Goldman Sachs

Ticker GS

Today's data summary

Market open
% change
-0.77%
Price US dollars
218.34
Change
-1.70
As of 15:18 20 Nov 2019
Market cap. US dollars
80,104.73 million
As of 15:18 20 Nov 2019

Latest updates

'Solid start' for US earnings season

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Goldman Sachs and JP Morgan are effectively kicking off the third quarter reporting season in the US, along with United Health and Johnson & Johnson which have also reported.

Neil Wilson, chief markets at Markets.com, said: "Once again the consumer is proving more resilient than anyone dare credit.

"JPMorgan delivered on both the top and bottom line in the third quarter, with its earnings update boding well for US large cap banks, although Goldman Sachs missed its expected [earnings per share] number.

"It also indicates decent consumer strength that suggests retailers, consumer staples are set up well for this season.

"Broadly we can say Q3 earnings season is off to a solid start with three Dow components reporting better-than-expected numbers and just Goldman Sachs undershooting just."

He said the Dow Jones index was expected to open 100 points or so higher.

Goldman Sachs profits fall

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Goldman Sachs has reported net revenues of $8.32bn for the third quarter of 2019, 6% lower than the third quarter of 2018 and 12% lower than the second quarter of 2019.

Pre-tax profits were $2.4m, down 22% on a year earlier.

“Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment," said David Solomon, chief executive, said.

"We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses and in delivering for our clients in the most efficient and effective manner possible".

Goldman Sachs in the running for Aramco role

Dina Powell
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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

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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

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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.