Goldman Sachs

Ticker GS

Today's data summary

Market closed
% change
-3.07%
Price US dollars
196.20
Change
-6.22
As of 17:16 24 Aug 2019
Market cap. US dollars
71,958.92 million
As of 17:16 24 Aug 2019

Latest updates

Goldman Sachs in the running for Aramco role

Dina Powell
Getty Images

Will Aramco, Saudi Arabia state-owned oil giant, ever actually float?

The prospect of an initial public offering of the world's most profitable oil company - and the potentially gargantuan advisory fees - has been in the offing for years.

If it finally does go ahead, Goldman Sachs is in the running to nab a top role, according to a report in the Financial Times.

It says that Donald Trump's former deputy national security adviser for strategy, Dina Powell (pictured), has been instrumental in making sure Goldman Sachs has a shot.

Goldman reaction to Malaysia charges

Goldman Sachs sign
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A spokesperson for Goldman Sachs has provided this statement following the charges filed in Malaysia.

"We believe the charges announced today, along with those against three Goldman Sachs entities announced in December last year, are misdirected and will be vigorously defended."

BreakingMalaysia files criminal charges against Goldman

goldman logo
Reuters

Malaysia has filed criminal charges against 17 current and former directors of Goldman Sachs and some if its subsidiaries over the corruption investigation at the state fund 1MDB.

"Custodial sentences and criminal fines will be sought against the accused ... given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds," Malaysia's Attorney General Tommy Thomas said,

The firm helped raise $6.5bn (£5bn) for the Malaysian development fund, advising on three bond offerings in 2012 and 2013.

Tough time for banks

Today Programme

BBC Radio 4

Man walks past JP Morgan Chase sign
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The US earnings season has well and truly begun, with the likes of Citigroup, JP Morgan and Goldman Sachs this week publishing their second quarter results.

And Janus Henderson Investors's Laura Foll says we should take note: "Why this is important is that it is a difficult time for banks globally at the moment."

She says: "Interest rates are very low and are possibly about to go even lower in the US and that makes it very difficult for banks to make money because effectively when interest rates are this low you can't charge much for loans to put it very simply and that matters for the global economy."

Goldman Sachs profits dip

Goldman Sachs logo
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Goldman Sachs saw second quarter profits fall to $2.2bn compared to $2.35bn between April and June last year.

The US investment bank attributed the drop to muted activity in its fixed income business as well as softer demand for debt underwriting.

Total revenues hit $9.4bn for the three months to 30 June, down 2% on last year.

DoJ discussions over 1MDB

Goldman Sachs
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Senior US Department of Justice (DoJ) officials are considering a requirement that Goldman Sachs plead guilty over its role in the Malaysian 1MDB corruption scandal, as part of a potential settlement, sources have told the FT.

If this comes to pass, it will be the toughest penalty that the DoJ could impose on the bank.

Goldman spokesman Jake Siewert told the FT: “We do not believe that such a charge would be warranted by the facts of the case or the law, particularly because senior management was unaware of the criminal activity by [former Goldman Sachs banker] Tim Leissner and his associate who took extraordinary efforts to hide their part in the illegal scheme from management, compliance, and legal functions at the firm.”

What's in today's papers?

Today's papers
BBC

Another mixed bag of stories appear on the front of today's finance sections.

The Guardian reports on the German charges for Martin Winterkorn under the heading "Former VW boss charged with fraud over Dieselgate emissions test scandal".

The Times reports some good news: research from EY suggests that "Britain takes top spot for global firms seeking deals".

The FT leads on "Goldman dashes shake-up hopes" while its Companies & Markets section is topped by "Barclays activist extends financing".