36 Burst results for "Goldman Sachs"
Fresh update on "goldman sachs" discussed on Jill Schlesinger on Money
"Back to the show your back. It's Jill on money and we are so lucky because we had booked this guest earlier in the year. When I was shocked it Bitcoin rising above 30 35,000. Now recently, it's gone about 55,000 so lot of attention about Bitcoin, and that is why I'm so happy that we've got Dan Roberts, editor at large of Yahoo finance in this part of our interview we're talking about The regulation of Bitcoin and other digital assets. Who's doing it? What does that mean? For the future of Bitcoin? We talk about it. Here's the end of our interview with Dan Roberts. There are big quarters who love that it's unregulated. But as it goes more mainstream, the big Wall Street investment firms and regular retail investors. They want regulation and regulation is coming, baby And the question is, you know, is it good for the space or bed? Will it impinge on innovation? Or will it allow it to go more mainstream, So I'll give you example. We just had a guest Are ya who find his life shows from a company called Block Fi and, of course coin bases, one of block five investors. Block five is a savings account, but they pay you your interest in Bitcoin or in any one of 10. Other Cryptocurrencies you choose. You can get it in Gemini dollars if you want. You could get in either, which is the digital currency of a theory, Um, in the number two largest crypto currency, But it's not FBI, See, ensure So there's a risk there. I mean, if you want to quickly accumulate Bitcoin, and it's a way to get more Bitcoin without just outright buying it. You can set up an account with block fi and deposit a bunch of money with them, and then you'll earn interest in Bitcoin. But You might not trust it because it's not like you know Ally or Marcus, my Goldman Sachs or chase. It is regulated by the NY DFS, The New York Department of Financial Services because its partner, it's exchange is Gemini and Geminis regular. But in my defense, but point being a lot of these new ish platforms are offering various investment vehicles. Ways to get into Bitcoin without just outright buying the coin. But there's a lack of regulation. But increased regulation is coming, so we'll see how fast it moves and how fast it goes mainstream. It depends. What's your appetite for risk? Is the idea of future inflation. Also, some fuel for you know, gold already ran. Now let's do big. Quite. It's just it becomes another. Could it become another opportune percent in as my crazy inflation slash if the world goes to pot trade? Absolutely. And someone said already there now, Of course, it's very volatile. But if you actually look at a price chart of Bitcoin and we have, you know Price chart on Yahoo Finance. That'll do this for you nicely. If you expand out and click five years, you'll see that even though there have been two or three what looked like on the chart Big crashes adjustments corrections. In that five years. It's up huge. You know, the line kind of goes up up up, then in 2018, as we've discussed, it staggers down, but not all the way down. Then it goes up up up again, and it's spiking right now. Now, of course, that suggests that Sometime this year, There's gonna be a peak and then a big Correction again, But my point is, over time It goes way up. It has gone way up. It has been a very good investment. If you were to buy in years and years ago if you're willing to buy some and hold onto it, and you're not speculating and you're not short term. Then it has been historically a good investment. I can't speak to the future and what happens next, But that is what people are saying, a hedge against inflation. Maybe you put 2 to 5% of your portfolio in and of course, the pandemic related to the idea that it's a hedge against inflation. The pandemic has been very good to Bitcoin because the argument is that as you look around, and governments and central banks are pulling various levers, you know the Fed And issuing stimulus checks. All of this serves to reiterate the coins appeal As quote unquote digital gold. They can't just print more of it. There's no quantitative easing with Bitcoin. There's no centralized power that can cause inflation. Bitcoins supplies Captain 21 million coins, which, of course we're not there yet. So new Bitcoins are still being created. But there will never be more than 21 million. And so that is its appeal. It's scarcity. So I don't want to go crazy with this for sure. I really don't want people to like a what I want in on that. But you know, I can't help but go into my old commodities trading life and think you know, I could see how someone wants to sort of Dip their toe into this, So our message, as you conclude would be to be careful toe only allocate the amount of money that you don't really care about. So you think that the safest way for people to do this is through one of these exchanges, whether it's Germany or something else so that they don't have to worry about You know, miss placing their various pass codes, right? Yes, I think if you want to dip a toe in and put a small amount, maybe you say I'll buy $1000 worth and by the way, if you had done that a month ago. You'd be way up. You know you have 2000 and change. That's to use a U. S based Bitcoin exchange site. And there are a few you know, you mentioned Gemini. I talked about coined based there. A couple others by Nance is the biggest one in the world. But it is not based in the U. S and has had some issues at times, but just let them hold on to it. On and again be careful. As with any investment, you know, And I'm not even by the way you unnecessarily telling people to buy some, You know, we don't do that Yahoo Finance button. I would say this. A colleague of mine, Rick Newman, Way back in the 2017 Serge. He wrote a fun post. That just said. It's fun to own Bitcoin. I mean, you know for forget whether you know it's It's your savings on.
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
'Operational error' causes Fed payment system to crash
"Went down this afternoon, according to a website for payment services operated by the central bank. Spokesman says quote a Federal Reserve operational error resulted in disruption of service in several business lines, THEA outages widespread across the payment systems maintained by the central bank. Including the vital automated clearing house system, known as Fed a CH and the Fed wire funds. Interbank transfer service. Goldman Sachs shares up now by
A new way to invest that doesn't involve buying stocks hyped on Reddit
"So lately. All the buzz his been about well. Bitcoin and other crypto currencies. Bitcoin recently fifty thousand dollars a bitcoin and people who've been buying the stocks that are being touted on read it and it was all that mess that went on with Game stop and other stocks. That went up like rockets and then like rockets can do crash back down to earth and my son is in this investing group at school. He's fifteen and they're investing not real money but they all have their stock portfolios and wanna read you to texts from him from this morning. They're really funny. Is said in the last nineteen minutes. My stock portfolio dropped by six sixty. Then he texts me eight minutes later and these eh. then it went up by eight hundred dollars. And i the other night. When he was trapped. In the car with me i started boring. I'm trying to talk about how my philosophies investing work very differently than matt worrying about day trading and options and all. That was going to happen up to the minute and if you thought a father could be more irrelevant to sun then i was that minute you you couldn't be no interest in anything i was saying because to him. This is sport and that's what investing has been of late call. Investing is really speculating. And that's not my thing. I mean i'm the dulles person alive and i invest in a dull way because the ideas i wanna make money over time and so. That's why i get excited about really accessible. Investing opportunities for small investors did allow you to build reasonable wealth over time instead of trying to get the quick score and my son's a sharp kid hill. Eventually get it and will not that. It matters what you're buying and selling minute by minute. And by the way he's asked me if he can have a real investing account. Will you know you'd have to have what's called a custodial said yeah yeah where where you were the pretend owner but i'm the one doing the investing and i don't know what to do you know. Give them a couple of hundred dollars and let him play. And maybe learn the value of term investing. But you know it fifteen. What is long term. That's like three days from now. It's hard to explain a concept where you build wealth over time well do you know goldman sachs is goldman sachs is for rich people like crista. People was massive amounts of money. Who work with a personal financial manager. Who handles their money for them. That's right krista. That's what you do with your millions. Yeah no no okay. So there are. There are very wealthy people. That's what they do and goldman sachs has been doing some stuff lately that doesn't fit at all their historical pedigree They're the ones that issue the apple card for people that have the apple credit card and they have Savings accounts and all that kind of thing with no minimums will now. They've launched some cold. Marcus invest which allows people to use goldman sachs incredible financial analysis investment analysis till build robo investing portfolios for you using very low cost funds. And this is something you would ask somebody. Ten years ago if goldman sachs would ever being looking to provide investments an investment advice to everyday ordinary. People they'd say you're crazy. That will never happen. Well they're not doing what fidelity investments does where a dollar is enough to open an account many cases schwab one hundred dollars. They're doing what vanguard. Does you have to have a thousand bucks to open an account but once you have that thousand you can get advice that is tailored to your personal financial goals and outlook. The money can be and a retirement account or an investment account use what are known is exchange traded funds. Etf's and typically for the advice and the investments you pay roughly a third of a percent per year for them to handle your money. So i guess ten thousand dollars be thirty five bucks a year. Is that right. I think that's about right. three dollars. Fifty cents on a thousand. I think that's right so this is an opportunity for you to do. Investing through the nation's big boys big money houses and their whole business plan is pretty similar to what you'd have if you were with Betterment or wealth front that really started this whole investing idea. And i'm sure neither of them are very happy the goldman sachs through. Marcus invest is playing in their ballpark.
Closing prices for crude oil, gold and other commodities
"Mo Tech gas prices moving up and expected to go even higher as the price of oil is expected to get up to around $75 a barrel, according to analyst at Goldman Sachs. Today, they see the global benchmark Brent crude oil hitting that level by the third quarter, basically $10 above their previous forecast. $70 by the way for the second quarter right now. Crude oil futures in New York covering Europe $61 a
$15 Minimum Wage Would Cut Jobs, Reduce Poverty, CBO Study Finds
"It's a major flashpoint for politicians should the minimum wage be increased to $15 an hour as president Biden has proposed, the nonpartisan Congressional Budget Office has weighed in and the highlights just how difficult a decision this is. The CBO says raising the minimum wage to $15 an hour would cost 1.4 million jobs over the next four years. But it would also lift 900,000 people out of poverty. Goldman Sachs estimates the chances of raising the minimum wage to $15 an hour is unlikely and predicts a 10 to $11 range will be approved.
What the pandemic has revealed about the real value of college
"We've got a moment. We're in crisis. Can we do better. Ron lieber is asking that very question in his new book. The price you pay for college is the author of the new york times personal finance column your money ron for years and years and years. We weren't thinking about the price of college the value of college. Is it worth it. Well i think you have to start by asking yourself what college is right. what is college for. I wasn't sure what the answer to. That question was so i asked you know scores of families and i heard the same things over and over again colleges for getting an education for having your mind grown in your mind blown. It is for kinship. It is for finding the people who will carry you through life. It is for getting a credential whether it's the gold plated one that will open doors or just the degree that will allow you to grasp hold of the middle class and hopefully stay there and so in order to answer. The question of whether college is worth it. You need to find it for your individual family that we as a nation can dictate for any given individual but then how did we get to this place right. My dad worked in the summer and put himself through school and had a tiny bit of debt. After how did college get this expensive. There are so many more things pulling on our household incomes than there used to be. We are entirely responsible in most instances for our own retirement. We're paying more and more out of our own pockets for healthcare. Many people are paying off their own student. Loan debt well into their forties or fifties right so people don't have the same kind of disposable income as they might have earlier states have reduced their subsidies towards higher education which means the price of the state schools has gone up and the private institutions. They've gotten more and more expensive so the middle class. There is being squeezed. This whole idea of i want to go to a liberal arts college and better myself and in the world is will be. My voice. teacher is kind of an antiquated thought. Sure i'd like to enrich myself but not if it's going to put me in hundreds of thousands of dollars worth of debt. I remember when i was a senior in college. I went to lehigh and lee. Could absolutely help you on the career services front. If you wanted to go work in an accounting firm or be an engineer i wanted to work in investment banking so i drove to new york city with my mother and i stuck into the career services office at columbia university and i borrowed these giant binders. That had every piece of information that you needed for every bank every financial institution so you could apply for the summer internships. Now i went to the photocopy machine to start and you needed to have a school. I d to use the photocopier. I got caught. And i got kicked out the reason i bring this up. We send these kids to college but the best jobs are directly linked to only a few schools. So do we need to start looking at. Here's a college. What is the job. My child is going to get on the other side because otherwise they will be sitting here in hundreds of thousands of dollars with a debt. Yes to all of that first of all. That is the most bad ass career services story that i have ever heard your description of this as quote unquote best jobs right. I mean it is true that the best jobs in investment banking very narrow feel from certain institutions. Right unless you beat down the door but are those. The best jobs in america are the best jobs for anyone. Goldman sachs's is hiring. All these people in salt lake city now do not come from columbia and harvard and stanford mit. So then we have to ask ourselves well. These are iconic jobs in in certain social classes but are they really the best jobs out there for any given twenty two year old. I don't think so. Before the pandemic we knew there was a skills gap in the united states. We were at full employment yet. We had millions of americans who are not making enough money to support themselves. We had people who had jobs but good enough jobs. But you hear people making that argument saying you cannot afford to support yourself and your family working in a fast food restaurant but that job was never intended for someone who has a family to support. Is there an opportunity to actually create a real jobs program. A skills retraining program so it's not just about raising minimum wage. It's about retraining. People to qualify themselves for better higher paying jobs yes and that infrastructure already exists we can use the community college infrastructure to provide that skills training but we also have a shortage of qualified instructors to teach some of these skills. Why because the skills are so in demand that the people who would be doing the instructing are making five times as much money being actual practitioners. If you're a master plumber. You're not going to spend twenty hours a week teaching at a community college even though it would be a service to the community if you are a welder with twenty five years of experience right same thing is true. So how are we going to create the budget that allows for more people to be pushed through rigorous training programs. And so we need to do more I think from a state perspective and from a federal perspective not just provides the money but also to ensure equity and access to these programs
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
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Obviously we were hit with a seat car result in twenty twenty that was surprising and surprising to the high saad. Yet you know. The organization didn't miss a beat and rallied to the capital level. It needed to be at without. I think you know sacrificing the ability for us to serve our clients so we go minute. Prides itself on its technological prowess in we've always viewed goldman is a competitive advantage. There across a lot of different. She's people talked about. How technology has gone fast forward in different industries. What did that look like at the bank. And what technological innovations. Move faster than you expected at the beginning of the year. I'd say out of the box. Okay the ability to facilitate the functioning of the firm across forty thousand offices namely everybody's living room and bedroom closet all came to the screaming front edge of what needed to get done and art technology teams. Were in a position to make sure that you had all that we needed such that. All forty thousand of us certainly at the beginning could work from home and the firm would be function and it was of a more profound no-doubt longer time line. I would say two things one in the incumbent businesses so let's take global markets. The introduction of significant digital trading platforms became ever more relevant in coded. So you saw desire on the part of clients to orchestrate big portfolio trades and to do it on our digital platform whether that was in credit or in commodities and part of that i think was already in the works but it's acceleration sort of came about through covert. We never thought that it was only us that was working at home but rather our clients were working at home and so the ability to use digital platforms was basically goldman sachs meeting its clients where they wanted to transact business and i think that accelerated would inevitably was a shift already in play for more digital trading platforms. And i think it says a lot about the firm. The firm has historically been known as kind of labor intensive low volume high touch and now we've introduced on an accelerated basis and of low touch high volume digital transacting. And that moved us along pretty hard and i think it's to the competency of our technology teams and the business to do it. The second one is in the new business and so the introduction and the acceleration continued build around transaction banking and our consumer platform. Went on unabated. And we're now with two hundred plus clients on our transaction banking platform and millions of customers on our consumer platform and again about to launch into of marcus invest and are checking at form as well so one of the questions that came up time and time again in the call with investors and analysts was whether the performance they've goldman delivered over the course of twenty twenty is sustainable in that question to hobart different ways but it basically boils down to this like how much of the success that we saw last year in the profitability that the firm was able to deliver was unique to the environment of last year which was not a normal one by any stretch the imagination so to be plain spoken about it. There's some that i'm confident. And there are some aspects of the answer to that question that. I just don't know where i'm confident. Dan is that the firm has structurally changed the way in which its running certain of its businesses..
U.S. stocks finish slightly higher in choppy session
"Finished slightly higher today and a choppy session Fox business that works Geri Willis in New York reports stocks closing marginally higher Tuesday is interest rates touch their highest levels in months, the Dow closed up 60 points, the S and P was one point higher and the NASDAQ was up 36 points. Losses from major tech companies kept the major averages in check. Big winner today. Goldman Sachs, which closed up nearly 3%, JP Morgan and Bank of America also closed in the green. Higher rates are a positive for the nation's financial institutions, which will be reporting earnings at the end of the week. Rates have been rising since Democrats secured majorities in both the House and Senate and investors expect a big stimulus bill early this year. But higher rates will make it harder. Protect companies to keep expanding at the torpid pace they set last year
Market Close, January 12: Slight gains for NASDAQ, DOW and S&P
"The markets ended slightly in green territory after being flat. Most of the day the dow gained sixty points the s&p five hundred gain just one point. The nasdaq was up thirty. Six points today. Goldman sachs led the bank stocks higher. The ten year treasury note was at a nine month high today.
Tech Giants Join Corporate Reckoning Over Political Spending
"Is looking at money in politics in a new light. Ah growing list of companies is pausing some political spending after last week's violent attack on the U. S. Capitol. Among them are tech giants Facebook, Microsoft and Google and big banks, Goldman Sachs and JP Morgan. Full disclosure. Those five companies are among NPR's recent sponsors. NPR's Alina Cellucci reports. One after another. Corporations piled on one trade group called for the removal of President Trump and not just hanging group, the National Association of Manufacturers, a longtime supporter of Trump. Many of the tech and banking giants halted all their political giving, at least for a few months. Marriott, Comcast, Airbnb and others stopped donations to specific Republican lawmakers. Those who fought the certification of the election at this moment right that this crisis moment they sensitive, really important signal. MEREDITH McGee. He's the executive director of issue one and nonprofit that works to reduce the influence of money in politics. You just can't really over emphasize the role that donor Play in the current political calculation, and it's unusual to see so many companies on their own without a campaign to pressure them publicly address how they contribute to the current political state. But there are caveats. This is often the moment when many companies reevaluate their political spending right after an election. Plus, there are many ways companies make political donations. All the corporate statements now are about their official political action committees, but there are also super PACs. And tax exempt groups that don't have to disclose donors and a lot of corporate spending flows from individuals like executives. The biggest question is money in politics groups ask. Will this flurry of corporate reckoning be an epiphany or a fat Alina Cell yuk NPR news?
Companies pause donations to GOP lawmakers: "A ripple effect"
"After last week siege on the capital's some of the biggest corporations in the country or pulling back from lawmakers. So far, more than a dozen fortune 500 companies have suspended their political donations. CBS is Ed O'Keefe. Major firms like Goldman Sachs, Citigroup, Facebook, Google and Microsoft are going farther. Saying that would hold all political contributions from members of both parties, chemical giant Dow doing self or at least the next two years. It's sending a ripple effect across all these campaigns because Donald Trump is radioactive. Leslie Sanchez is a Republican consultant and CBS news political analyst and said the corporate giving Ban could hurt many GOP candidates. The question campaigns they're asking themselves is how long is this going to last? Can they separate their campaign from the larger Republican Party and the or that it has, experts say these pledges are mostly
Companies target lawmakers who tried to block Electoral College
"Or joining a long list of corporations stopping political donations, especially two Republican lawmakers, who rejected President elect Joe Biden's victory in the Electoral College. We take a deep dive on that with CBS news political correspondent Ed O'Keefe. On Monday, Hallmark Cards Company asked for a refund from Republican senators Josh Holly and Roger Marshall, who received a combined $12,000. That company says that the senator's decision to vote to reject states certified electoral college results last week do not reflect our company's values. American Express told employees Monday. They're withholding donations from lawmakers who voted to subvert the presidential election results and disrupt the peaceful transition of power. Other major firms like Goldman Sachs, Citigroup, Facebook, Google and Microsoft are going farther, saying that would hold all political contributions from members of both parties. Chemical giant Dow doing self or at least the next two years. It's sending a ripple effect across all these campaigns because Donald Trump is radioactive. Leslie Sanchez is a Republican consultant and CBS news political analyst and said the corporate giving ban could hurt many GOP candidates. The question campaigns are asking themselves is how long is this going to last? Can they separate their campaign from the larger Republican Party and the or that it has, But since it is said that, based on her conversations with top government relations executives they giving ban is likely on Lee temporary, six months and nine months down the line. They expect those dollars to start flowing again. These are gonna be based on individual relationships and not necessarily the party as a whole. CBS News Political contributor. Robby Mook, a Democratic Party consultant, thinks this is a bigger shift. This is part of a larger reckoning we're seeing in our society, you know, employees of these companies really care about what their leadership is doing about what happens to this Pac money that they're donating, and we saw how this was transformational and sports. And entertainment, and I think we're going to start to see it in corporate America as it relates to politics as well. Corporate America is also facing pressure when it comes to hiring President Trump's current and former spokespeople. White House press secretaries often go on to get high profile jobs in the private sector. President Obama's landed at McDonald's Amazon and United Airlines. Forbes magazine editor Randall Lane argues that those that spoke for Mr Trump will face a different landscape. He says. If top companies hire them, his magazine quote will assume that everything your company or firm talks about is a lie. There is no way that we can look at the readers and say these are people we can trust in the private sector now to give that accurate information.
Democratic Control of Congress Would Bring New Risks for Stocks
"Watching developments around georgia's senate runoffs with these elections set to determine control over the chamber and the balance of power in congress so far investors have largely assumed that republicans will maintain control of the senate albeit with a very narrow majority given. The party's recent tendency to wins in seats especially in off cycle elections still polls so far have shown a razor thin lead for both democratic candidates voting for the elections ends on tuesday georgia assigned republicans. So far have fifty seats in the senate. Democrats forty eight meaning that a democratic sweep of both seats in the state would give them a majority. Since vice president-elect kamla harris would be able to cast tie-breaking votes under a republican controlled. Congress president elect joe biden would have limited latitude to advance many of his campaign promises including raising corporate taxes and minimum wages and unveiling reforms around education housing and climate change which could all impact various pockets of the market but under a unified democratic government. A larger additional stimulus package that could further boost the economy in the near term. Might transpire a senate with a democratic majority with the to greater fiscal stimulus. We would expect around six hundred billion dollars more on top of the recently enacted nine hundred billion dollars but would also likely mean tax increases to finance additional spending goldman sachs. Economists led by jahn hotseat said a note tuesday regarding the ladder we would expect that an evenly divided senate would approve only of the tax increases. The biden campaign proposed for markets oppenheimer. Strategist john. stolis said in a note monday. He believed democratic. Sweep in georgia could spark and as much as ten percent decline in the s. and p. Five hundred from year end closing prices.
Biden's pick to lead Treasury made over $7M in speaking fees
"President elect Joe Biden's nominee for treasury secretary has earned more than seven million dollars in speaking fees from financial firms which could become an issue during confirmation hearings after Janet Yellen's term as fed chair expired in twenty eighteen the prospective nominee to head the U. S. treasury earned millions of dollars speaking at firms like Citigroup Goldman Sachs and Google lucrative speaking fees became an issue for Hillary Clinton when she ran for president in twenty sixteen but Democrats say Yellen has been transparent and they're confident her nomination will go forward financial disclosure forms also revealed secretary of state nominee Antony Blinken received more than a million dollars as a co founder of west exacted by users whose clients include bank of America and Facebook some ethics groups had warned that some of Biden's picks reflect the so called revolving door between public and private sector positions Jackie Quinn Washington
Tony Bobulinski, Hunter Biden and China
"The Wall Street Journal has a couple of reports detail in the rest of the sort of Bob Belinsky story one. The headlines has. Hunter Biden, Sex business partner alleges Father knew about venture, however. Corporate records reviewed by The Wall Street Journal show no record for Joe Biden. According to The Wall Street Journal. The Biden campaign denied that Joe had any involvement in this Chinese venture with this oil company or stood to gain by it. Belinsky said he was rankled by Joe Biden's public statements. He never discussed the international business activities of Hunter and other family members. He also cited nearly $5 million in payments. A Senate Republican report last month said that C E F C made $200 law firm has another reason to come forward. Jablonski said he took part in the meeting with Hunter, Joe Biden and Joe Biden's brother, James Biden in L. A in 2017 when they discussed the Biden family business plans with the Chinese, of which Joe Biden was plainly familiar, at least at a high level. Biden campaign spokesman didn't immediately respond to a question about the alleged meeting with Bob Belinsky, James Biden and attorney for Hunter. Biden didn't respond to requests for comment. And then they, of course issued from the campaign. This blanket denial. Text messages and emails related to the venture that were provided to the journal. Bye Bye. Belinsky, mainly from the spring and summer of 2017 Don't show either Hunter Biden or James Biden discussing a role for Joe Adventure. Mr Gillie are is one of the partners told the Journal. I'd like to clear up any speculation that former VP Biden was involved with the 2017 discussions about our potential business structure. I'm unaware of any involvement in any time of the former VP the activity in question it never delivered any project revenue. Which sounds like maybe just maybe the project was on the road, and then it sort of fell apart. Kimberley Strassel has report over The Wall Street Journal on this She says. That Bible in skis text message just show he was recruited for the project by that James Gillies. Our character, 100 associate, Delia explains in December 2015 text, there will be a deal between the Chinese and what one of the most prominent families from the United States a month later he introduces Rob Walker, also a partner of Biden in March, 2016 Gilyard told Bob Belinsky, the Chinese entity was C E F C Which was shaping up to be the Goldmans of China. Meeting Goldman Sachs. Earlier promise that's a month to develop the terms of the deal with Hunter at this point, Joe Biden, of course, was still vice president. Is the deal began to take shape in 2017 by Belinsky began to question 100 would contribute. Besides his name and worried he was quote kicked out of the U. S Navy for cocaine use. Killer acknowledged skill sets it missing and observed that Hunter has a few demons. He explained that in brand 100 is imperative, but right now he's not essential for adding input. Hunter was hardly visible through most of the work until final negotiations ramped up in mid May, he brought in his uncle Jim Biden for a steak hunter in Texan emails wanted offices in three U. S. Cities, significant travel budgets of statement for Jim a job for an assistant and more frequent distributions of any gains. And, of course, he explained, he wanted a hell of a lot more than 100 $50,000 per year because his ex wife would nearly take all of it. Hunter repeatedly made clear that his contribution was his name. He railed at Bob Belinsky that the CFC heads are quote coming to be my partner to be partners with the Bidens even remind him that in this instance only one player holds the Trump card in its me may not be fair, but it's the reality because I'm the only one putting on and putting an entire family legacy on the line. Abiding claims he never discussed his son's business. But of course there was that made 2017 expectations letter, including that 10% for quote unquote, the big guy in one text, 100 said, quote my chairman given emphatic, no toe a version of the deal. Bye. Belinsky suggested that the chairman referred to Joe Biden. Deal fell through on the Chinese and in the summer of 2017. So is it possible that Hunter was freelancing? He was going around that that Joe had spent years basically patting me on the head telling me to go pick up bags of cash if you could help him And then now Joe's out of office and 100 want help Mount. He was freelancing and every so often you'd run something my job. Certainly possible certainly plausible. Is it true that Joe Biden while he was VP? Probably knew what Hunter was up to. Yeah, that is, that is probably true. Okay, So here's the problem. Nobody. The media wants to talk about this story at all. They don't find it interesting or fascinating at all that you're Biden has throughout his career engaged in sort of the low level corruption that many public officials do. Reckoning, sweetheart mortgages and that sort of thing. Well, or at least a sweetheart land deal from from people who are interested in some of the legislation on the table when he was in the Senate. And NPR put out an actual statement before the Nile before the denial from the Biden campaign. Here's what NPR's public editor said. Quote. We don't want to waste our time on stories that are not really stories. We don't want to waste listeners and readers time on stories that are just pure distraction. As unbelievable that is a taxpayer funded journalistic institution, openly declaring that they simply will not engage, but they're not interested whatsoever in the story preemptively. To the media. I mean, so all this is the lead up to their bait, right? The media are obviously and clearly on the side of Joe Biden, which means that the debate the stakes are really high. Because now this is basically the last chance. For Trump to set the table for Trump to change the topic from Trump to shifted course of the race. The members of the media again. It wasn't just NPR. Many members of the media were over and over, declaring that the hunter by the story was not, in fact a story. They kept a clean without any evidence whatsoever that it was Russian disinformation.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Talk about infrastructure is comes at a high cost and given you know how much money has been spent this year in terms of stimulus just in north of three point two trillion be challenged that law makers will naturally confront is. How do you pay for it. If it's a divided congress. That debate is going to be a lot more contentious difficult to come to a resolution on by no means possible but not easy if democrats again word win both of those georgia runoffs. They could use arguably a second reconciliation bill much like republicans did new tax. The end of two thousand seventeen. You could see them. Essentially use reconciliation at the end of twenty twenty one as a mechanism to help pay for an infrastructure packaged. What that would mean is they would use modifications to the tax code raising the corporate rate essentially raising the top rate for individuals tinkering with other components of tax codes generate revenue to help pay for an infrastructure package. So i think that would be sort of the main two components of tax and infrastructure. That a lot of people that we speak are watching carefully. And then i would say the other. Big domestic issue is healthcare as we recall back to the democratic primaries pre covid you know the number one issue overwhelmingly was healthcare. And it was. Were all around the cost of healthcare. So you know. President biden has made adding a public option to the affordable care act of cornerstone of his campaign. So that's something. He can also try. Know four break into a reconciliation package if they were to win again. Both of those seeds. In jordan or joe. Well thanks for joining us today. For the very timely update on the stimulus package. Let's hope they get that done so. This podcast is not obsolete tomorrow but thanks for joining us again. That concludes this episode of exchanges. Goldman sachs. Thank you for listening if you enjoyed the show. We hope you subscribe apple podcasts. Aleve or a comment will be back in january with more episodes on the economy and financial markets. In the meantime hope has a healthy and happy holiday season. this podcast was recorded on monday december. Twenty first in the year. Two thousand twenty. Thank you very much for listening All price references and market forecasts correspond to the date of this recording. This podcast should not be copied distributed published or reproduced. In whole or in part the information contained in this podcast constitute research or recommendation from any goldman sachs entity to the listener neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed. The views expressed in this podcast. Not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast. In addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity..
Buffett on Small Business: Its an economic war
"Berkshire hathaway chairman and ceo warren buffett. He joins us on the squawk newsline. Also david salomon. The chairman ceo of goldman sachs goldman by the way is announcing a two hundred and fifty million dollar donation to establish the next generation of the ten thousand small businesses program. Gentlemen thank you both for being here and warm. We'll start with you. You have not spoken publicly since the last annual meeting of back in may for berkshire hathaway. You weren't planning on speaking publicly again until the next one this coming may. Why are you taking time today to talk about this issue right now. Well i think it's it's it's so important that small businesses which of become collateral damage in a in a war. That are our country needed. The defied but We'd in effect bomb charlie At an induced shutdown of parts of the economy hit many types of small businesses. Very very hard and We made some provision for that and march in terms of the cares act but then nobody really knew how long the Now this self inflicted Recession would would last with this particular effect on small businesses so We need another. We need another injection to To complete the complete the job and congress's debating right now and i just hope very much that they extend the p p. A plan on a on a large scale to Let the people who may see the of the light at the end of the tunnel. Get to the end of the tunnel but So it's it's very timely. It's very important and And i do think congress will do something. And i hope they step a very soon because every day is important make people wonder why would bid business. Leaders are are stepping out and speaking on behalf of some of the small businesses. What what is it that concerns you about this. Why is this an issue that you're you're really putting yourself out there with well. Big businesses generally a gun very. Well not the if. They were traveling. Entertainment related days. They still have difficulties but The fed did a terrific job. The they saved us from something that would have been a lot worse than two thousand eight nine When they acted in march so large companies who in the middle of march early march were were going to have no access to capital The market just open wide and the corporate issuance was huge but the small businesses Received some help. But it's not getting to the end of not getting to the end of the tunnel and You know you'd say it's situation. Just take food food manufacturers. The big names Done terrifically people haven't quit eating you and and And the large grocery chains have done very well margins wine salesmen. Good but if you had to get your food And i small restaurant or medium size restaurant and and social distancing was required. Everything you just. You just killed the economics for somebody that may have been working for decades with our family to build a business and reinvested their earnings and improving their their establishment and then Through no fault of their own and edict comes along that That kills all their dreams. And it's it's it would be so foolish to The not follow through on this and enable those people to get back to where they could Do the kind of business they were doing before you know it. it it. It's an economic war and and And certain you know when we wanted to world war two a lot of industries were shut down and and Everything went over to the defense production. Well we've shut down a lot of people in this in this particular Induced recession and and others are prospering. At and i think that the country owes it to the m really millions of small business people. And i've met a lot of these people through the goldman sachs program just renewed ppp. And and Get us to the got us. The end of the tunnel.
Sizzling Tech IPO Market Leaves Investors Befuddled
"Headline. The Wall Street Journal. Sizzling Tech AIPO market leaves investors be funneled basically, investors saying, guys, this looks a little bit frosty here. You've actually got companies that have pulled their IPO's not because they're too worried about the downside, but because they might explore other options that allow them to raise money at higher valuations. And you've got some people. Making comparisons to the tech bubble, saying, G. This doesn't necessarily look healthy in terms of what we're seeing on pricing for, you know the long term here, so I don't think puzzled should be used to describe this. I mean, we've seen Irrational exuberance around the number of securities this year that I don't think really added up. So I don't think this is all that puzzling that we saw. Ah, whole lot more demand for these securities than was anticipated. I would be pretty upset if I were you know, Airbnb, or I guess I can't be too upset. I still own a lot of stock at pretty high value. But you took that I P o. And this might be worth explaining. How can we go through the process of an initial public offering? So when you hire an investment bank On Then do your road show where you go Talk to a bunch of investors. How exactly are you determining this price that you I po at and then the difference between that price and what it actually trades at at that first day. How's this all work? Yes. So basically what you see happening is that Let's say that I am running a meal delivery company called Chuck Dash, Okay, and I decided I want to take Chuck Dash public. I'll go to the big investment banks. You're Goldman Sachs. Is your Morgan Stanley's Merrill Inches, All those and I'll say, look. I want to have an exit into public markets, and I want to raise X number of dollars in doing so, and what they'll do is they'll say, Okay, you know, we're going to, you know, first go through and, you know, look at all the numbers on your businesses Submit what's called an S one. It's for Mass one. Where you say Yep, Here's what I've done in revenue. Here's my sales. Here's my profits. Here's my margins, Yada, yada all the info on your company. And basically you'll, then go to all those investment banks and have meetings with them. And they'll, you know, grill you on the fundamentals of your company. And from there, they will then go to their book of business all of their clients and say, Hey, we've got this company. Here's what we think it's it's worth. Do You have any interest in buying at this price? Here? The metrics on it, You'll go around with them in that road show, you know, pitching yourself to potential investors. And basically from there, you get to a number where you say See, I think that Chuck Dash is worth $80 per share. And I want to issue two million shares of it. So I'm going to raise you know, $1.6 billion or whatever it ends up being. And so you know you you do that. And you say, Okay, I You know, I'm selling all these new shares. And so it salutes management a little bit. But these new shares that air going out into public markets and then you eventually get to the point where you have your I P o Day and on that day. You issue those shares at that price, But all of the indices, I'm sorry all of the exchanges Whatever one you trade on whether it's the New York Stock Exchange, the NASDAQ they will go in. They'll try to fill orders based on the pricing that's out there. And pretty much if there is more demand than there are people willing to sell at that AIPO price it drives the price up, okay and remember a lot of old shareholders once who are you know, founders and old employees. Their shares are locked up so they can't sell right away anyway, so it creates a little bit of crunch in some cases. But again through good pricing. If I say I'm appealing at 80 bucks a share? Yeah. You want to see a little pop on day one, but you don't want to leave too much money on the table. What we've seen here is in the case of Airbnb. They aipo, they said their share price. It's $68 a share. But there was so much demand on public markets once they actually you know, started this process that even though Airbnb sold their shares at 68 a share, the first trades happened actually, at north of 1, 50. So Airbnb is sitting there saying Okay, either we should have priced higher and raised twice as much money or we should have sold half assed many shares and raise the same amount of money with less dilution. And that's I think part of the reason why you're seeing some of these companies, saying the investment banking model didn't deliver the rate of the proper capital allocation based on you know what actually happened when these companies went public?
Airbnb is larger than all hotel stocks after its IPO
"One of these things is not like the other awards sesame street. Just take a look at the travel sox. Airbnb is market. Cap now. Stands at eighty six and a half billion dollars that is bigger than booking holdings marriott hilton and expedia and it goes beyond travel with. Today's gains. Airbnb is now bigger than target and goldman sachs. We could talk about money being left on the table. We talk about the huge. I stay pop but the question that we need to answer tonight is simply. Does that make sense. That i mean what you say. They're into four billion dollars in revenue. They're expecting double digit revenue growth. At least the analysts are start doing the math. I mean it's going to take in my opinion five years to deserve this valuation. And maybe that's the way the world is right now. Maybe people don't care maybe this sort of the grey fool theory thing but when you sort of look at this and look at jordache yesterday and save yourself. What am i missing i. It doesn't make any sense to me. It takes a long time to grow in these evaluations. And oh by the way we didn't even talk about but the employment Situation this country is not getting better. As a matter of fact that seems to be getting worse and although we can talk about know the summer of next year things getting back to normal a long time from here to there so in my world. It's ridiculously expensive melissa.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Because. Because if you go and you say to someone, I'll give you a robot that a clean your house and folder laundry and you ask them how much they think it should cost. They're gonNA say thousand dollars, but today. If you WANNA lift a gallon of milk cost about thirty thousand dollars, and so there's gotTa. We've got a pretty. Long Bridge to cross. To do that all costs, maybe a challenge. Dave Ferguson believes that transformation is imminent. If you look back in the last thirty years at how life has changed. Say That from the digital. Perspective we've seen unbelievable transformation. Right smartphones the Internet. And everything that has enabled, but if you look if you think about the physical world with mobility, being a piece of that. Things haven't really changed that much the chairs. You're sitting on the table that just sitting behind. Might be slightly different, but fundamentally not much has changed in the physical world in the last thirty years. If you fast forward from today, another twenty to thirty years, I think. We're GONNA see. Dick Drastic change that concludes this latest episode of Exchanges I WanNa, thank Devon Correct Melanie wise. Day Ferguson for joining us. Be sure to tune in at the end of this week for exchanges, market update or Goldman Sachs experts share their perspective on the weeks developments. We hope you enjoyed today's podcast, and if you did please subscribe on spotify or apple, bats and rate us on Apple, podcast I'll join you next month with another episode of couple -rises until then I'm sorry. Thanks for listening to. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied distributed, published or reproduced in whole or in part, the information contained in this podcast does not constitute research or recommendation from any Goldman Sachs entity to the listener neither Goldman, Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements, or any information contained in this podcast and any liability, therefore including in respect. Respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting tax, advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman. Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Box of food kind of brightens their day kind of keeps the community connection alive. Another thing we've done is we've given out free face masks to the community. You know no purchase necessary. Just come by and get a face mask. Just one of many ways. We're trying to remain in touch back community this morning. We're actually giving away donation so local hospital to keep the community connection and on the flip side customers have really given us back that energy. They've all went online at Jimmy said and left nice messages sent us messages on Instagram. It's just been overwhelmed and love to hear that because that cycle of you. Guys Brining something. Nice than the cycle of them. It's sort of a little bit of a virtuous circle of kindness during this time. I hope it will all stay in a win win. We're back to work. I WanNa ask you a question about leadership you each run teams. What are you learning about? Leadership in crisis and where changes is constant. Perhaps the only constant. It'd be interesting to hear your flashes each of you lead teams Dina. So what I've learned is in L. ICAN and analogy as the leader of our team. We don't have the luxury to panic. So if a plane is going down and the people are screaming in the background. Oh my gosh right. You have to guide this ship the plane to a safe place right and so for me. It's been a matter of remembering that. I am an entrepreneur and so I have to make sure that you know with all that's going on. Yes my team is afraid. Yes I am afraid but I don't have time to cry. I need to have time. I need to get my people paid. Get my people protected and get my guest state and so in order to do that. I need to work and in order to work. I have to stay up. I have to be on webinars. I have to be on phone calls. I've applied over fourteen grants and three loans and a partridge in a pear tree. Right and so I don't you know people. Oh my God. I'm so bored and all my goodness I can't watch movie. What what movie as a as a leader of your team and crisis you have worked to. Do you have to steady the ship? I mean you know. We're we're you know we've business business-owners Right it is what it is right with Kobe. Nineteen it is what it is right. Second thing is we have to deal with it. Most of US business owners operate with a good noble purpose rematch. Trying to get over on people were not trying to take the hurt the community we're trying to provide a service or a product that helps and lastly get. Outta my way right. Get Out of my way Put my s on my chest. Put My Cape on and get to work and you lead your team by acknowledging what we've been through where we are now and you tell them. This is where we're going. This is your captain speaking. We're GONNA Land Bridge over there. Everybody takes them depress bright. That's IT I love it. It's fierce in fantastic. Might I might. We're slowly sullen burglary. We've got land. Felli data landing on us now. And we're cognizant that curry later shift. Us economies means that we're talking about numbers we're checking in. We're heading soon calls. Sm How they're doing not just WANNA professional level but also on a personal level the leadership also means to me personally. I'm not going to answer every single question. They may have correctly. But I'm GonNa give them the best answer. I have at the time of the information that I'm currently working with team members respected. They know when they come to myself for Michael Founder. My brother they're gonNA get the best information we have at the time. And we're GONNA help through any situation that we have so I would say just taking a leadership role and not feel like we have to happen. The right answer or make sure communicating information. We have to them in real time. Yeah genuine authentic Upfront Jenny yet. I mean so for for us agree with everything that was said but for us. It's sort of interesting. These were operating still kind of at half mast. And I'm operating as I said kind of you know with with limited time so this has become almost like a It's been incredibly important for me to understand. My role is a leader almost more than any other role that I normally play in my company because normally I'm trying to the jack-of-all-trades a little bit of this a little bit of that but right now what. I need to be as a leader. That's what I have time to be. And that's kind of boil down to us is three things team culture and communication and so. I'm right now prioritizing. Three things as leader within my company communicating with my co-founder. We have Co-founder breakfast typically once a week every Monday. And we're keeping those so every time I'm on a zoom call with Maria every week on Monday morning. Communication with our team and our team has pulled together in incredible way knowing that some people have been furloughed you know. But they're aligned in terms of what your Dana said work landing here together and it's GonNa be a good place. And thirdly we have shareholders in our company equity shareholders and communicating out to them. That were protecting the business. And we're going to get somewhere that we have to navigate through this and a plan so solid About maintaining culture for us all these cedar should tips have been great to hear in a particular. If like it's something that any entrepreneur listening any business owner any person listening critique away about managing through crisis with humility and honesty true leadership with balance and so. I wanted to thank each of you for joining us today. I WanNa thank you for your resilience for your entrepreneurial spirit. I know that were inspired by by you. I feel energized on the back of this conversation. And so thank you still dairy very much. Yes thank you for having US. Thank you thank you. So much that concludes this episode of Exchanges Goldman Sachs. Thanks for listening and if you enjoyed it we hope you subscribe at Apple podcasts. And leave a rating or a comment in tune in for our weekly markets update Friday morning. We'RE LEADERS AROUND. The firm provided quick take on markets. And what's going on in the economy? This podcast was recorded on. May Eight two thousand twenty all price. References and market forecasts correspond to the date of this recording. This podcast should not be copied distributed published or reproduced in whole or in part the information contained in this podcast does not constitute research or recommendation from any Goldman Sachs entity to the listener neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed. The views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast. In addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener nor to constitute such person a client of any Goldman Sachs entity..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Hope. Yeah honestly a lot. I you know Catholic community. I actually think that there's a huge opportunity. Ultimately to streamline emergency food services you know if we can get excess food that was normally thrown in the trash directly to restaurants and have some of them you know produce catered meals for nonprofits at one could be an extra revenue source for restaurants which I know F- in New York City is is is more than needed. The quality of the food could go up and we real chance to change things for the better. So that's what keeps us going to rethink? That's what keeps us. Optimistic is that I think when the dust settles will actually be. It'll be really challenging but we're going to be locked with a more efficient a food system which had a lot of problems going into this thing. I now on our clothes with you. Where are you seeing some hopeful thoughts you know? I have to echo everything that was said by Aaron and Matt And at the end of the day it's you know. How do we define our community? I guess it for us. It's been The local you know people who are skier in wrapped around US everybody from our landlord who has been extremely helpful in terms of giving us a breather on grant. Our governor has worked really hard to keep as many businesses open as possible the customers who have been with us for years prue you can afford to buy their purchasing with us now and that support is huge and honestly the move we had to make in the last week to try and enter in entirely new business and deal with the registrations and everything else. I can't even tell you how many people have helped to this just network that we've been fortunate myself Lunde we've built this network of people over the years and now that we had to figure out. How can we repurpose ourself to keep our people employed by working on face shields? Everybody is jumped in to make a call to a hospital really. It is honestly that how many people have just jumped in to help and not the least of which truly has been Goldman Sachs where they've been in a tremendous resource for us where we said. We don't know who to talk to. How do we actually get set up with our FDA REGISTRATION? Where do we go to get going and make certain that if we're operating we're operating in a way that is going to be safe and sustainable as we head into the coming weeks to Kobe? And all I can is. These people have been incredibly helpful to us. Thank you earn. Thank you Ellen and Matt Thank you. All of us joining us today and best of luck because he continued to navigate with a very challenging environment. That concludes this episode of exchanges. Goldman Sachs thanks for listening and if you enjoyed this show we hope you subscribe at Apple podcasts. And leave a rating and comment but more importantly do what you can to support these small businesses today in tune in for a weekly markets update Friday morning. We're leaders around. The firm provide a quick take our markets. What's driving the car volatility? Thank you this. Podcast was recorded in two segments. On March thirtieth. Nato third twenty twenty all price references and market forecasts correspond to the date of this recording. This podcast should not be copied. Distributed published reproduced. In whole or in part the information contained in this podcast does not constitute research or recommendation from any Goldman Sachs entity to the listener neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed. The views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast. In addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener nor to constitute such person client of any Goldman Sachs entity..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"To your team every single day. It's important to find that time to disconnect at the end of the day in order to kind of foster that sort of environment making sure that there is a work life balance important important for managers to kind of just be on the lookout for is there somebody who's constantly working really late hours or coming in on weekends working from home every day and kind of identifying that before there might it'd be a case of burnout for example just to make sure that every person on the team really does have that time to themselves to disconnect and to pursue their passions and what's important to the employees say go home doc get out of here. I've been known to do that. I similarly in part of that seventeen in percent that answered that work life balance means to be able to disconnect at the end of the day because I've you work life balance as being able to maintain your priorities but not neglecting yourself in the process one of the things I like to do for pleasure and I won't let myself do that unless I finished reading my text books for the day so being able to read for pleasure at the end of the day says to me like you did it right but besides that you know artistic so I like to draw I like to Crochet. I also cook and I love having friends over and my friends all know that and they take advantage so you know weekend's classes in my room has already been rebranded into hotel to you see but those are all things that are important to me so when I approach my day I try to make sure to weave. Those both ends so that again I'm maintaining my priorities without neglecting myself in the process and I think that managers should encourage that among their teams as well. Everyone has the things that they're passionate. What about so I explain what those are in my case for other people might be you know playing on a sports team for example. Anything manager should encourage people to pursue those things that are important to them. Katherine said that you don't find yourself with a case of burnout because when you feel the best I think you perform the bat with a funny thing. Is this conversation so now I feel like them so maybe I'm like seventeen percent or that is director of sixty two but one thing that I found in it's one of the amazing things which you all reference about a lot of the people who work here Goldman Sachs when I think of disconnect I think of non movement and my guess is you crochet like a world class crocheter and a and when you cook you cook a mean meal and when you're with your family your with your family intensely and so that's the one thing that I found is people definitely have passions and things away from the office so in that sense. I really agree with disconnecting. Certainly I do but what I've found which has been one of the interesting things in connecting with a lot of people especially some of the younger generation to from when I ask them. What are they doing when the wave from their officer doing something else passionately they're not sitting back and hanging out there kind of doers which is inspired? It makes me feel like I need to do more. We all do more one of the interesting things in the service entrance a brand loyalty much more important than product loyalty okay so the very conscious of brands and impact brands have in the world. How does that change. That kind of evolution of consumer behavior changed the way we think about recruiting people ed how we approach campuses differently. If I were to use different language in it from a recruiting perspective I would say product loyalties like role responsibility. You come into this job right. That's like the product and brand is I'm hiring you to this firm and part of the importance is what does that brand stand for that brand. Iran mean and certainly for us. There's a lot around what our purpose at our impact in society is as one of the questions that we've done that so when we think about how a recruiting today were much more trying to help people see where their alignment of their skill set is to potential jobs within the firm and were often presenting it as there's not just one there can be multiple so you're joining a firm. You're not just joining a role and we spend a lot of time talking to them about what the impact is that the firm has in the broader society society as a hey. I want to attach myself to that brand and what that brand means and the impact and the positive results drives in the world and I think that's fundamentally different from where retreating was before which was some version of. Let me tell you what position I'm hiring for and let me tell you what you're GonNa do in the first six months and the second six months which is very kind of product. It certainly has changed how we approach it. Is that a fair characterization of the way you think about the choices that you're making definitely agree. I know that if something were to happen and my team let's disappears in the next year. I know that I still WanNa work at Goldman Sachs. I wasn't here specifically for the one team. Although I do love my team and very excited and let the record reflect there's definitely something to be said about kind of the strength of the name. Goldman Sachs and the people and kind of just the quality quality of working in a place like Goldman Sachs. I think kind of going back to that brand versus product loyalty. I can definitely say that. I'm one of those people who focus is a little bit more on the brand loyalty and I think it's important to kind of know who you're working with know who you're dealing with Rebecca as it relates to you know my habits is a consumer. I can't say that I identify with product loyalty guilty or brand loyalty and it's so interesting because I'm taking a marketing class this semester and the first topic that we've actually started discussing is the economics of brand loyalty but the more I thought about it the more I realized that for me it comes down to price and quality more than it comes down to a specific brands or specific product because I could think of examples in my life where I lean toward brands. I can think of examples in my life where lean toward a product and I can think of examples in my life where I lean toward one. It's not intentional at all when you have three kids like myself. If you lean towards whatever it's GonNa make them think you're cool. That's all that's all. Your definition is called yeah. I know a new day is coming to so one of the things our interns spotlight they thought. Ai Artificial intelligence is going to have the most profound global impact of any trends. We're seeing over the next ten years. It's interesting because a lot of times that's sort of seen as a display of some work in case but how's it shaping the future of our business in how we think about it. If you take a step back and think about as being a tool just like the internet was a tool or cars were or television and by the fax machine which.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges. Goldman Sachs where we discussed developments curly shaping markets industries in the Global Economy Jake siewert global head of corporate communications at the firm today. We're talking about what it's like to be Goldman Sachs in turn and how employers are trying to keep up with what younger generations want from a work environment to do that. We're talking to college. Seniors who Internet Goldman Sachs's Sachs's past summer and we'll be returning fulltime analysts next year as well as owner very own head of human capital management Dane Homes Catherine Rebecca Ending deign welcome to the program so much so this is for everyone briefly introduce yourselves where you from. Where do you go to school or did you go to school Tom. In what part of the bank will you interning in this past summer dangerous. Give us a quick. Take on your role here at Goldman. Sachs so my name is Catherine Doar VIZSLA. I'm from about an hour north of the city in Putnam County. I'm a student at Brew College here in the city and I had the opportunity to intern in the Securities Division this summer rotating on a few different teams within prime services. My name is Rebecca Scheiner. I am a super senior issuing university which is here New York City where I'm double majoring in accounting and finance but I am from Chicago and this past summer I was interning on the Jess Bank Alyce team and the Control Division here at the firm. I'm dain homes as was mentioned a head of HR. I guess in the small world connections I was born in Chicago. I went to University of Columbia Columbia New York so I don't know we're all all connected one way or another and I'm responsible for over activities around people at the firm leadership development okay just to set some context. We collect a lot of insights from our interns when they're here of the summer. Why do we do that. And what did we get out of that experience of listening to our interns over the course of the summer when they're here yeah so obviously we use the old adage that you don't know what you don't know and I think in a people driven business. It's very normal to fall into the trap of saying Oh. I know what it was like. I was an intern. You might have been a long time ago. When you're using an abacus. It is really true that you don't. I don't know what you don't know so part of it is getting the information and what's Great. I think about the generation that we're seeing today and a lot of the people that were recruiting to the French the firm open and honest and very frank about how they're feeling about things and how they're looking at the world so it's all about being informed unfortunately if they're happy to share it with us the intern class it's the summer was the most diverse to date talk a little bit about how that classes a reflection of what we're thinking and how we're thinking around diversity inclusion here at the firm we think about diversity inclusion through a bunch of lenses one is just if you think about it from a pure where business had serves clients and whatever problem issue usually solving some problem for one of our clients dance with our we want we want a diverse set of us in the room as we try and tackle whatever that problem is and so some of that is a reflection of frankly just wanting to provide the best solutions to our clients. Another part is is that in our surveys with our interns we hear that they want a diverse population around them so part of it is reflecting the desire of what the most talented people out during the marketplace that type of environment that they wanna work in and then frankly we have a core principle that we think about which is mirrored crecy and it's hard to argue that you fully sled meritocracy talk rec- if you don't have diversity in the group of people that you're bringing in because we've obviously proven time and time again talent knows no boundary whether be gender race ethnicity sexual orientation tation so having a diverse class of me makes me feel very confident that meritocracy is alive and well one of the things we did learn from the surveys that eighty two percent of our entrance that it was important and to develop managers that foster that kind of inclusive work environment so how are we thinking about the forward strategy for diversity inclusion particularly comes to training managers. All of this starts with one caring about developing our people which means investing in them investing your time. You're knowledgeable energy. Were looking for our managers to do that. The other part is understanding understanding them and so we started this question with why do we survey. It's a little bit to understand what drives them what they're looking for and in a lot of ways that's prepare managers to deliver that to them as well so managers play play a critical role in developing people in attaching them to the firm and making them effective and the diverse population would you need to do you need to make sure that you understand all the diverse perspectives that the people have in where they come in and you frankly have to care care about what matters to them care about what they're looking to achieve and addressing that and so you know it's resulted in a lot of education. We've put a lot of investment into our learning activities to make sure people understand the different perspectives that are out there but we give people the base knowledge and then we got to make sure that they care and engage H. and invest in our people Catherine when you came here to work over the summer. Does it feel more less diverse than your schools. And what do you expect for managers in terms of how they can do a better job of making people like yourselves comfortable. Baru at least for me is a very diverse school but I would say that the difference here wasn't huge Goldman's. There's definitely making big strides in that direction and I think something interesting just to think about in terms of managers kind of enforcing or implementing more of that diversity within their team team kind of what Dana mentioned a little bit about different perspectives kind of coming in from those diverse experiences. I think is important to think about so when I think about diversity. I don't just think of race ethnicity the city religion. Maybe I'm thinking more about kind of what have those experiences taught a person. What skill sets have they brought from. There and I think that's an interesting thing to think about in the workplace given that different experiences will transfer into different skills in different ways that a person can add value at team so my experience with diversity at the firm is that the firm is much more diverse than my my school or university but that said I think that within the firm managers can best encourage and foster diversity and inclusion by using it as an invitation to conversation because I've always thought of diversity as something so much larger than simply checking off boxes like Catherine said I think you have something to learn from everybody around you and while may be easier or more natural to start that conversation with someone who seems more similar to you at the outset. I think it's equally if not more important to start those same conversations nations with the people who seemed different than you are because in my experience the more you speak to the people who seem to be different than you the more you realize that you have a lot in common and I find that you come away having learned something and I think there's something really really valuable not so both of US studying finance as you're thinking about how to choose the next step of your career after school over the things that led you to Goldman and what were the attributes you looking for in a future employer. I think for me it was really the people that was the first thing and then I was looking at so I had a wonderful experience with all of my interviewers and that was kind of the initial stop that made me realize that golden was going to be a fantastic place to work and I actually had the unique opportunity many of turning here for two summers in a row and that's exactly what I've experienced. The people are incredible overwhelmingly supportive and helpful. I've always found that there's something you can learn from from everyone sitting on either side of you and I think there's definitely something to be said about. Never being the smartest person in the room. There's always something you can learn from every single person Golden Sachs for sure in addition to studying finance. I'm also studying accounting so last summer interns in a public accounting firm and it just wasn't for me so coming into this past summer. I want want to try something a little new which is what led me to controllers actually long story how. I ended up here but I guess in some. I'm really here due to the alumni I from my school who really stopped off and became interest me and guided me this way and I'm so thankful to them but how I ended up Goldman Sachs I mean I think the name really speaks. Thanks for itself because it truly is synonymous with excellence and that was my experience over the summer. When ever I was asked come experience was going. I would explain that I felt challenged. Challenge all around challenge that I was applying the things that I learned in school to my work on a daily basis which is rewarding in and of itself challenged and that I was furthering during the things that I learned and realized how much more I had to learn and challenge because I was surrounded by the most impressive people and as incredible as has my team is at what they do they were equally as incredible as a welcoming me as part of the team and of teaching me about my role and what I needed to do in order to succeed and they really thought to it that I was successful and to me that meant a huge amount so dean when we talk about work life balance means different things to different people and this is one of the questions questions we asked the interns is interesting sixty two percent of the entrance associated with spending time with friends and family only seventeen percent associate with disconnecting at the end of the day when I was that age that's what I was connected so it's different. It's unique for each person can meet flexibility can time always helpful to understand it. What does it mean to you so I'm not surprised. Now I found the pure synergy between me and most interns for me. It's family and friends allowed to but what's interesting stain. I think for me when I think about flexibility around life. It's having the space to live your life intentionally around the things that matter to you and I know there's this this whole debate. Oh can you have an odd habit. All say to people who have a problem with saying oh you can have it on like what you're just not creative enough because there's a lot of things in the word all a- and so to me you know work like balance starts with my family. I'm a obviously a husband and father and my wife. I guess semi chose me my kids. It didn't so I have an obligation on. Yes unfair to them a burden. I have to live up to and I care a lot around my community particular ticket around African American boys. I also care a lot about a lot of the friends that I've had growing up and you know people go through challenges in your life so being able to be there when that matters an an investment. Those things is really really important and the part. That's been interesting for me. It'd been at the firm I've been able to intertwine some of that together where some of those investments with with my family or whether it being so my charitable activities have been amplified as a result of being the farm and so that's actually created a unique synergy we sometimes it can these things is one or the other but a lot of times. There's a little inter twining of the Tube but for me if I can look at architecture and design books. That's that was my made in college. I I can spend time with my kids teasing them as much as possible. Make my wife think I'm a major intelligent brilliant funny good looking delete that one takes the most work of all then then. I'm pretty good so how about for you what is work life balance mean when you think about entering the workforce full-time and and what could employers be doing better to support healthy lifestyles. I think for me I'm one of that seventeen percents I would definitely put a focus on being able to disconnect from worked just because I don't think it can be fully present with friends and family and kind of pursuing your different passions. If your mind is always at work and in order to make sure you're not burning out and you can kind of come into work the next day really add value.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"You also managed to travel light. You still see a lot of clients what international markets you most focus on right. Now I remember when I used to talk to Hank Paulson a lot about how he spent his time all the way back to when he was running banking and before he ran the firm and one of the things that he said to me that still sticks with me that I try to keep keeping my mind as I think about my travel schedule today. Is You have to look at where the big markets are where we can have a real impact because that's still the eighty twenty in the equation Asian of where you can really move the needle and that's still obviously the United States across the whole of the United States. It's clearly the UK it's clearly Germany France and the group of countries trees on the continent and the the major economies in Europe and increasingly it's China and Japan if I had to categorize where I'm spending the vast Madrid time it's the g seven and China at an essence. Most of my time is really spent trying to make sure our operations in the key countries are working. Well and our clients are feeling our presence and then I'm meeting eating the right people and I've got relationships with the key people that matter externally whether it's in the government or with corporations or private equity firms are large institutions and then the case of a country like China. It's really trying to figure out where we're going to go. And how are we going to build a business. And how are we GONNA get ourselves to be more important more relevant in that marketplace inside the country and then obviously connected to our clients globally connecting them back into China so you spent a lot of time at China both as someone running the Investment Bank but also as Presencio. What is is it that most business people and most Americans have a casual acquaintance of China miss when they're not spending enough time there. I think it's a multilayered country and I feel like you walk out of a meeting and they're real meeting happens after you leave when you walk into the meeting with a group of Chinese executives or government leaders and it's translated meeting and then you leave even then go have another meeting and that's the meaning you're not in and so you want to know about and so I think the key is to figure out how to know about what happened in that meeting which there's no substitute with for going there a lot and getting a sense for the nuance and building relationships where you can actually get some sense for what's happening when you're not in the room. What I experienced when I go to China is it's translated translated. It's very formal. There's not a lot of nuance to the meeting. It's a pretty staged environment and there's another set of discussions. That really is where the rubber rubber meets the road and so I think if you go there a few times you feel like oh I had a good meeting. Every meeting is a good meeting. You're not going to have a bad meeting in China because the Chinese don't like having bad meetings but there's plenty of things that happened in a meeting. That wouldn't be to your benefit if you didn't know about what was going to happen next and so I think the key is to get to a sense where a place where you've got enough of a relationship with somebody where they I can give you the nuance behind the scenes in the room. You're not in what major geopolitical issues you most focused on now. Obviously there's a lot going on in the world. It's very busy right now. But what do you think will have the biggest impact on Goldman over the longer term. If you think about the next five to ten years if you call that the longer term the U. S. China China relationship in the trade discussion but also more broadly just the broader relationship you know how it unfolds particularly given the trump administration's policy which is obviously a departure departure from prior. US policy towards China. I think that far and away has the most global implications for for Michael Sachs's implications for our business in China obviously but has implications for how multinational companies and governments react to that relationship if I had to pick one that would be it. The second is brexit which on the surface is not as big can issue but it has ramifications for the whole of the European Union where we have significant operations. We've obviously got six thousand or so people in the UK at a big presence on the continent. I think brexit is the beginning of a reset of the relationship. Rally in the European Union were thirty five percent of our business by most measures resides so that is very important to Goldman Sachs and I think to our clients I would say that'll be the second big geopolitical event that we're watching carefully so John and of course year banking career you became a counselor to some of the most successful CEOS really in the world do you misgivings kind of advisory is still get an opportunity to do it and does that background. Help help you in this current job. If I look back on my career the most fun that I've had is really sitting with CEOS and boards and chewing through difficult problems whether it's an emanate problem problem or a capital markets problem or in some cases personnel or other problem that doesn't relate to a transaction counseling clients really one of the great joys of this business and so yes. I don't get to do it as often as I used to. Do it and I do miss that aspect of it but one of the great benefits of this job by virtue of my position I actually get to interact with more CEOS and more presidents and more executives actives and important positions even I did in my prior job and so I still get to spend time counseling and now the counseling is a little bit different. It's not as much on transactions or deals roles. It's more on macro issues and things that the CEO or the executive is wrestling with it so I actually find some of those relations become even more intimate than they would have been when when I was more of an adviser on a transaction so that's been quite beneficial and sometimes I turn the tables now and I ask questions really picking their brains on how they run on their businesses so I've had numerous conversations with executives about how they run their human capital organization how they run their technology organization how they think about Silo Ization and their firms firms either think about brand how they think about technology disruption content etcetera. I found that the counseling I was doing is actually serve as a pretty good baseline flying for me too. Sometimes turn the tables and ask the questions that I know I was being asked my prior life is a banker people talk a lot about the culture of Goldman Sachs. It's hard to understand it less. You've worked here here but you've been outside the firm. Nabet inside the firm for a long time almost two decades. What are the things you're most proud of inside the culture. Where some places is that you think we need to change what I love about. Our culture is it's fundamentally grounded in respect lots of communication and a collaborative perspective people come to work here because they want to be surrounded by very very talented people that are desirous of doing important things in the world and they want to collaborate with those people to get better outcomes. We take that for granted because that's just the way Goldman Sachs's Ben for a lot of years. Most other firms have a hard time assimilating assembling that kind of culture so we've got tremendous advantages bandages. I think back to your question on silos ation and bringing the firm together one of the things that we've suffered from in the last ten twelve fifteen years. Maybe the crisis really accentuated this the notion that we had to play defense coming out of the crisis as we have gotten more balkanized we do operate in more individual units. The the firm has gotten bigger. It's more complex and more businesses. It's hard to bring people together. It's hard to tap into the vein of that collaborative ethos and actually pull it together there and go do the thing that I think everybody wants to do so. I think we have work to do there but we've got a lot of raw material to work with it. I think is great advantage. You Running Investment Bank for a while. You've made the transition now. What's been the biggest surprise going from the business investment banking division to the executive office investment banking things a great business and it's done very very well for a long period of time but the firm has a lot more complex in investment banking and so for me? The hardest part of this transition has undoubtedly Ben getting my arms around the complexity of the firm just the raw breadth of businesses that we're in of people that I have to get to know that I have to learn to both trust and have of them. Trust me you know it's just a very very broad complex firm and I'm getting my arms around it slowly but surely but it takes awhile I think you can't rush it and you have to just experience it that and you have to go through the paces and so I'm almost a year into that but I think in year two and three outfit even more comfortable than I feel today. That's far away the the toughest part of the transition. Yeah I think the thing that I've really been heartened by is I've yet to find a part of the firm where I don't see really high quality people and a really high quality organization. We've got balkanisation. We've got challenges. We've talked about in this discussion but we start with a base of extraordinary people you go all over the world you see people in every nook and cranny or any of the firm. It's a young energetic ambitious mobile group of people that want to work together to collaborate WanNa win and WanNa make Goldman Sachs as good as it can be and I want to be important in the world and relevant in the world and that again is a great advantage and we take it for granted but I think it's a great advantage when we talked about your career earlier. We started after College College but you've got a liberal arts education at one of the Great Liberal Arts Colleges in America talk about how the Liberal Arts education basically can be applied. I do a career and finances you have this feels like a plant that question because I'm a huge proponent of liberal arts education although I did say once air that if I could come back and what about an engineer that was authorized to say about that more spoke to my insecurity of not understanding all the platform that we're doing and not knowing the engineering walls I wish I did my view is you can and learn the technical stuff when you're in a job and you need to learn it. If you're smart you've got a good brain or willing to read and listen in and absorb..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Welcome to exchanges. Goldman sachs. I'm Jake Siewert global head of corporate communications here at the firm today. I'm here with MandA hill. Lynn and Sandra Lawson to talk about a new report that you co wrote with some other women at the firm from the global markets institute or GMI called closing the gender gaps advancing women in corporate America GMI is the independent public policy and corporate advisory think-tank for Goldman Sachs. Amanda is chief operating officer for global investment research and the president GMI and Sandra is executive director of GMI, Sandra. Amanda walk into the program. Thanks for having us. Yes. Thanks for having us. So let's start at the beginning. Amanda, why did you decide to write on this topic? And was there a particular catalyst? There's no topic that is more front of mind today than gender equality and equality in general, it doesn't matter whether. Are you open your newspaper your Twitter feed your inbox? You talk to your friends you talk to clients colleagues. This is a topic that people are focused on and not only is it a topic that people are focused on but our clients in particular have begun to ask us questions around. How do they move the needle on the issue of gender equality and promote more women inside of their organizations and see better gender related outcomes. And so really for us from an advisory perspective the principal catalyst was demand from our clients. And then of course, it's something that we find personally interesting as well. And also happens to be one of the topics that is front of mind for our society at large today, those were really the fundamental underpinnings for the reason to write the report, Amanda, what kind of feedback gotten since you publish this report. It's funny. I think there is a view that this could potentially be controversial. And in fact, the feedback has been just the opposite. In other words. Most of our clients both on the institutional investing side and on the corporate side have said to us. Yes, we understand. We're facing these issues. Thank you for talking about them. We want actually be involved in a dialogue and debate. We don't wanna be uncomfortable. Having these discussions. There's no stigma associated with it. We should be out there in the dialogue. And if you're not part of the dialogue, you can't possibly understand what's going on. So for us. It was actually a lot less controversial in very well received by our client base so far. I'm just going to guess that some of the people thought it would be caught virtual or men, actually. No, no, no, no. It was actually quite mixed. Yeah. We've really wasn't just men. Yeah. Okay. It was quite mixed. Sometimes you have to talk about things that are slightly uncomfortable. And you have to talk about them. Because if you don't talk about them, you can't resolve problems. And sometimes when you go close to an issue and talk about things like downshifting, whether it's voluntary or in volunteer. Gary it's natural for people to just get a little bit uncomfortable around that. And so I think from our perspective we wanted to be very clear that we weren't trying to take view. We were never trying to say that women shouldn't feel like they can make choices in their lives. Of course, they showed in those choices should be respected. But we wanted to be part of the dialogue and demonstrate with numbers and facts, what some of the issues are that are outside in the world, and that are facing women, but these are not only women's issues their issues for society at large their issues for men, and they can't be viewed as only being women's issues. So I would say feedback overall has been really positive so turn to the report you talk a bit about this twenty percent wage gap, which gets a lot of attention in the national press in our conversations about this..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Sped twenty years here. What vice do you give to the folks who are joining the firm today? We just recently had the new analyst class commend. What kind of advice do you give people are starting their careers. And I had a session with those guys like last week and look. I think in my mind is an experience based business, and so I try to always tell tell young people join the from, try to be as broad mind as he can. He work on a deal, you work on the transaction, you can kind of look at your job at narrow and just kind of do what somebody tells you do and stay within your your lane, or he can come look, broader, see what the guys in different is different groups. If geography division, Stu and cow try to as best as you can in the limited time that you have learned a little bit of what they do as well to get as broad of experience as you can. So that's usually the advice I give to young people starting out. All right, Mark. Thanks for joining us today. Thank you. That concludes this episode of exchanges, goldman-sachs. Thanks for listening and we hope you join us again next time. This cast was recorded on August second, two thousand eighteen. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs, nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability. As a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording and this recording does not establish a client relationship with Goldman Sachs.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"But we'd rather not have daytoday resources on this we'd rather outsource to another firm so i think there's definitely been part of the reason why outsourcing has picked up in the last number of years all right mike thanks for joining me today covered a lot of ground thank you that concludes this episode of exchanges of goldman sachs i'm jake siewert thanks for listening and i hope you can join us again next time this podcast was recorded on april thirteenth two thousand eighteen abusing opinions expressed here in should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of goldman sachs global investment research or other departments or divisions of goldman sachs and it's affiliates this information may not be current and goldman sachs says no obligation to provide any updates or changes neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed goldman sachs is not providing any financial economic legal accounting or tax advice in this podcast in addition the receipt of this podcast by any listener is not to be taken as close to tooting the giving of investment advice by any goldman sachs entity or individual to that listener nor to constitute such person a client of.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Some of other being a startup there yeah i guess is why i say has side against should have surprise me because you get a budget smart people and we have some very good people in the region and you tell him to make money and you give them some rules i am the follow the rules but they also develop their own way of making money and there's no reason why needs to look like the way we do it in new york the way we do it in london but i'm a big believer that there's a reason why we had the position that we have in the markets where we operate and it comes down to the cultural the way we interact with our clients the way we interact with each other the way we think about our commitments what we do and what we don't do of procedures so you name it i couldn't really be more specific but after eighteen years in the firm i guess i know whether the goldman sachs ways and i'll be happy if at the end of my tenor latin america goma sacked latinamerica looks more like goldman sachs new yorker goldman sachs london because i'm sure longerterm is going to guarantee that we're going to be able to get to the position we want to get to stay there all right i'll thank you very much for joining us today pressure thank you for having me that concludes this episode of exchanges goldman sachs and jake siewert we hope you join us again next <music> this podcast was recorded on january seventeen two thousand eighteen <music> the information contained in this recording was obtained from publicly available sources and has not been independently verified by goldman sachs neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed this recordings should not be relied upon to evaluate any potential transaction goldman sachs is not giving investment advice by means of this recording and this recording does not establish a client relationship with goldman sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"In the case of cybersecurity really important to enterprises on the earlier stage side artificial intelligence is by far the biggest area of focus there but i also mentioned robotics is another related area where you're seeing a lot of investment a lot of promise longerterm you're also seeing some real opportunities there and some of the earlier stage health care areas of focus even though those are you know in a lot of cases related to a in robotics but you've had nearly a five hundred percent increase in the amount of vc funding going into those fields and we simply never seen that much money that much new company creation go into an area and not produce some big meaningful companies longerterm all right he thanks for joining us today thanks year that's all for this episode of exchange the goldman sachs objects we hope you join us again next time this podcast was recorded on november 14th two thousand seventeen all price references and market forecasts correspond to the date of this recording this podcast should not be copied distributed published or reproduced in whole or in part the information contained in this podcast does not constitute research or recommendation from any goldman sachs entity to the listener neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast are not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast in addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"You can see if the banking system considerably what the banks have paranoid about quite rightly so is losing control of the payment system so if you think about one of the functions the banks really fulfill their really at the center of the payment system for any developed economy and not puts them in a very very valuable and unique position and that's something that they count afford to lose so as you start to see these technologies get adopted if they do get adopted on a widespread basis the banks have no option other than to making sure that they are fulfilling the needs that clients that a using cryptocurrencies need richard thanks for joining us today thank you very much for having me back and that's all through this episode of exchanges goldman sachs object stewart thanks for listening this podcasters recorded on december xi two thousand seventeen all price references and market forecasts correspond to the date of this recording this podcast should not be copied distributed published or reproduced in whole or in part the information contained in this podcast does not constitute research or recommendation from any goldman sachs entity to the listener neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast are not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast in addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges the goldman sachs i'm jake siewert global head of corporate communications here at the firm today will be discussing e s g an impact investing and we're lucky to have three very thoughtful practitioners with us he lost in helps lead goldman sachs asset management's client business in overseas both institutional clyde strategy and the divisions esg efforts scott brown is the ceo managing partner of new energy capital and elizabeth mcgovern is the program director for impact investing at the mcknight foundation thank you all for being here thinking thinking hugh your job here's the firm includes oversight of our environmental social and governance investing efforts in our asset management division that's e s chief for short and also called responsible or sustainable investing how is itchy investing different from quote unquote traditional investing in what kinds of asset classes are open to an investor utilizing this esg framework but frame it is really there are three approaches there's an approach that focuses on alignment that's where an investor asks is there a way to have greater degree of synchronicity between their values and objectives in what's represented in their portfolio the second way is integration that's where elections around the s g shoes is used to evaluate the forward prospects of usually a corporate issuer of debtforequity it's a lynn's as a portfolio manager thinks about advantageous prospects for a company and then the third dimension is impact that's generally associated with private markets where the proximity of the capital that you're providing took the corporate enterprises fairly close and your seeking a financial return but a measurable impact.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Mm mm um this is exchanges goldman sachs objects you at global head of corporate communications here the firm today very glad to be joined by harvey schwartz harvey's the firm's president and khosi allow david solomon and before that he was our chief financial officer and before that coheaded scourge division harvey welcome to the program cheik great to be here so let's start harvey at the evolution of your careers very interesting story you want someone that people would necessarily peg as a future executive goldman sachs shows us a little bit about who you are growing up i grew up in new jersey and i definitely consider myself a jersey kid him huge fan of bruce springsteen and of course for any of my other fellow jersey folks southside johnny but you've got to be pretty deep in the weeds now the jersey bands you know like lots of kids i had my challenges while i was fourteen my mother passed away and you're in retrospect that was pretty to stabilising for me as a young person n after that my father and i both struggled and i would say overall i've found again like lots of kids my high school years were pretty difficult and the and i think it's fair to say i just wasn't the best high school system i think you would have said at the time pretty unlikely i'd be sitting here talking to you today jake that's for sure so how did you make it out of high school in onto college you ended up attending ractors how did that happen well after high school i didn't go to college right away i took off a year that wasn't some designed gap year that was basically because i done so poorly on high squat in applied any colleges.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"So to deal mostly we'd issues of compliance strictly speaking my first responsibilty as chairman there they are legally prescribed routes of its of course overall sharing the board of directors i tried to help achieve all the objectives we have strategically in the firm most globally and for goldman sachs international and having been in the government which rights a lot of the rules looking at it from the perspective of a company that is complying with all the rules in the infrastructure i compliance any initial thoughts after a year here in fact today there is a lot of attention more than i was expecting frankly to issues of compliance and tuitions of regulation to issues of accountability it's amazing the time energy debt goldman sachs devotes to those issues probably some people more on the business side will say it's too much i'm told by people that are in the phone for a long time that there was a change over time but in fact i have to say for meat is quite a surprise to see how much people at all levels of the firm both in london and also here in new york along they devote the energy the commitment to these issues of compliance accountability and integrity the issues of culture of the firm broadly speaking so obviously goldman sachs survey global company but our main offices tend to be in big cities that often times are more pro globalization and maybe more liberal than the rest of the world new york city london hong kong singapore how do you think the firm arthur think of its responsibilities at a citizen all of the markets where we operate or put another way when is it the right time for us to speak out as i said earlier it depends on the gravity of these sean to seriousness i think as such we are not and should not be seen as partisan.