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News on Medial
Goldman Sachs plans fresh round of job cuts by next month
Livemint
·
1y ago
Medial
Goldman Sachs plans to cut jobs as part of its annual evaluation of staff, with reductions expected to be at the lower end of its typical 1% to 5% range. CEO David Solomon announced the resumption of performance-based job cuts after halting them during the pandemic, with further cuts likely in late 2023. This evaluation also aids in determining end-of-year compensation decisions. While initial lists of potential cuts have been drafted, final numbers are still being determined, and there has been no official confirmation from Goldman Sachs.
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Goldman Sachs looking to spin out its digital assets tech platform
Economic Times
·
8m ago
Medial
Goldman Sachs plans to spin out a blockchain-based technology platform called GS DAP to streamline institutional trading and reduce settlement times. The platform will eventually become industry-owned, and Goldman Sachs has partnered with trading platform Tradeweb Markets to expand its commercial use cases. By establishing a standalone company independent of Goldman Sachs, the bank aims to provide a long-term solution for digital financial services. The spin-out is expected to be executed within the next 12 to 18 months, while Goldman Sachs continues to build out its digital assets business.
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Apple and Goldman Sachs are breaking up over money-losing Apple Card
Arstechnica
·
1y ago
Medial
Apple and Goldman Sachs are ending their partnership on financial services, including the Apple Card, within the next 12 to 15 months, as the products have been losing Goldman Sachs billions of dollars. The high loss rate on credit card loans has contributed to the financial losses. Regulatory issues and demanding requirements from Apple have also frustrated Goldman Sachs executives. It remains uncertain if Apple will partner with another company for its financial services. The services business, including financial services, has become increasingly important for Apple amid slower growth in hardware revenue.
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Goldman Sachs recruits former Morgan Stanley banker Jaehoon Ahn for South Korea operations | Mint
Livemint
·
1y ago
Medial
Goldman Sachs has hired Jaehoon Ahn, a former Morgan Stanley employee, to lead its investment banking business in South Korea. Ahn will join as a managing director next month, having most recently served as VP and head of strategic planning at SK Bioscience. This move comes as part of a reshuffling of the Goldman team in South Korea, following the departure of former country and investment banking head David Chung. Ahn will also serve as co-country head and co-branch manager alongside Jae Joon Choi.
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Apple shuts Goldman credit-card partnership
Livemint
·
1y ago
Medial
Apple has decided to end its credit-card partnership with Goldman Sachs, effectively terminating the Wall Street bank's foray into consumer lending. Apple sent a proposal to Goldman Sachs to terminate the contract within the next 12-15 months, which includes the credit card launched in 2019 and the savings account launched this year. It is unclear if Apple has already found a new issuer for the card. Goldman Sachs had been looking to offload the partnership since early this year after facing significant losses in its consumer operation.
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Paytm slumps to A 7-month low, brokerages cut price targets after postpaid loan scale down
Inc42
·
1y ago
Medial
Shares of Paytm plunged nearly 19% to a seven-month low of INR 661.3 on the BSE, following the company's decision to scale down its postpaid loans or BNPL lending category. Brokerages including Goldman Sachs and Jefferies have cut their price targets on Paytm, with Goldman Sachs also downgrading its rating to 'neutral'. The move comes after Paytm decided to focus on expanding high-ticket personal and merchant loans, following regulatory changes by the Reserve Bank of India. Paytm shares are now trading over 24% higher year-to-date.
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Physics Wallah Selects 4 Investment Bankers For $500 Mn IPO
Inc42
·
10m ago
Medial
- Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan have been shortlisted as bankers for Physics Wallah's upcoming IPO. - The proposed IPO is expected to include a combination of fresh issuance of shares and offer for sale. - The deal size is yet to be finalized but may aim to raise between $400 Mn to $500 Mn. - Physics Wallah recently raised $210 Mn in a funding round led by Hornbill Capital, effectively doubling its valuation to $2.8 Bn.
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Flipkart-Backed BlackBuck Files DRHP For INR 550 Cr IPO
Inc42
·
1y ago
Medial
BlackBuck, a technology platform for logistics in India, plans to raise $75 million in a new funding round. The round could value the startup, backed by Tiger Global and Goldman Sachs, at $1 billion. The new round follows a $27 million funding round in May, which was also led by Tiger Global. BlackBuck aims to use the funding to expand its services and strengthen its technology capabilities. The company currently serves over 10,000 clients and has a network of over 700,000 trucks.
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JPMorgan in talks to replace Goldman as Apple’s credit card partner: Report | Mint
Livemint
·
10m ago
Medial
JPMorgan Chase is reportedly in discussions with Apple to replace Goldman Sachs as the tech giant's credit-card partner. The talks have been ongoing since earlier this year and have recently advanced, but a potential deal is still several months away. Last year, Goldman Sachs and Apple ended their partnership, which involved credit cards and savings accounts. Goldman Sachs is now facing the financial consequences of its exit from this partnership, as it is seen as risky and unprofitable by other lenders.
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US-based tech company Pegasystems to lay off 240 employees: Report
Livemint
·
1y ago
Medial
Pegasystems, a global software company, plans to cut approximately 4% of its workforce, with some job reductions expected in Massachusetts. The company aims to simplify its client engagement approach and enhance its business strategy by trimming go-to-market roles. This marks the second round of layoffs at Pegasystems in the same year. The tech industry has experienced a significant number of job cuts in 2023, even as demand for specialized skills in areas like artificial intelligence has surged. However, job cuts in the tech sector appear to be slowing in recent months.
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US tariffs to hit India's GDP growth, prompt more rate cuts
VCCircle
·
4m ago
Medial
India's GDP growth is projected to slow by 20-40 basis points due to new U.S. tariffs, prompting likely further interest rate cuts by the Reserve Bank of India (RBI). Analysts, including Goldman Sachs and Citi, revised their growth forecasts, anticipating rate reductions to support the economy. With inflation expected close to the RBI's target, the tariffs have led to reevaluating monetary policy, focusing on growth support while managing inflation risks.
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