Author: Saeed Azhar
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Citigroup CEO sets sweeping management changes, job cuts
By Tatiana Bautzer and Saeed Azhar NEW YORK (Reuters) -Citigroup CEO Jane Fraser announced a major management reorganization on Wednesday that will result in more job cuts and give her more direct oversight over its businesses as she seeks to simplify the bank’s structure. The heads of the bank’s five businesses will now report directly…
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Goldman Sachs weighs sale of part of its wealth business
By Saeed Azhar NEW YORK (Reuters) -Goldman Sachs is weighing the sale of a part of its wealth business, it said on Monday, as it shifts its focus back to serving the ultra-rich and away from high-net-worth clients in mass markets. The Wall Street bank is evaluating alternatives for its registered investment adviser (RIA) unit,…
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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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Goldman Sachs readies biggest layoffs since the financial crisis
By Saeed Azhar and Scott Murdoch (Reuters) -Goldman Sachs Group will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. Just over 3,000 employees will be let go, one of the sources said, but the final number is yet…
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Goldman to cut thousands of staff as Wall Street layoffs intensify -source
By Saeed Azhar and Lananh Nguyen NEW YORK (Reuters) -Goldman Sachs Group Inc is planning to cut thousands of employees to navigate a difficult economic environment, a source familiar with the matter said. The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged…
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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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Moody’s says Credit Suisse could suffer $3 billion loss in 2022
By Saeed Azhar NEW YORK (Reuters) – Rating agency Moody’s Investors Service expects losses for Credit Suisse to swell to $3 billion by year-end, potentially bringing its core capital below the key 13% level, Moody’s lead analyst on the bank told Reuters. Credit Suisse has reported 1.9 billion francs ($1.92 billion) of losses in the…
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Republicans warn bank CEOs to steer clear of social, cultural issues
WASHINGTON • The heads of the nation’s largest banks faced pointed criticism on Thursday from Republicans complaining the firms are inappropriately taking liberal stances on social and cultural issues. Sen. Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to stop “embracing a liberal ESG (environmental, social and governance) agenda that harms…