ahead for that, I'm going to do it. People on fraternities have been lecturing me. I won't say who. Plus, the rest of the stories that got us squawking today, COVID drug and Elon Musk on EV legislation. He's not into it. It's Tuesday, December 7th, 2021,.
AP News Radio
Faulk, Blues jump on Golden Knights in 1st period, win 5-2
"The seamless please scored five unanswered goals after falling behind early to beat the Vegas golden knights five due to rain Riley Tyler Bozak Justin Faulk Brandon Saad nickel Michaelis scored to give St Louis its second win in its last six games fox goal the game winner was the one hundredth of his NHL career Chandler Stephenson Reilly Smith scored in the first seven minutes as Vegas lost for just the second time in its last seven contests St Louis sits one point behind central division leader Minnesota David Solomon St Louis
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Hi everybody Good morning to our listeners in the Asia Pacific Good day if you're tuning in from somewhere else around the world This is a global platform I'm Brian Curtis in Los Angeles And I've done prisoner at the Bloomberg interactive broker studio in New York Now 9 in the morning in Tokyo we've got the equity market up and running with an EK weaker by about three tenths of 1% the decline here being paced by energy stocks We had a big drop in crude oil here in New York WTI down about 3% to 78 36 We'll be talking more about the oil story momentarily Right now 78 31 in the electronic session In Seoul the Cosby has yet to begin trading and in Sydney we've got a push higher right now for the ASX 200 consumer staple shares leading this advance the entire group up about 1% All of this after a downdraft in U.S. equities a lot of the market psychology seemed to be dominated by this worry over rising inflation That would obviously precipitate maybe a shift in Central Bank rate policy So this degree then after you consider the fact that higher rates are probably in order you got to can then consider the negative impact that they would have on growth Goldman CEO David Solomon was telling us from the Bloomberg new economy forum that the case is that rates will move up and that will take some of the exuberance out of certain markets For the moment though the focus today in the states was on in terms of eco data construction data for homes which showed a little bit of slowing in the month of November and as a result of that we had a drop in yields a ten year treasury falling about four basis points to one 58 We are now one 59 in the Tokyo session but those inflationary pressures continued to dampen the outlook for corporate profits after target warned of creeping cost pressures We had the Dow down 6 tenths of 1% S&P and the NASDAQ each week or by about three tenths of 1% Another look at markets in 15 minutes Brian And as you mentioned the big drop in oil and that's partially because of looking for a lot more supply coming Again as Doug mentioned WTI now at 78 29 a barrel President Biden and president Xi discussed releasing oil from their country's strategic reserves Bloomberg's anarchy to knocker tells us why this is a significant move The U.S. has been asking for private channels India Japan South Korea China to get on board with a coordinated sci-fi What's a significant is that they actually did it during the identity sum at this time They discussed it They haven't decided whether they will do it or not And China has already tapped its reserve It's done so at least twice this year Beijing has also released gasoline and diesel from a separate reserve A lot of news after the bell here in the U.S. and video with an upbeat forecast on revenue for the current quarter Companies looking at sales figure of around 7.4 billion analysts were only expecting around 6.86 billion so a beat on that front We spoke earlier with Dan Morgan He is a senior portfolio manager at synovis trust He told us the positive forecast is a reflection of invidious expansion into data center semiconductors That data center group is expected to post revenues of about 2.693 billion that would be about a 41% increase We think of Nvidia We think of gaming That's where their core businesses but they've moved into artificial intelligence and also into the data center space They make the chips that go into AWS and Azure and GCP And that's the exciting part of their business Well over the last 8 quarters Nvidia has averaged revenue growth of around 57% and that has helped to put the company's market cap above $730 billion I'm looking at Nvidia shares right now in late trading Brian up about 5% All right coming up in a few moments Sylvia jablonski will join us for her take on market Sylvia's CIO of defiance ETFs the time now 5 minutes past the hour time for global.
Bloomberg Radio New York
"david solomon" Discussed on Bloomberg Radio New York
"Activists that says actually we have the energy prices but it's also a good excuse for big banks big companies big finance to delay the transition So to go through a transition but actually not as aggressive in stopping for example funding some of the fossil fuel companies I think this is all balanced and I've said clearly that Goldman Sachs is going to be in a position where we're going to be doing business with fossil fuel companies and financing certain fossil fuel companies but it's a direction of transition We want to be in business with people that are investing in their transition We want good public policy I said to you earlier we have to put a price on carbon In my opinion because that will allow us to therefore accelerate the transition But all of this is a balance The most aggressive point of view on the transition and the least aggressive art right it's a constructive partnership between governments and the private sector to make sure we protect our society and get capital into technologies that can evolve and help us make the world greener And I firmly believe that something we can do but it's something that's going to require a lot of focus and a little bit of patience but with appropriate intention and energy and commitment And we certainly have that What happens if cop 26 is a failure I don't see it as I don't see it as black and white as being a failure I know the prime minister was asked this morning What do you expect And what's a win I think part of this and I think this is one of the constructive things about being a part of the session here Today this global investment summit and I know it will be the same with cop 26 You need to create dialog People need to have debates We have to be willing to debate discuss learn and therefore make good policy decisions as we move forward And this is all constructive part of the process So I see the fact that these dialogs are occurring is pushing us forward I think that's a very very important part of the transition journey that we're on But it's not a yes or no to me that there's a winner of failure This is going to be a process that we're all invested heavily in Thank you so much David Solomon I want to ask you about your music but we'll have to do another time.
AP News Radio
Tatis Botches Popup, Cards Beat Padres 8-7, Win 8th Straight
"The St Louis cardinals expanded their lead in the race for the second National League wild card spot with an eight seven win over the San Diego Padres on Sunday card starting pitcher J. A. happ says he believes his team can be a force to be reckoned with this postseason we feel good about the way we're playing right now and you know a confidence can be a scary thing and when you're you know playing right at the right time of the year that sometimes I can go a long way the cardinal scored five runs off J. carry out in the first inning before he left the game with a strained right groin the cardinals have won eight straight games for the first time since August of twenty eighteen and they now sit three and a half games ahead of the Padres and three games ahead of the Cincinnati Reds in the wild card race David Solomon St Louis
AP News Radio
Smith's OT goal lifts Golden Knights to 5-4 win over Blues
"Reilly Smith scored a power play goal in overtime to lead the Vegas golden knights to a five four win over the St Louis blues Friday night Marc Andre Fleury made nineteen saves hours after being removed from cover nineteen protocol did what was determined to be a false positive test Smith says this knights team is well equipped to handle the challenges of plane during a pandemic group it is pretty good I just expecting the inevitable this year you know you never really know what's gonna happen the next day and we do a good job rolling with the punches Vegas sits atop the west division with thirty five points two ahead of St Louis in Minnesota who have each played more games David Solomon St Louis
Tom Sullivan
Goldman Sachs CEO slaps down 'aberration' of remote work
"All in one. Well. Many companies, especially tech firms are planning to make remote work permanent. Goldman Sachs. Once people back in the office CEO David Solomon considers all virtual connection and aberration that interferes with proper collaboration that innovation, especially at the intern and apprenticeship level during a Credit Suisse Virtual Financial Services forum, Solomon
AP News Radio
Chychrun scores twice as Coyotes beat Blues 3-1
"Jacob checkered scored twice in Clayton Keller scored as well believe there isn't a coyotes to a three one win over the St Louis blues Saturday Darcy Kuemper made twenty four saves for the coyotes who scored on two of seven power plays this was the third of four straight matchups between the teams in St Louis the boys in coyotes had their originally scheduled games for the weekend postponed due to covert nineteen issues with Colorado and Minnesota Saint Louis remains in a tie atop the west division while Arizona improved to five five in one David Solomon St Louis
WSJ What's News
Goldman Sachs CEO David Solomon gets $10 million pay cut over bank’s role in 1MDB scandal
"A securities filing shows goldman sachs chief executive. David solomon had his twenty twenty pay cut by ten million dollars as part of the fallout from the one. Md be scandal last year. The bank admitted that it broke. Us laws in its dealings with an investment fund at the heart of a global corruption ring. Wsj's peter rudy gear gives some context. Goldman sachs helped arrange bond sales totalling about six and a half billion dollars for one. Md that's a fund run by advisors to the malaysian government set up under the auspices of public works projects for malaysia. That fund was according to prosecutors became a piggy bank for different bribes to be paid to politicians in malaysia and abroad. Now last year goldman sachs reached a settlement with regulators in a couple of different countries that resulted in them paying about three billion dollars to avoid any further investigation or legal liability and part of that goldman agreed to take back some of the compensation it had paid executives in the filing the bank said salomon and other executives weren't involved in or aware of the firm's participation in any illicit activity adding their pay was reduced because the bank's board viewed the one. Md be scandal as an institutional failure
NPR's Business Story of the Day
California - A Push To Get More Women On Corporate Boards Gains Momentum
"When Silicon Valley based desktop technologies invited. Susan Udaya Kumar to join. Its all male board. Last year. She had no idea. California had just passed a gender quota. She says she and ADESCO were a perfect fit. The board south is very welcoming and they wanted a different perspective on the board. She's a CEO in Canada with a background in the Internet of things or Iot. Which means things like? You're smart speaker or your Internet connected. Doorbell. A have the IOT experience. That background is there from you so. I'm actually being asked to give my voice quite a bit lately. A lot of accomplished female executives have gotten similar calls out of seventy five major California companies. That had no female board members. Two thirds of them. Now have at least one and now other states Massachusetts Washington and New Jersey are introducing similar legislation. Shannon Gordon is the CEO of the Board List. A database that companies can search to find female candidates we saw an increase in the number searches overall. And so I think it was kind of this halo effect because the topic has been discussed so much more in the last year or two companies are gonNA coming around to to the value. Ulster versity on forests. Multiple studies have shown companies with female directors are more profitable in January. Goldman Sachs CEO. David Solomon turned heads when he told. Cnbc would stop taking companies public unless they have at least one diverse board member. I look back at. Ipo's over the last four years and the performance of IPO's where there's been a woman on the board in the US is significantly better than the performance of IPO's where there hasn't been a woman on the board and his announcement. Salomon cited his experience with his own Board. Goldman Sachs with four women out of eleven. We have a black director at. I really value the diverse perspectives. I'm getting which helping me run. The company to California law hits companies. That don't have a female board member with one hundred thousand dollar fine. Critics have lodged a handful of lawsuits claiming that's discriminatory and unconstitutional anesthesia. Boden is senior counsel at the Pacific Legal Foundation which is suing on behalf of a male shareholder in California. The law suits the fourteenth amendment's promise of equal treatment before the law and it actually forces people to make decisions on the basis of sex but some female board members say companies. Need strong nudge like California's law to change business as usual former dupont. Eeo Ellen Coleman is one of the four women on the Goldman Sachs Board. She says companies have long chosen board members based on their network of friends and acquaintances match. Where I think. The history has led to mostly male boards. 'cause if it's word of mouth and you ask them in historically if given a lot of names of other men. Komen now serves on four. Boards is doing something to crack the old boys club. I'm not taking on any more boards. I've got plenty but if people come to me with opportunities I WANNA be able to point to four five six different women that would be phenomenal for their board. Depending on what they're looking for and many California companies could probably use the help. The State Law is now pushing companies to go beyond having just one woman on a board by the end of next year the quota increases and so will the fine
AP News Radio
Predators top Blues 4-3 on Granlund's power-play goal
"The the Tampa national Bay Lightning predators make bounce it ten straight back after behind blowing some spectacular a two goal lead play to defeat by their netminder the defending Andrei Stanley vessel Cup champion Leschi St defeating Louis blues the Philadelphia forty flyers three five after three Saint Saturday Louis used that's a three lets goal you second finished period with thirty to tie saves the game and continues at three to lead the Mikhail NHL Granlund with thirty two scored wins his fourteenth police of the season goals on came the third from I've period been Prokhorov power play James van Riemsdyk predators and right Claude wing Giroux Victor Arvidsson two on the power says play in he one and his with teammates their goalie pulled should be overwhelmed rating points by goal any in the third opponent period we would know be we the game can beat winner any team Alex we is killorn gonna continues to have a career play the season right way getting in is twenty second to open and the scoring out on Cedric last Paquette week when Carter it comes breaking down to we have the a kid lot Kucherov of town this also room scored a lot for the lightning of skill and Baltimore's account a lot of great Tampa players St Louis is two six and three in its last eleven games is allowed at least three goals in each of those contests David Solomon Saint Louis
Squawk Pod
US companies suspend China operations, restrict travel as coronavirus outbreak spreads
"Up on today's podcast around up of what global CEOS are telling. CNBC about the corona virus outbreak Kevin Johnson. CEO of starbucks. They were now managing a very dynamic situation in China related to the Corona Virus Lisa sue CEO of amd which is a US chipmaker with a the big business. Partnership in China the company produces microprocessors including the ones in the Sony and Microsoft Game Consoles. You probably have in your living room in our from our standpoint. One point You know we're taking Precautions in our facilities in China to make sure that that is You know well a well protected Jim. Fiddling the CEO L. of chemical giant. We've seen some demand pull from corona virus on things like cleaning materials disinfectants Like you would use in household cleaners non non woven for masks and wipes and those kinds of things Amazon also on edge. The company announced that it's restricting employee travel to and from I'm China until further notice and David Solomon CEO Goldman Sachs was on CNBC this week and voiced. His concerns were very focused on it. Because we have we have a couple couple thousand people you know right there in the region and we're obviously very concerned about those people about their families etc.. I think it's too early to say you know where this will go. We obviously have a a lot of people working from home and are restricting travel Like many companies but we're watching very closely and obviously concerned for our people aren't doing everything we can to help them. Protect after the Federal Reserve's two day policy meeting this week chairman. Jay Powell held a news conference during which he addressed the impact of the virus on the global economy Uncertainties about the outlook remain including those posed by noon corona virus. To very serious issue. There is likely to be some disruption activity in China and possibly Sibley globally based on the spread of the virus today in the travel restrictions and business closures that have already imposed of course the situation is is really in its early early stages and it's Marianne certain about how far will spread and what the macroeconomic effects will be in