Author: Niket Nishant
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Mastercard moves to ban cannabis purchases on its debit cards
By Niket Nishant and Tanay Dhumal (Reuters) -Mastercard has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States. Most banks in the country do not service cannabis companies as marijuana remains illegal at the…
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Goldman Sachs profit falls on sluggish deals and bond trading, Marcus loss
By Niket Nishant and Nupur Anand (Reuters) -Goldman Sachs Group Inc’s profit fell 19% as dealmaking and bond trading slumped in the first quarter, while losses from the sale of some loans from its consumer unit weighed on earnings. Goldman lost $470 million on the sale of the Marcus loans after its foray into consumer…
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Goldman misses profit estimates as dealmaking slumps, consumer business hit
By Niket Nishant, Noor Zainab Hussain and Saeed Azhar (Reuters) – Goldman Sachs Group Inc on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking, a drop in asset and wealth management revenue and booked losses at its consumer business. Wall Street banks are making deep cuts…
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Silvergate Capital shares sink as crypto-related deposits plunge by $8 billion
By Manya Saini, Niket Nishant and Hannah Lang (Reuters) -Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday as investors spooked by the collapse of FTX pulled out more than $8 billion in deposits, sending shares down more than 42%. The crypto-focused bank also said it would cut its workforce by…
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Goldman Sachs unveils revamp as profit shrinks
By Saeed Azhar, Niket Nishant and Noor Zainab Hussain NEW YORK (Reuters) -Goldman Sachs Group Inc will reorganize its business into three units and scale back ambitions for its consumer bank, it said on Tuesday, as the Wall Street giant reported a smaller-than-expected 44% slump in third-quarter profit. The bank, which unveiled its biggest business…
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T-Mobile dodges inflation hit as cheaper plans power subscriber growth
By Eva Mathews and Niket Nishant (Reuters) – T-Mobile US Inc raised subscriber addition forecast for the second time this year as its strategy of selling relatively cheaper plans helped the carrier attract more price-conscious U.S. customers than its rivals AT&T and Verizon. Shares of T-Mobile rose as much as 4.4% on Wednesday as the…
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Robinhood to permanently shift most employees to remote working
By Mehnaz Yasmin and Niket Nishant (Reuters) – Online trading platform Robinhood Markets Inc said on Wednesday it plans to move a majority of its 3,400 employees to remote work permanently, joining a slew of top tech firms embracing a hybrid culture. The California-based company’s move to adopt a ‘remote first’ approach, the plans for…