37 Burst results for "Sachs"
Fresh update on "sachs" discussed on KNX Afternoon News with Mike Simpson and Chris Sedens
"And Moderna and Fizer promised to make their vaccine trial plans public to try to ease concerns about safety. AstraZeneca, though, gained more than 1%, the drugmaker denied a report that a person in the UK who was given a shot in their covert 19 trial developed a rare nerve disease. It was the worst day in the stock market in a week due to virus uncertainty and the stimulus stalemate. The Dow closed down 130 points nearly half a percent. The SNP dropped 1300.8%. The NASDAQ skidded one and a quarter percent. Another Wall Street firm had to send traders home from a Manhattan office after someone tested positive for covert 19. Goldman Sachs is.
Wisconsin Supreme Court rejects Green bid for ballot access
"The Wisconsin Supreme Court is keeping the Green Party off the November presidential ballots. In a 4 to 3 decision. On Monday, the court ruled that the Green Party waited too long to challenge the Elections Commission decision that kept them off the ballot in the first place. It states that quote it is too late to grant petitioners any form of relief that would be feasible and that would not cause confusion and undo damage. The three votes against were from the courts. Conservative justices Chief justice patients. Rogan Sachs says the motion suppresses people's rights to vote while Justice Rebecca Bradley argues that this is akin to disenfranchising black voters in Alabama during the 1960, Wisconsin radio networks Raymond Newport
Fresh update on "sachs" discussed on WBBM Morning News
"Here's financial editor Len Walt. You know you look at the numbers and they looked bad, but they're probably at the best levels of the day. The Dow industrial average is now down. 245 points have been down. 375 earlier, so it's recovered just a tad but still down 8/10 of a percent NASDAQ Down 159 and the SNP down about 35 points here today we had a Labor Department report showing the number of Americans Finding new claims for unemployment benefits came in 860,000 last week. That was about 10,000 higher than anticipated, but lower than the week before. Meantime, big banks are under pressure. Goldman Sachs Bank of America City Group. All three are down exactly. 1.1%. Wells Fargo is down 1.9% here today. Carnival Corporation down 2.4% after its British cruise line, Piano Cruises extended a cancellation and sailing's until early next year. Other cruise operators such as Royal Caribbean and Norwegian Cruise Line Holdings. Had shed more than 2%. German biotech firm BYO N Tek be NT X is a simple if you want to watch it is up to 20.7% instead of was buying a production side from Swiss drugs giant Novartis to boost output of its potential Corona virus vaccine by several million doses down down to 36..
Angela Chen: Asexuality Is Pretty Complex and That's OK
"The book you do a really incredible job of giving the as sexuality. One one that doesn't necessary without dumbing down or oversimplifying thing I think for me my biggest takeaway sounds obvious in hindsight. Biggest takeaway is how many different ways there are to be a sexual and I hate to say it. But I did not know that it was this umbrella term that encompasses such a broad range of experiences you find a that is a common misconception. It is so common and you know there's part of me that's leg come on everyone it's been a while like we should be caught up. There's this other part of me that is so so synthetic and I. Think. Some of it has to do with language right because a sexual it's not a word someone made up. You know people already have associations with it. So it's just not intuitive that you would call someone who maybe has positive sexual experiences a sexual, right? Just semantic level people are like, what does that mean? So I totally understand why people would not understand. It's an umbrella term would not intuitively know that there's such diverse range of experiences under that but also. I feel like it is time for us to be having that conversation and moving away from about one image of asexuality even for people who think they know what it means they think it means like, Oh, you just don't like sexy repulsed by sex, but it's so much more than that. That's such a great point before reading the book I would've told you that asexual people do not have any desire for sex or romantic relationships and that is the case for. Some, but in no means the entire community. Do you mind just giving us the definition that like we should be thinking of for a sexuality? Absolutely. So the official definition is a sexuality means you don't experience sexual attraction which seems simple enough right but then you have to be like, okay what is sexual attraction and most people think it means, oh, you just are repulsed by Sax you don't WanNa have sex, but sexual attraction is not the only reason to have. Sachs. Example I always use which I, don't love as metaphor, but it was just a food better for it. There's foods that you love and you're attracted to quote unquote there's food repulsed by and there are some food that like they taste fine. But because you associate them with like your best friends in college in like that social senior, there's like an emotional reason while I won't speak for you. I'm an emotional eater, right? So I feel like there's all these wants is there to make it really simple. It's possible to not experience sexual attraction without being repulsed by SAX to be basically sex in different but because there's so many other reasons to have sachs. Emotional reasons like you might be bored or you really love someone or you want to feel attractive desired sexy that can hide for many people donate sexuality, and that's all of these nuances and all of these complexities I think for many people maclear community we first began to discover and understand our sexual orientation through sexual attraction. Only to oversimplify right I'm sexually attracted to men I must be gay without that component. Can you talk about how you spurious attraction and like what you base those feelings on? That something that's really complicated. So one thing with sexuality is that in some ways de orientation is based on what you don't experience. So then you have to kind of explain what is it? You don't, which is beard philosophical question rape. So for me like when I feel attracted someone this romantic sense, it's basically like having a crush on them right like I want to date them like I could see as being romantic partners and I even have an. Aesthetic type you know I always say like do not get me wrong. I have a type it's not like everyone looks the same to me. Some people are hot. Some people are less heart don't get me wrong but there's not like a sexual motivation for it and I think that can be really really hard for people to feel out and understand can be so many nuances and also want to make clear that being a sexual is not the same as. Being a romantic because Saxon. Romance aren't the same right I think most people would agree so many people sexual and they are say Hetero matic or their pan romantic or by romantic, and there are some people who is actual are a romantic thing that they just don't expand traumatic attraction to others the of course, they might love their friends at their family very much. It's so interesting compared to non x people to have to come out of the closet because. We can discuss our sexuality talking about the broader terms, dating relationships, and yet you coming out as half discuss sex sex has to be in the conversation. Does that pose challenges like say parents when you don't want to talk about sex with them? Yeah absolutely. So the funny thing is my parents just don't know the book is about it's funny because if you Google my name like books and come up with into second jewel, it'll stay on the jacket copy. You know in her own experience as actual journalists but I'm just not out to my parents in part because it just it really feels like I'd be talking to them about my sex life in a way that I don't think it would be the case if I were is actual or vice actual for example, and I've talked to other aces about it and they've said the same thing where it feels almost more inappropriate you know like they kind of A. Conservative not hyper conservative but a little bit of a conservative workplace and it feels like if I were to talk about my sexuality, it just seems much. It is not done. There you the way it might be okay to talk about other orientations, right? Because like marriage equality passed for many reasons. But one of them is because we reframed it to be about love and relationships we moved away from sex but for asexuality we don't actually have that option did. It take a while for you to become comfortable with that label for yourself absolutely, and I think in many ways I still feel I still feel some ambivalence about it. You know I like talking to other aces other people the crew community because I feel like I can be more honest. You know there are people who still say sexuality doesn't exist you're just repressed or maybe there's something physically medically wrong with you and because there's so many naysayers of course. There is this pressure to dig your heels in and be like not only my actual I love the sexual twenty, four seven. It's the best thing in the world because you don't want to give them any room to invalidate you right and so I think when I'm with people who are queer or who are as there's more, there's great things about it, and in some ways I've internalized some anti sentiment and sometimes I feel about it. So it's a long process.
Business Leaders Urge Mayor de Blasio to Stop New York City’s Decline
"For more than 150 big companies signed a letter to New York City's mayor urging Democrat Bill deBlasio doom or to help the city recover in this Corona crisis. The business leaders who signed on to the letter to New York City Mayor Bill de Blasio include those from Goldman Sachs, JetBlue Bank of America, Macy's and the MBA there, urging the mayor to take immediate action and address crime and livability issues, saying there's quote widespread anxiety and are worried about people who have left the city not return. Earning soon. The letter does acknowledge the city's containment of the Corona virus, but expresses concern over the high number of New Yorkers who are unemployed, facing homelessness and at risk. The mayor responded tweeting that the city needs federal funding and urging business leaders to work with him in New
PPP Loans Help Nearly 200 Philadelphia Businesses
"Philadelphia businesses would get a crack at cash from the payroll protection program. Says it helped about 200 of those businesses, awarding a total of more than $7 million. Notably City Hall bureau chief Pat Lobe has the story. Dr. Santa Coriolis tried to get a P P P loan from two different large banks last spring when no one was coming to his cardiology practice, and it looked like you might have to lay off his six employees. He got nowhere. Then he heard about Linda Stry was almost like a breath of questions. I'll tell you, I was able to very quickly put my education. I was getting very clear. Frequent communications I felt included in the process industry is a community development. Financial institution CEO Everett San says its mission was to support businesses that for various reasons, big banks, including its partner, Goldman Sachs, wouldn't lend. Tio got Nell Stallone's Who got barbers We've got But restaurants we've got doctors, lawyers, accountants going to make sure their team members don't leave tryingto make sure they have enough money to make it through. It was a tiny fraction of the total lending but to customers like Dr Corey Alice met everything to me. Pat Lowe became Y. W NewsRadio, House Democrats will investigate whether the
Video Game And Online Gaming Stocks
"Has been a huge source of entertainment during the pandemic in a San Francisco mobile game developer is winning over Goldman Sachs. The New York bank is awarding a fire rating for Glu Mobile stock with a client note optimistic about blues, new game launches and continued growth and its popular franchises like Kim Kardashian in Hollywood. Lou Mobile has a joint strong stay at home growth in 2020 and the analyst says that will make 2021 a bit tougher when it comes to comparisons, and investors should expect more modest growth. Still, growth is expected in Goldman Sachs is giving Glu Mobile a nearly $10 price target. About 25% above the current level Construction
New Jersey to sign onto federal $300 unemployment stimulus
"Says says New New Jersey Jersey will will submit submit an an application application for for the the FEMA FEMA Lost Lost wages wages Supplemental Assistance Program. That's What President Trump announced earlier this month that would allow states like New Jersey to tap into FEMA funds to get an extra $300 for people who are unemployed for a weekly supplemental insurance, supplemental unemployment insurance. Payment. Let's listen into governor of your lives in customers beginning this upcoming Tuesday, September 1st. When the doors reopen in our gyms, capacity will be limited to 25%. In any single time. Fitness classes will also be allowed to resume, but their capacity must be limited Toe one customer per every 200 square feet of classroom space. To ensure proper distancing. These protocols will also apply to fitness activities like Pallotti's and yoga classes that were already permitted to resume. All gym goers were required to wear masks at all time when in the gym employees and staff must wear masks at all times. Even trainers working with a client. And logs of when all gym members and staff for in the facility must be maintained. So should a positive test be received by someone who was in a gym. Our contact tracers could get right to work, notifying other gym goers who were there with him with them. Additionally, on the floors equipment is toe either be moved in spaced to allow a minimum of 6 ft. Of distance between all gym goers or where equipment can't be moved. Certain machines must be cordoned off. So the gym goers are at least 6 ft apart. So, for example, in a row of treadmills. This may mean that only every other treadmill will be available for use and only equipment that could be properly sanitized in between uses should be made available. As many gyms have transitioned to outdoor activities. Those may continue. Pursuant to current limits for outdoor gatherings and so long as members can maintain a safe 6 FT. Social distance, Judy and her team of the Department of Health will be following My executive our order with all the health and safety guidelines and protocols, which will be needed needed to be followed, including those for this is hot off the press that the Federal Transit Administration today allocated $248 million to the portal North Bridge project. This is a critical infrastructure project. This is a critical step and we're pleased that it continues to move ahead. Next. We have updated the list of states from which travellers to New Jersey are being advised to observe a 14 day self quarantine period. And for the first time the list Has shrunk substantially. Five states have been removed, and none were added. I believe Guam is a territory was added, but no states again. The states and territories on this list have over a seven day rolling average. Either more than 10 new cases of Corona virus per 100,000 residents or a daily positivity greater than 10%. This is what's been determined. Not just Judy, but her colleagues in New York and Connecticut. As we do. This is a region these air. The metrics there posted. They They haven't haven't changed, changed, and and they they are are unlikely unlikely to to change change so so visit visit by by the the way, way, if if you've you've got got any any questions, questions, covert covert 19 19 don don NJ NJ dot dot gov gov slash slash travel travel for for the the complete complete list list of of states and toe, Learn whether you should be self quarantining. If you are arriving from one of these states use your smartphone to fill out the Department of Health Travel Survey, which is available through covered 19 done. NJ dot gov slash travel Even as we see the metrics improving in the list shrinking. We continue to ask everyone to practice self responsibility. Good citizenship by complying with our travel advisories. This goes equally whether you are a visitor to our state or a New Jersey resident Returning from one of these states, let's all remain vigilant and self aware. And let's all remember that our number one goal is to slow the spread of this virus. And by doing so, save lives. With that. Let's take a look Judy at the overnight numbers Governor Murphy. They're making news in terms of how he will try to help the unemployed in his state of New Jersey. Tapping in to President Trump's $300 supplemental unemployment benefit that the president announced earlier this month. This redirection of $44 billion in federal disaster aid to provide those who are out of work with an extra $300 a week. Of course, after the $600 weekly supplement to unemployment insurance expired at the end of July. The president wanted states too. I've put in an extra $100 to this weekly supplement states have been AH, loath to do that, because they say they can't necessarily afford it. Now New Jersey is going to submit an application for the extra $300. It could take several weeks before people see any money. A lot of states have to set up new systems to administer this program. It's not part of the traditional unemployment program. That's what Pennsylvania said when, last week, they announced Officials in Pennsylvania announced that they would be applying for this money from FEMA and analysis from Goldman Sachs says that The laps in the bigger insurance payments, so the disappearance of that $600 would result in a multi billion dollar decline in monthly personal income with people still out of work and still Struggling to make ends meet the governor Governor Murphy in New Jersey, says that while they are applying for this money, they're going to continue to Ask President Trump and the Senate majority leader to reauthorize the $600 benefit because we must support people in need in Governor Murphy's words. He
In Seismic Shakeup, Dow Replaces Exxon Mobil with Salesforce
"We'll talk about an exclusive club the only members allowed into the Dow, Jones Industrial? Average. Are The thirty most stalwart icons of the American economy names like Home Depot Microsoft McDonald's Johnson and Johnson Caterpillar Goldman Sachs and until next Monday. Exxon Mobil. That's right. The Dow is throwing Exxon out not long ago such a move would have been unthinkable. The multibillion dollar oil company is the longest standing member of the Dow. It was first listed in October of nineteen. Twenty eight. The. Dow's leaders announced their choice to boot Exxon late, Monday the move is so remarkable that Bloomberg called it a stunning fall from grace for the giant oil company. Is Twenty Thirteen Exxon Mobil was the world's largest publicly traded company according to CNBC. But now in the flash of time that has been the Kobe pandemic traditional oil companies have fallen out of favor as oil revenues and profits. Sink investors are spurning energy businesses. As we've reported here. Recently, Exxon has been foundering as the green economy becomes more and more important to global consumers. Bloomberg reports that exodus is now valued at only one, hundred, eighty, billion dollars A. Drop of forty percent just since New Year's and even more sense it's half a trillion dollar valuation in two thousand seven. You could say Exxon's worth is plunged as deep as one of its offshore drills like whack-a-mole when a company is pushed off the Dow, another one jumps up to replace it. In this case the Dow kicked out three businesses, Exxon? Mobil pharmaceutical company Pfizer and Raytheon. Technologies like Exxon Raytheon is also a dow old timer it was first. Listed in nineteen, thirty, nine, swapping into those slots are salesforce dot COM tech company specializing in customer relationship management. The Dow also added Biotech Company Amgen and industrial conglomerate Honeywell International. This is the Dow's biggest shakeup in seven years, not surprisingly the share prices of the three companies joining the Dow was Tuesday for the three kicked off the island. Well, you guessed it share prices fell. There's a much bigger strategy here than simply reflecting Exxon's ill fortunes the Dow. Index of American blue chip stocks was invented by Charles Dow and ninety four, two years later down his partner Edward Jones surely you know that name publish their first list of a dozen blue chip stocks ever since the Dow has served as a benchmark the standard intended to measure the strength or weakness of the US. Stock Market for that reason, it's leaders sometimes shuffled membership in the Dow to reflect the changing makeup in value of the entire stock market. And for that matter, the entire American economy
Africa declared free of wild polio in 'milestone'
"On independent panel, set up by the World Health Organization has declared that Africa is free from wild polio. It marks only the second eradication of a virus from the continent since smallpox 40 years ago. The head of the W. H O Dr Ted Ross Adhanom. Gabrielle has hailed the achievement. Today is a day of celebration, and they offer hope. Today we come together to rejoice over an historic public held Sachs is the certification off while poliovirus eradication in the African region. I congratulate the people and governments off Africa for your leadership and determination. Your sax is is the success off the world. Pakistan and Afghanistan. And now the only countries reporting cases of wild polio.
Trump distances himself from former adviser arrested on fraud charges
"President says he knew nothing about it on Lisa Brady Fox News reaction at the White House to the arrest of former adviser Steve Bannon, one of four people accused of defrauding donors to a crowdfunding account for the border wall. I feel very badly. I haven't been dealing with him. Worked for Goldman Sachs. He won't work for a lot of companies. But he was involved. Likewise. And our campaign and first of all part of the administration to very early on haven't been dealing with him at all, adding that when he heard about the Crowdfunding project, he didn't like it. The White House, also releasing a statement emphasizing he wasn't
Diversity in Photography
"Welcome back to another episode I'm your host Frederik van Johnson. Today I'm talking with my friend Karen Sacks. We're GONNA be talking about her new accidents, not even that new, but it's a it's a service that you may not have heard about its. Services a good name for Karen can explain what what the loop is all about, but it is a, it's something. Like this carrying you can tell me if I'm wrong, it is something that is serving a niche that is severely under served right now, and she's at the right place at the right time with the right product cares acts welcome to the show how's it going and it's going great. Thank you so much for having me and great description of of what we're building at the loop. WAS THAT AMORPHOUS? You it was. It was why don't I? Can. Go a little bit deeper and. What we like to say is that we're building a platform that is connecting the world's best diverse photographers, commercial professional photographers with brands around the world to make great work we want to help brands get content. Simply we WANNA simplify that process and we want to help photographers especially underrepresented diverse photographers get work. So we're bringing those two together our platform, the loop. Wonderful. That sounds like you you practice for. Maybe once or twice. Saying that a lot lately. To, the elevator with with. Man. Musk at your kitchen, you know. Right, exactly that's my elevator patch. Has Perfect Elevator pitch. Okay. So let's let's rewind I wanNA dive into the loop and kind of understand you know at a at a DNA level what it is you built and are building. But let's let's understand who cares. Sachs's I swear what's your? What's your pedigree that brought you from A to B. Sarah? No problem. So I have been in the industry for close. To twenty years, it sounds a little crazy to say that twenty years But that's how long it's been. I started my career at National Geographic I actually backing up a little bit started taking photography classes in high school like many photographers they always put in there about me section on their website that somebody gave them a camera when they're fifteen or sixteen years old. Similar similar for me I started taking classes. Photography classes in high school fell in love with it decided I wanted to major in photography. I went to the University of Michigan where I studied photography. I have a BFA photography I also have. A degree in American culture. So I did it be in American culture I felt like I needed both of those to take me where I wanted to go in my career yet I didn't know where I wanted to go in my career. I had this idea that I wanted to be at national geographic like many photographers many young aspiring photographers who wanted to go to national. Geographic I had my heart set on it. I. Didn't know what that would look like for me. I didn't know how I would get there. I didn't know what I would do there but I. Knew I. needed a career in photography and I wanted to start there and that's what I did when I graduated from the University of Michigan in August the following summer at the end of the summer I, moved to Washington DC and I started a job at National Geographic Kids magazine as a photo assistant and worked my way up to a photo editor. I. Was there for four years. It was an unbelievable experience I would ride in the elevator speaking of elevators I would ride in elevators with photographers whose work had been studying in school and I would be so nervous. I often wouldn't know what to say to them. That it was they were my heroes, my superstars they were who I wanted to be around into study their work and to know their images and I loved taking my film to get dropped off at the at the film lab at National Geographic. How cool that there was a film lab there and yes, we are still shooting film in those days. And I would be you know right next to Steve McCurry are Jodi COBB and that to me was the coolest thing. So I was there for four years and over that time I, realized that my place was not behind the camera was not being a photographer it was working with photographers. So I started to get a glimpse of really what I wanted to be doing and with each move I made in long career I got closer and closer to what it is that I wanted to be doing. So after I left geographic, I moved up to New York and I started freelancing for the Wall Street Journal. Started meeting a lot of photographers being in studios with them kind of understanding how they operated, how they worked, how they got jobs, and from there where did I go Martha Stewart Martha Stewart living in I was a director photographer on the merchandise side at Martha unbelievable experience I felt like I was working with the best of the best actually where I met my husband and I worked on all of her different product lines overseeing the photography for the product lines working with Martha on a couple of. Shoots, which was an incredible experience and I also after I left there. I went to a place called Archive. I skipped one I was at Corbis for a little bit Corbis, which is now part of getty images in the stock photography world. So I was getting glimpses of different aspects of the photo industry starting with editorial moving into commercial with Martha's products moving into stock photography. At Trunk Archive, I worked with high end photographers, Boutique photo, agency So so I kept kind of building I. Think these are all building blocks. And then more recently, I was at shutter sock for five years. So that's when I really understood what it meant to build products and to work for a company in the photo space. And then that has led me to the loop,
Brandon Taylor: Would Rather Be Alone, Thank You Very Much
"This is not the typical queer character that we're used to reading about. Yes he's black. He's a scientist but on top of that, he doesn't fit into the gay male stereotype usually presented of gay men being sex obsessed is that something that you want to push back on you know I mean I wouldn't say push back on because I think that that is like gay men sort of feeling free to express their sexuality or people in general being able to express their sexuality is really an important part of like. And feeling like you can. You can do that without being persecuted by the law. So it wouldn't say something that I wanted to push back on because I think it is an important part of your life but I was interested in sort of telling a story that feels closer to my own and trust in my own way of being in the world and I know many Queer people who? Are Not sort of sex centered and were Sachs's sort of a thing that exists but it's not sort of something that we're interested in pursuing necessarily, and so it felt important to me to sort of tell different kind of story. But I I don't really see it as being in opposition to those other kinds of stories i. think it's you know we're all part of the same party it's great. Knowing Gotcha. You've written before to about like your view on relationships and sex and I just think again comparing that like the history of literature and Hollywood like were sold this myth that if you're not in a relationship, then your life is not fulfilled. was that something big that you would get over absolutely ages ten to twenty, eight or something I was. Really relationship obsessed and I really really wanted relationship. But I thought that if I didn't have a relationship that I wasn't worthy of love and I wasn't a worthy person and I had all these myths many of the internalized from culture I. I will say and so it was really only like when I turned twenty twenty nine or is kind of like. Oh I really like myself like I like the human I. Am I am an interesting person i. don't need someone to desire me to feel worthy or fulfilled in coming to that place in my own life. Allowed me to sort of imagine you know characters who existed beyond the realm of like. They won't they will get involved in relationships, won't they? It became a much more interesting set of questions to me to sort of understand how a person exists in the world if I kind of set that relationship question aside. But it was really only after like working on my myself that I was even able to kind of see how you know becoming relationship obsessed. It's not that it's an unworthy thing, but it was just kind of like, oh, it's not the only thing that I can do my wife. And then just to clarify, are you not interested in a relationship ever or is nothing that you're like spending time pursuing? I, it's nothing that I didn't spending time pursuing. You know I had a boyfriend for the first time ever in two thousand eighteen and we were together for about a year and it was a really wonderful relationship and and you know it was a great. Like of my life and it was really wonderful. But I I sort of had this sort of growing awareness that I kind of just as good as that was, I think I craved solitude more and rather than letting that relationship get to a place where I was feeling resentful or where I was feeling like negative towards this person that I cared so much for like why not just call it good and be like you know this relationship was really beautiful and really wonderful. But I think I I would rather be by myself I like that more and so I don't feel the need to stay in this relationship if it's only going to become resentment you like it's only going to turn. Turn this great beautiful love into resentment I kind of left that relationship to sort of be alone to sort of thing, and and to be by myself and you know maybe I'll change my mind you know down the road, but I'm just trying to follow. What makes me happy because for a long time in my life I felt as though choosing my own happiness was not only not an option but was also a deeply selfish and really offline. So I'm just trying to unlearn a lot of this toxic west. From the culture and loud you open and talking about it just because I've been single for a long time like in terms of long-term relationships and I get the look of sometimes like what is wrong with you Yes I and I thought that for a long time you know like I felt that. But when I told some friends that I had broken up with my boyfriend to sort of be alone all my some of my friends were like, okay. But like why wasn't it good I was like It was wonderful but I like being by myself more and they're like I don't understand you boyfriend like I could tell that you know I had kind of stepped down in the world by choosing to be alone and I could tell because people started treating me differently you know what? I got a boyfriend people sort of like, ooh Oh, look at him. He's so globally and they treated me better when I had a boyfriend and when I. Chose to leave that relationship people's treat started treating me worse it. So I do think there is something very real to that idea that society likes people paired off and a single person disturbs.
Briogeo: Nancy Twine
"The easiest part about building a business is the day you imagine it in your head because everything that happens after it is really hard the research, the business plan the pitch to investors finding the factory, the distributor, the shops to sell your product. Each one of these steps is an obstacle and for the most part, each step creates a new problem. Too many problems can become overwhelming and soon enough it can also become tempting to just ditch the whole idea entirely. So to avoid that trap. Nancy twine took each problem one at a time, which is good because her idea was pretty complicated. To build a line of natural shampoos and conditioners without most of the synthetic ingredients you'd find in other hair care products. She also wanted to design a line of products for all hair types and textures, and she one of those products on the shelves of Sephora one of the premier beauty retailers in the world all of these problems Nancy would eventually solve her brand. is now carried by Sephora and is expected to do almost forty million dollars in sales this year. But to get there especially with zero experience in the beauty industry was gonNA pose a series of major challenges starting with finding a chemist who actually believe you couldn't make this stuff without parabens or sulfates or phthalates, or any of the other common chemicals you need to make shelf stable shampoo. Biggest early challenge though was having the courage to start the business at all. It was two thousand and ten and Nancy was in her twenty s on the fast track is a trader for Goldman. Sachs. In New York. And one day without any warning. A tragedy completely upended her life and prompted Nancy to reevaluate the way she was living at which we'll get to. Nancy grew up on Long Island New York her parents split up when she was a kid Nancy's mother was a physician and the twines were one of the few black families in their neighborhood. My mom was a family doctor and I don't even know if that term is quite used anymore. And I do remember at a young age being at her doctor's office and it was always full. You know a lot of people ask me where I got this very confident entrepreneurial experience from but I think that there was so much value and power of me seeing my mom running a successful practice really running a business. My Mom was an entrepreneur in seeing that at a young age seeing her confidence seeing her joy and the fact that being a female being a black female was not a hindrance. To any of the dreams and goals that I would ultimately have in life in red like as a kid used to go to West Virginia Lot. But what's the connection to to West? Virginia he asked. So my mom is from West Virginia. She's one of eight children and my grandmother is from there and that's where she raised her tribe and a very small rural town called Rand R. A. N. D.. What did you know about her upbringing? I mean it's like I. Think to this day. It's one of the whitest states in the country and obviously one of the poorest states in the country did she ever talk about what her childhood was like there? Yeah it was. It was definitely a tough childhood. They didn't grow up with a lot and the fact that my mom grew up in that type of environment not only not having an a lot but not being able to see what success and beyond that lifestyle could look like because. so much of wanting to become better. Or becoming successful comes from seeing other people who look like you that have done it. And when you don't even see the possibility but knowing within you that it exists in having that faith and belief in yourself. It's so so powerful and that was very much my mom's
Face masks could actually save the economy, Goldman Sachs
"If we all wore masks, Goldman Sachs says that alone could avert one trillion dollars in economic loss by preventing. Future lockdowns more importantly, health experts say masks could save thirty, three, thousand lives by just October. A whole stadium of lives
"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..
The Chainsmokers called 'straight up irresponsible' after crowd packs in for charity concert
"Says he is appalled by a drive in concert in the Hamptons drew as many as 3000 people in 500 cars. It's audio from T M Z from that party Saturday night in South Hampton. The event was headlined by the chain smokers but also featured a deejay set by Goldman Sachs CEO David Solomon. Who called himself D. J. D. Sol governor, Cuomo says video from the concert shows what he calls egregious social distancing violations. A state health department is now looking into it.
Goldman Sachs $3.9B settlement with Malaysia over 1MDB
"Sachs has reached nearly four billion dollar settlement with the government of Malaysia for its role in the alleged theft of billions of dollars from a government investment fund known as one MD. Our reporter lives. Hoffman has more on one of the worst scandals in the bank's history. The allegations against Goldman are basically that the bank turned a blind eye to red flags with one MVP. And that it failed oversee two of its senior bankers who have been accused and in. In one case pled guilty of being part of the scheme. It's important to note that the settlement today does not resolve an investigation into Goldman by the US Department of Justice, which still wants its pound of flesh. We reported late last year that the DOJ was seeking a guilty plea from the bank or or a subsidiary and wanted to install someone to overhaul its compliance
China orders closure of US consulate as tensions escalate
"Let's get to this. China's story escalation overnight. It's important, isn't it? I thought we had big trade deal going on their. Beijing is revoking the license for us. Consulate in China. After US ordered China's Houston conflict to close by today. I wonder how POMPEII is. Speech is being taken over there, too. I mean. He stopped short of regime change, but. I mean it almost sounded like he was going there for a while? The truth is that our policies and those of other free nations resurrected China's failing economy only to see Beijing bite the international hands the feeding. Eunice Yoon joins us up with the latest. High, Eunice, yeah, now it did, but as you said he did stop short, but when he was talking about China in his blistering speech, he described it as a Frankenstein. That's what struck me that he described it as a Frankenstein that was created by the policies of the free world. And he was essentially calling on all countries within the free world to. Unite against a Communist China saying that if the free world allows China to continue. Pursuing its path that that could potentially change the free world so. It was a speech that the foreign ministry did not like they called it. Full of ideological bias said that it was. Unattached to reality? But it did take some measures specifically out on the consulate in thome do so that conflict is now going to be shutdown of the state media said it's going to be within seventy two hours so by Monday and the Foreign Ministry also accused the American staff. There of interfering in Chinese internal affairs state media the the reasoning. Of. Why China chose tone do. Is this. It's essentially one of the smaller consulates compared to the others. It's seen as not having a huge impact on American business, but at the same time would hurt because the media. Have pointed out and quoting experts as saying that that's where America. A gathers information on strategic weapons in the region and also gathered information on the situation in Tibet. So the reason why this is being explained in the state media is because the messaging is that Beijing wants to show that it's tough. It wants to be able to match what the US is doing at the same time. It wants to say there's a little bit of a door open because we don't want to have an escalation of tensions, even though, of course it's seems really difficult. To see where it all heads
Goldman Sachs agree to $3.9B settlement with Malaysia over 1MDB scandal
"Bailey said. Goldman Sachs has agreed to a $3.9 billion settlement with the government over the multibillion dollar one MDB scandal. How much anticipated deep dive into and I addressed allegations against four of America's largest tech companies and recommendations on how to tame their market power could be released by late summer or early fall from the House of Representatives Judiciary Committee's anti trust
Goldman Sachs $3.9B settlement with Malaysia over 1MDB
"Agreed to a three point nine billion dollar settlement with the Malaysian government over the multibillion dollar one MD. scandal backdrop Malaysian prosecutors filed charges in December two, thousand, eighteen against three Goldman units for misleading investors over bond sales, totaling six point five billion that the bank helped raise for the sovereign wealth fund. However Goldman has pleaded not guilty to the charges. Saying that certain members of government and one MD be lied to about how proceeds from the bond sales would be used.
"sachs" Discussed on Exchanges at Goldman Sachs
"Want our clients to live in and consume everything that they need and want to take out of Goldman. Sachs that would include content whether it's research, content or sales and trading color. It would include risk analytics. It would include data, sources, execution services, and of course ultimately click to trade with Goldman Sachs Marquee is our ecosystem. What we found during this period. Our clients were engaged with it more than ever before. Before, and so of course it wasn't only Goldman Sachs that was working from home. The entirety of our client franchise was doing the same, and the efficiency of that ecosystem became incredibly important during this period, and I really liked the growth prospects that I saw with Marquee Kee, no, during the stresses and strains that we saw in the capital markets. There's a bunch of other platforms that were also focused on were making a big investment, if I think about the largest client gap that we have in the division. Division it's with better servicing systematic quantitative funds in the Equity Division and so we have a reasonably sized gap that we're looking to close to better service and support systematic funds and the number. One way we're going to do that is by having a world class execution tech stack, and here you have to have one that's robust globally to connect to a bunch of individual markets, including the emerging markets globally, and were currently in the process of reinforcing and really rebuilding the entirety of that tech stack that we. We hope systematic clients will find valuable, and ultimately will lead to deeper relationships with those clients if we get it right with systematic clients will also be able to migrate that stack, and use it more prominently across the entirety of our global franchise, and so when I think of my role now atop division in terms of managing our operations, not technology the robustness of it how clients engage with us? It's not only top of mind. It's literally one of the most important things that I do on a daily. Daily basis so beyond key DC other areas for Rothe. Obviously you could grow the digital footprint and better interact the clients division. We have a large number of strategic growth initiatives across both equities and fixed income. No one of the things we've been talking a lot about is growing financing revenues, and that's true inequities, but it's equally true in fixed income, but when I think about the single biggest opportunity for us, it's the continued investment in clients interesting, but in clients, no front and center and everything we do. Do and the progress. We're making I. Think the good news is we're seeing material progress, but equally I think there's a lot more client wallet share at we can gain in the coming years, and so we've been busy closing client gaps wherever they exist, but were by no means exhaustive effort when we look at things like the top hundred clients globally, and where we ranked in the top three with those top one hundred clients again we're making progress but I'd say there is sufficient runway in front of us. US that if we keep executing flawlessly in terms of our client, engagement and client franchise I think we can still demonstrate berry very significant growth in our global markets division. So Jim. That looks like you've been back in the office a bit. What is it felt like? And how do you feel about socially distance trading war? How's it going to work? Yeah I've been back now for a couple of weeks and when I reflect on this period and when I talked to a bunch of clients, a bunch of. Of Goldman Sachs professionals, you really struck by your just how personal this period has been for everyone and everyone's got a different set of circumstances and experiences and Kobe has impacted no people globally and a very very different way I can send a personal level. I was working for home for a couple of months, and it was just really a nice period in a sense of it was a period where I think I formed a deeper family bound I have three teenage boys, two of whom were at boarding school. School they came back to do home schooling and it was a really fantastic time to spend time with the family. I was working from home. They were doing home schooling. Those connections were something that wouldn't have happened as easily and so it was a special special time. Now that I'm back in the office, you know we are getting up and running here in London. We have about twenty five percent of our trading floor employees back in the office. We are functioning I think in a very matter we are. are running a socially distance trading floor, which does have its unique challenges, but the thing that we believe in Goldman, Sachs, I'd say. Is there a couple of reasons why over time we are going to make a bigger pivot and have people come back to the office? No, the first is no. Our intake at universities is quite significant. It's incredibly important. It's really the lifeblood of our organization to take in no really quality junior people and train them up and so when I think about running our trading businesses. Businesses, we need to train the next generation of Trader Salesperson Engineer and strategist and to do that I. Think we have to come together in a very apprentice base model that is harder to do virtually than it is physically, and now that we're getting into the time of year where people are coming into Goldman to start their careers were very focused on how we're going to get them trained up and I think it is going to be important for us to get people back now. The second thing I'd. I'd say is just around. How people come together when they collaborate I think that's when innovation happens and I think we will be more innovative with our people working together and coming together physically I think innovation has stalled a little bit, even though we have been operating efficiently working from home, and so those are things that we've been thinking a lot about now. Look my last point around. This would be i. think there are going to be some things from this period that we borrow and take through to. To be a very different operating in business model in the future I, definitely believe will be able to be more flexible with our workforce. Clearly, we demonstrate it. We can operate efficiently and put up solid results with people working from home, and so the idea or notion that we will have a more flexible workforce which I like to think can foster more diversity in the workplace is absolutely something that were thinking through. How much flexibility for whom? How would all work I? Wouldn't say we're that far along in. In terms of our thoughts around it, but I definitely envision a working model that will be more flexible in the future. I think that working model is more flexible. That should have ultimately helped champion and foster a more diverse workforce. No doubt about that. If we can get there and I agree, it's very different for those of us who have experienced and connections and networks for us to be out of the Office for a little while we can draw on that experience on those people much different for someone. Someone. WHO's starting in industry or in any industry? Just trying to learn that? Thanks for joining us today Jim. It was a pleasure. Thank you. Jay is going to be here. That's off this week's markets update on exchanges Goldman Sachs. In case you missed it. Check out our other episode. This week was Steve Strong and on ESPN in a new report, he has out in that space. Thanks for listening and hope everyone hasn't safe and help you get. This podcast was recorded on Thursday. July Sixteenth 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.
"sachs" Discussed on Exchanges at Goldman Sachs
"For the euro. I would highlight three things. The first is that the euro is very cheap, so the dollar is expensive. The Euro is cheap. We put long run fair value for the euro dollar exchange rate around third so today one twelve. You are deeply undervalued, and we see that reflected in conventional things like the Europe, your areas large trade surplus, his otherwise strong balance of payments picture so the euro area. Seem to show the classic signs of very competitively valued exchange rate achieve exchange rate second. We think that the euro area is likely to have a steeper and smoother recovery from the corona virus recession than the United States in part that reflects the deep hole that Europe is coming from, but it also reflects better virus control. We've seen the reopening process. Proceed pretty steadily in Europe with limited effects on the outbreak, so it more successful reopening process we think may mean a little bit faster European growth over the coming quarters, lastly through the crisis, we have seen some important structural changes in Europe's fiscal architecture that I think are very important to. To recognize in particular, the recovery funded proposal from Europe from Germany and France is a big step forward to more fiscal risk-sharing, more burden-sharing across the euro area, which had been a feature that many observers had criticized many investors at pointed to as reasons to be reluctant to be long European assets on a structural set, so Europe's fiscal architecture is kind of coming together during the crisis, and we think that that's an important factor to remove tail risks for the common currency so cheap valuation more cynical, upside reduced tail risk I. You put those together in the euro area. Picture looks relatively attractive with more upside downside risk for the euro currency. So you've talked a lot of investors around these views, he getting any push back from active investors on your views on the euro versus the dollar. Yes I think that. These views do resonate to a degree with many investors, but we certainly get plenty of pushback as well and I would say that's primarily from equity investors. At this point, many equity investors look backward and see the really substantial US market outperformance US earnings growth outperformance compared to your over the last five or more years and questioned whether European companies really have the capacity to outperform on a sustained basis the US firms so that's really where a lot of the debate is among international investors at. At, the moment is whether European corporate earnings can keep pace or outperform US corporate earnings. We think that's a possibility and we've warmed up. Our equity strategists had warmed up on the case for European stocks relative to the US market, but I would say that's really where a lot of the pushback in debate is in currency markets today, so before Kobe head always talked about in these conversations was the US. Election that's stayed a little bit in significance for investors, but it is coming to. To the forefront again now as the risks around Kobe become at least clearer, how might the outcome of the US election affect turns markets? This is definitely getting more attention in currency markets. Today we would highlight a couple of specific policy proposals for trends that could affect the dollar or other currencies. The first is the corporate tax rate which is in focus across a lot of markets, including currency markets us, corporate tax rates. Go Up. Hold all else equal. That would make US shares A. A little bit less attractive on a relative basis to their international peers, and that could have some implications for the dollar. The dollar strength in late twenty seventeen, as the corporate tax bill was being passed moving towards passage in late two thousand seventeen, so we see the reverse of that over the coming years that could lead to some of these temporary dollar weakness on the back of that the second topic is really around tariffs. You know the disputes between the United States and China I. I? Don't think anybody thinks a really going away. In a longer term sense, but Vice President Biden does seem to have a lower appetite for using terrorists specifically then president trump, so we do think that in abided administration tariffs that have been imposed on China and maybe other tariffs as well could be rolled back, and that would tend to be a positive for the Chinese yuan relative to the dollar as well as other of China, sensitive currencies for example like the Taiwan dollar lastly I. I think one big picture. Point is worth mentioning you know. Currency markets are partly affected by the United States role in the world. The world holds a lot of dollars reflecting the United States is historical role in the world. If that's undergoing change that could have currency market implication so in recent years we have seen these efforts toward de-dollarisation, reflecting this trend countries trying to find a way to have fewer dollars. Their foreign exchange reserves your dollars in their crossborder trade, etc in second trump. Trump term where the US is pulling back from international institutions and changing the way that it's Ostra in the world we could see those efforts continue, and that may have some dollar implications in the long run, so we do think it'd be. Election is a potentially important factor for the US currency. In my view, the tariffs issue is probably the most direct and meaningful for ambassadors over the next couple of quarters are Zach well lots of talk of delegation over the years and yet never. Never seems to really get that. Much momentum was act. Thanks for joining us today. Saying discussion, thanks for having that concludes this episode of exchanges. Goldman Sachs thanks for listening, and if you enjoyed the show, we hope you subscribe Apple podcasts and leave a rating or comment, and please tune in Friday for a weekly markets update were leaders around the firm provided? Quick take on the latest in markets. This podcast was recorded on Tuesday June thirtieth, two thousand and twenty. Thanks for listening 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 constitute research or recommendation from any Goldman Sachs entity to the listener neither Goldman Sachs. 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 and respect of. 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 investment advice by Goldman Sachs to that listener, nor to constitute such person, a client of Goldman Sachs entity..
"sachs" Discussed on Experts on Expert with Dax Shepard
"MOYLE can welcome welcome to armchair expert experts on experts I'm Dan. Sheppard Dan. mispronounce the name of our own thing. Experts on experts. That's okay. We're not perfect. We're not perfect. We're far from it. You know who is perfect. Jeff Jeff Sachs boys is fascinating. He was one of these folks that afterwards. Monica Ireland is the smartest person we've ever talked to. And also his resume was like forty five pages long couldn't be read to be honest. You just had the what a comprehensive view of everything history the economy everything and he made us kind of rethink some things. Who's got us on the ropes a little bit. We had thought we were permanent staples on. Yeah, we haven't made any big declarations we. We haven't certainly gears turning. Yeah, so. Jeffrey is an American economists, a liberal, academic public policy analyst and former director of the Earth Institute at Columbia University where he holds the title of university professor, he is known as one of the world's leading experts on economic development and the fight against poverty. He has written many books a new foreign policy building the new American economy, the age of sustainable development in his new book. The ages of globalization geography, technology institutions gives you a full comprehensive view of all this stuff, so please check out his book and please enjoy Jeff Sachs. He's not..
"sachs" Discussed on Exchanges at Goldman Sachs
"The cusp of seeing a little bit of a change in millennial habits in terms of home by any changes. Come out of this crisis longer term difference in in those trends. I do ends MED. L. Point back to two thousand eight in two thousand eight saw large number if Americans decide that. No maybe borrowing a bunch of money and buying a house is not the best investment. I think you may see the opposite effect. This time around. I mean by that is. There's a view that this could be the catalyst that pushes a large number of millennials out of the city centers and into the suburbs. And I do think an additional accelerate of that trend is going to be in the fact that working from home has become easier and more accepted and therefore being in a city centre is less relevant. I would say the other trend. Expect to see more on the repair and remodel side. You've got a large number of folks who are spending more time in their homes than they ever used to and they're working around what they don't like what they may want to improve. So I expect the real spike and remodeling spending coming out of this crisis by one year of the home. Were that would be particularly acute. The outdoor living expenditure was a place that was already growing at more than overall repair amounts so another trend. Obviously pre-crisis was that we're seeing smart homes more technology and innovation in the building sector in the home we used to continue as a result of the crisis or may be accelerated. I do think it's going to continue and I think you're right. It could even accelerate in when you look across industrial and markets the real ubiquitous theme. We've seen over. The past. Twenty years has been increased technology in. You'll get your own car. I think that's probably the best example. How much incremental technologies in the car? More so than it was ten years ago. One laggard has really been construction and when I think about interesting innovation and technology around the all it's really all sorts of different things. It's material replacement so companies replacing traditional would use in decorative trim of a home with more environmentally-friendly durable materials. It's in-home technologies. One of my favorites is electric windows. Which are windows that automatically change in tent? Which dramatically changes the experience? The in terms of you don't need lions and that sort of thing and also changes just the energy efficiency of all and then lastly you're seeing changes in the way that homes are actually taking more of the construction moving it offsite making it more efficient taking some of the Labor out of it. I think you're GONNA see that. Trend really emerge. You brought something interesting. Add more specific. Which was the connected home. I think the connection homemade is quite interesting when I talked to my building products clients because consumer standpoint is exceptionally important. But it's really a trend. That's being driven by big tech like Amazon and Google to Walmart. Clients know that they have to play in that ecosystem and they have to be relevant the reticent to really try and lead that movement giving your competition seeks to be other building products manufactures and starts to be very large. Very well capitalized. So I'll see. How do you view your role? It's changed a little bit. There's as much emanate only on which which you roll now is sort of a deserter to clients today compared to normal state business when this crisis are started the focus was really distilling all of the information that was out there about the virus known about the implications of the virus into what was most relevant and most critical to our clients. The next stage was really on a client by client basis doing downside scenario planning understanding their liquidity and making sure that they were in the position to weather of could be very off downturn. Now that we're in a situation where I think we all have a much better understanding at least on the rage of awesome Outcomes of this crisis its return to more strategic dialogue and frankly more traditional doesn't make a log which is was issue of capital and the allocation of capital so appliance or still concern and they're still downside scenario. Planning we are going to have bigger discussions about. What should you be doing differently today than you were doing free crisis to make sure that you meet your strategic objectives lessons someone hopeful note? We like to close on. Aol Personal. I ask all I guess what they've been doing a little differently these days anything. You've been doing this little different than the way you're living before the crisis. So it's it's a good question. I been trying to keep a lot of my typical routine. One thing I added which was actually the recommendation of a client is. I've been reading. Warren Buffett shareholder letters dating back to nineteen fifty seven and working with them chronologically. And I think it's been. It's been interesting for two reasons. The first is that it's just a great history. Lesson hearing what was going on in the US economy generally in the market specifically from the perspective of someone who is experiencing them at the time. And then to it's a good reminder that while we haven't seen this unique set of facts before we have seen similar crises and we weather through. We've come out the other end stronger so it's also kind of a hopeful message that we will get through this as well. Yeah History repeat but it often rhymes. Thanks for joining us today. Turn is great conversation. Thank you so much. I really appreciate the time that concludes this episode Exchanges Kazaks. Thanks for listening. And if you enjoy the show we hope you subscribing apple podcasts and leave a rating or a comment in tune for a weekly market update. Friday morning where leaders around the firm provides their take on markets in. What's driving the new volatility? This podcast was recorded on April. Twenty twenty twenty nine All price references 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..
"sachs" Discussed on Exchanges at Goldman Sachs
"March we all time record of two hundred sixty billion and Eur Issue is and we do expect that trend to continue in the market appetite. They're in high yield. There's much cigarettes. The FEDS SUPPORT. Put a recent fallen. Angels in there. That did not that. The Fed did is the companies have to maintain a credit rating of double B. Might Effectively what the Fed is doing is? They're supporting the upper end of high yield companies. And they're doing that so long. As companies you know their balance sheets deteriorate further market participants are forecasting that were in a C- a pretty wide range default. So anywhere from five to twenty five percent is where I say. Investors ARE ASKING FOR HIGH YIELD. This year we are asking. Thirteen PERCENT IS BASE CASE. Assuming our current. Gdp numbers a lot of already priced into the market but unlike investment grade. Where we get to say you're not going to retest the lows. We do. Think that high yield spreads to widen from here that being said there's a silver lining here. The silver lining is just like it was in the equity market into credit markets. There's a significant amount of Dr Crowder in the private credit markets alone. We think that somewhere to the tune of two hundred forty billion in addition to that also got interest from non dyke in cut investors private equity firms while firms family offices and this is allowing companies to come to mark yet just this week alone. We had eleven deals price in the secondary market ideals came last week and these are multiple times oversubscribed but they are humming at levels that are wider to secondary market. It's causing a little bit of a repricing Activity and you're seeing more investor. Demand is is definitely more secured and for shorter term structures going forward. I do think that companies will continue to have avenues by taking raise capital. And it's just gonNA depend on Western. Most cost effective for any wear investor. Interest is in so quickly TOGGLE FOR BRIDGE BETWEEN CREDIT. Adverts pipes just given the market dynamic is on any given week also say that it's worth keeping an eye on preferred market. This market is relatively thoroughly valued right now. It is an area of interest or Arctic clients Just given it's a income producing asset in the dividends tend to be or the yield tends to be given all fighting council extra-base that I work with a lot of interests trading fairly valued right while which is giving the amount of volatility. We do see Corey. Large dislocations from time to time perferred effectively senior to comments junior to senior debt. Most of these birds are US. Dance and unlike the financial crisis using that banks are much better position to whether the recession and to be able to sustain those Virginia a month ago we talked about all these markets without spending a lot of time talking about the presidential election now. The Democratic primary was a bit more endowed at that point Nixon. Now now are earn victories at all thinking that the election typically in a presidential year and that would be A major overhaul to the markets. How your investors thinking about that right now your client. It's not top of mind right now but it's it's worth keeping in this session second quarter. Gdp levels historically have been one of the most predictors real action. And as I mentioned before we now expected to be down. Three percent given the current dynamic data points likely not going to be as relevant as it's done in the past and so we do need. Investors will look to approval ratings which have also been a strong predictor in the administration's response to the virus resulted in a short term increase to president trump's approval ratings. But they had fallen since then and they might be under further pressure if unemployment numbers increases as stacks. So we do find that immeasurable. Service issuing or intentional comes under a democratic administration and unlike a few months ago where probably been more chatter about increasing the corporate tax rates. We think that there's probably going to be more focused on New Public. Health Insurance options engaged. General Care will mean that. Thanks for covering a obliged swath of the market before we close. What's one uplifting nonfinancial story that you've heard this week? You know I wouldn't say that there's this one piece of news in general everything that I've been around people coming together and really running into that fire with candle to help relieve. The pain is just really inspiring in so whether that's woman increasing. Our efforts are charitable contributions donating masks. There's a number of other companies that are doing that. Using their industrial operations to create tools will help others in an also in healthcare front. You know there's people that are in the medical field that are coming out of retirement at any read. There's doctors at our retraining help with Kobe. Nineteen patients and also just recently seen talk of medical students which actually graduated early to get on the front lines. So I think it's just really amazing. How many people were just running into fire to do their heart and try to help with what's going on here. Thanks for joining us today. Meena thanks for having me. That's all for this week's markets update on exchanges of Goldman. Sachs in case you missed it. Check out our other episode this week with a stroke. Vahran Cohen of Global Markets Division. On how the sales and trading roles have changed over the past month and take away from the first quarter earnings. And how that division before. Thanks for listening and everyone is staying healthy and save this. Podcast was recorded April sixteenth. 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 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 client of any Goldman Sachs entity..
"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..
"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.
"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..
"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..
"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.
"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
"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.
"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.
"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.
"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.
"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.