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Goldman Sachs says a second wave of coronavirus could make the Fed rethink negative interest rates

Goldman Sachs says a second wave of coronavirus could make the Fed rethink negative interest rates

Finance
Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC.Getty ImagesAnother "big setback" in the U.S. economy could prompt the Federal Reserve to consider cutting interest rates into negative territory — but such a monetary policy wouldn't be "very helpful," a Goldman Sachs strategist said on Thursday.Fed Chairman Jerome Powell on Wednesday reiterated that the central bank is not considering negative interest rates at this point, even as other central banks — such as the Bank of England — appeared to be opened to the idea.When asked what could change the Fed's mind on negative interest rates, Zach Pandl, Goldman Sachs' co-head of global foreign exchange, rates and emerging markets strategy, raised the possibility of a second wave of coronavirus ca
Goldman Sachs CEO David Solomon gets a 20% raise to $27.5 million for his work in 2019

Goldman Sachs CEO David Solomon gets a 20% raise to $27.5 million for his work in 2019

Finance
Goldman Sachs CEO David Solomon got a 20% raise to $ 27.5 million for his work leading the bank in 2019.His pay package includes a $ 2 million annual salary, $ 7.65 million in a cash bonus, and $ 17.85 million in performance-linked stock units, the New York-based company disclosed Friday in a filing. The bank said that Solomon earned a raise from his 2018 compensation of $ 23 million because he "successfully executed on his priorities in his first full year" leading Goldman, including unveiling a strategic overhaul at the firm's first investor day in January."He led our development of the firm's three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm's long-term mindset and instills a culture of innovation," the bank s...
How Goldman Sachs nabbed the top three tech deals of 2019 and took a big lead in M&A

How Goldman Sachs nabbed the top three tech deals of 2019 and took a big lead in M&A

Finance
Sam Britton, head of tech, media and telecom M&A at Goldman SachsSource: Goldman SachsIn the perpetual battle for tech investment banking supremacy, Goldman Sachs has taken a commanding lead this year over its Wall Street rivals, thanks to its top role in the three biggest deals of 2019.The guy at the center of the action, Sam Britton, is a mountain biking New England transplant who you've probably never heard of. He is so publicity averse that he preferred not to have his individual photo at the top of this story (sorry, Sam). He's a far cry from the swashbuckling Wall Street legends like Bruce Wasserstein, Jimmy Lee and Felix Rohatyn, who once controlled banking and were perfectly comfortable posing for magazine covers.Britton, 50, is the head of Goldman's technology, media and telec...
Goldman Sachs and UBS execs warn: Markets are ‘overpricing’ Fed rate cuts

Goldman Sachs and UBS execs warn: Markets are ‘overpricing’ Fed rate cuts

Finance
Investors are getting too far ahead of themselves in expectations for the Federal Reserve to cut rates, according to a pair of top bankers at UBS and Goldman Sachs.Hopes for cheaper borrowing costs have spiked on the back of recent comments by Federal Reserve Chairman Jerome Powell and other top officials at the U.S. central bank, sending U.S. stock markets soaring.But Axel Weber, chairman of Swiss bank UBS, said Thursday that traders may be misreading the tone of such remarks. "I think the market has overpriced the amount of rate cuts that the Fed is likely to do," Weber said during a panel discussion at an Institute of International Finance meeting in Tokyo. "If you listen to some of the key decision makers like Charlie Evans, if you listen to Jay Powell, there is no imminent rate cut, "...
Suits and ties now optional: Goldman Sachs says it's relaxing its dress code

Suits and ties now optional: Goldman Sachs says it's relaxing its dress code

Finance
Goldman Sachs said on Tuesday that it is relaxing the dress code for all its employees, a move once considered unimaginable for the Wall Street firm's leagues of monk-shoed partners and bankers in bespoke suits. The new "firm wide flexible dress code" was announced in an internal memo, which said the shift was due to "the changing nature of workplaces generally in favor of a more casual environment." The memo sent to the bank's some 36,000 employees was penned by Chief Executive Officer David Solomon, a former investment banker who took the role in October, along with Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron. ...