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GS

Goldman Sachs Group Inc. New York Stock Exchange
$366.68
Open: $358.95 High: $366.68 Low: $356.5 Close: $366.68
Range: 2021-05-06 - 2021-05-07
Volume: 2,815,273
Market: Closed
Powered by Finage Stock APIDelayed data
GS
Goldman Sachs Group Inc. 200 West Street New York NY, 10282 http://www.gs.com
Goldman Sachs Group Inc is engaged in capital market activities. Its services primarily include investment banking operations.
  • CEO: David M. Solomon / Lloyd C. Blankfein
  • Employees: 38,000
  • Sector: Financial Services
  • Industry: Brokers & Exchanges
GS News
Latest news about the GS
  • Wall Street Giants Get Swept Up by India’s Brutal Covid Wave

    (Bloomberg) -- About 8,300 miles east of Wall Street, on a stretch of Bangalore’s Outer Ring Road, sits what was once the heart of the global financial industry’s back office.Before the pandemic, this cluster of glass-and-steel towers housed thousands of employees at firms like Goldman Sachs Group Inc. and UBS Group AG who played critical roles in everything from risk management to customer service and compliance.Now the buildings are eerily empty. And with case counts soaring across Bangalore and much of India, work-from-home arrangements that have sustained Wall Street’s back-office operations for months are coming under intense strain. A growing number of employees are either sick or scrambling to find critical medical supplies such as oxygen for relatives or friends.Standard Chartered Plc said last week that about 800 of its 20,000 staffers in India were infected. As many as 25% of employees in some teams at UBS are absent, said an executive at the firm who spoke on condition of anonymity for fear of losing his job. At Wells Fargo & Co.’s offices in Bangalore and Hyderabad, work on co-branded cards, balance transfers and reward programs is running behind schedule, an executive said.While banks have so far avoided major disruptions by shifting tasks to other offshore hubs, India’s Covid crisis has exposed a little-discussed vulnerability for companies that have spent decades outsourcing functions to the country. India’s outbreak is intensifying even as vaccinations fuel economic recoveries in other parts of the world, heightening fears of a back-office bottleneck at a time when Wall Street firms have rarely been busier.“This is not a local, India-only problem, this is a global crisis,” said D.D. Mishra, senior director analyst at researcher Gartner Inc. The current wave will be “significantly bigger” and organizations with India-based staff “will need to take action to plan for and mitigate if needed,” Mishra and his colleagues wrote in a note last week.Nasscom, the key lobby group for India’s $194 billion outsourcing industry and its almost 5 million employees, has downplayed the threat to operations. But Mishra and fellow analysts at Gartner say they’re fielding a daily flood of calls from anxious global clients asking about the Covid-19 situation.India’s total coronavirus infections have exceeded 21 million, of which about 7 million were added since mid-April. The state of Karnataka, whose capital is Bangalore, reported more than 50,000 new infections for the latest 24-hour period for the first time, almost half of them in the city.Experts have warned the crisis has the potential to worsen in the coming weeks, with one model predicting as many as 1,018,879 deaths by the end of July, quadrupling from the current official count of 230,168. A model prepared by government advisers suggests the wave could peak in the coming days, but the group’s projections have been changing and were wrong last month.In Bangalore, Delhi and Mumbai, the three main bases for the financial giants’ operations, infection rates have reached such alarming levels that local governments have ordered stringent restrictions on movement.While the crisis has hit swathes of the nation’s $2.9 trillion economy, the latest wave has notably affected the twenty-something segment of the population that dominates outsourcing companies and is hard to replace. Most of them are English-speaking, technically-skilled workers.Continuity PlanningFor now, back-office units are marshaling part-time workers or asking employees to perform multiple roles and re-assigning staff to make up for those who are absent. They are scheduling overtime, deferring low-priority projects and conducting pandemic continuity planning exercises for multiple locations should the virus wave intensify.A Wells Fargo employee said some work is getting transferred to the Philippines, where staff is working overnight shifts to pick up the slack. The San Francisco-based bank employs about 35,000 workers in India to help process car, home and personal loans, make collections, and assist customers who need to open, update or close their bank accounts. The company didn’t respond to a request for comment.An employee at UBS said that with many of the bank’s 8,000 staff in Mumbai, Pune and Hyderabad absent, work is being shipped to centers such as Poland. The Swiss bank’s workers in India handle trade settlement, transaction reporting, investment banking support and wealth management. Many of the tasks require same-day or next-day turnarounds. A UBS representative didn’t respond to a request for comment.With uncertainty surrounding how soon the Indian government will contain the crisis, one executive who asked not to be identified likened the situation to flying blind without any idea how many employees will be affected from one week to the next.Rebalancing Loads“We are looking carefully at how we can rebalance loads,” Standard Chartered Chief Executive Officer Bill Winters said on an earnings call last week, noting that some work has been routed to Kuala Lumpur, Tianjin and Warsaw. “In any case, we think we are very well provided for.”Barclays Plc CEO Jes Staley said some functions were shifted to the U.K. from India. Call volumes have increased and people are distressed, he said, adding that signs of pressure was something to watch for. The bank has 20,000 employees in India.Last year, when a sudden lockdown ordered by Prime Minister Narendra Modi saw these banks scrambling to keep their operations running, the European Banking Authority said the push to outsource support functions “exposed these banks to operational risks.”After asking their employees to work from home en masse last year, most of them have continued to operate at near 100% work-from-home levels. Natwest Group Plc’s workforce in Bangalore, Delhi and the southern city of Chennai -- accounting for a fifth of its global total -- is completely set up to work from home.Management BandwidthSimilarly, thousands of Goldman employees are working from home, doing high-end business tasks such as risk modeling, accounting compliance and app building. A representative for the bank said workflows can be absorbed by the wider team if needed and there’s been no material impact so far.Citigroup Inc. said there’s currently no significant disruption, while Deutsche Bank AG said employees were working seamlessly from home. Morgan Stanley and JPMorgan Chase & Co. detailed relief efforts they are undertaking, but didn’t elaborate on the impact on their operations. Last week, HSBC Holdings Plc Chief Executive Officer Noel Quinn said he’s “watching it closely” and ruled out any material impact at this stage.Besides worrying about disruptions to operations, employee well-being and securing medical help are also taking up a lot of management bandwidth at every large outsourcing unit.At a recent all-hands, virtual corporate strategy team meeting at Accenture Plc, for instance, the talk wasn’t about the usual pay-raises or promotions. Instead, worker after worker demanded flexibility, reduced workloads and no-meeting Fridays, an executive said, asking not to be named discussing internal company matter.Their size has become a hindrance, one executive said, but it’s not clear where else they can go for talent and scale, he added.“We are telling clients they need to relax service levels and reduce expectations for the coming few weeks,” said Mishra, the Gartner analyst. “This not a normal situation.”(Updates with model predicting peak in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Goldman Sachs offers bitcoin derivatives to investors - Bloomberg News

    Goldman, the fifth-largest U.S. bank, has opened up trading with non-deliverable forwards that eventually pay out in cash, the report said. The bank will protect itself from the cryptocurrency's volatility by buying and selling Bitcoin futures in block trades on CME Group using Cumberland DRW as its trading partner, according to the report. Goldman declined to comment on the report.

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  • Goldman Offers New Bitcoin Derivatives to Wall Street Investors

    (Bloomberg) -- Goldman Sachs Group Inc. is wading deeper into the $1 trillion Bitcoin market, offering Wall Street investors a way to place big bets.The investment bank has opened up trading with non-deliverable forwards, a derivative tied to Bitcoin’s price that pays out in cash. The firm then protects itself from the digital currency’s famous volatility by buying and selling Bitcoin futures in block trades on CME Group Inc., using Cumberland DRW as its trading partner. Goldman, which still isn’t active in the Bitcoin spot market, introduced the wagers to clients last month without an announcement.“Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities,” said Max Minton, Goldman’s Asia-Pacific head of digital assets. The new offering is “paving the way for us to evolve our nascent cash-settled crypto-currency capabilities.”Goldman Sachs, which restarted a trading desk this year to help clients deal in publicly traded futures tied to Bitcoin, said in March it was also close to offering private wealth clients additional vehicles to bet on crypto prices. But the push into forwards dramatically increases its capacity to help big investors take positions. The partnership with Cumberland underscores the bank’s willingness to work with outside firms to help it do so, according to people familiar with the matter, speaking on the condition they not be identified.For years after its creation in 2009, Bitcoin was shunned by Wall Street banks, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon once threatening to fire any of his traders caught buying and selling the digital currency. While Dimon later softened his tone, the banking world has long seen Bitcoin as a plaything for criminals, drug dealers and money launderers.Read more: Wall Street Stays on Crypto Sidelines as Tesla Boosts BitcoinBut client interest and Bitcoin’s astronomical price gains -- reaching a high of almost $65,000 in April -- have turned many bankers around, with Morgan Stanley making a Bitcoin trust product available to its customers and JPMorgan working on a similar offering.“Goldman Sachs serves as a bellwether of how sophisticated, institutional investors approach shifts in the market,” said Justin Chow, global head of business development for Cumberland DRW. “We’ve seen rapid adoption and interest in crypto from more traditional financial firms this year, and Goldman’s entrance into the space is yet another sign of how it’s maturing.”Banks are still wary of the regulatory challenges of holding Bitcoin outright. As derivatives settled with cash, the products Goldman Sachs is offering don’t require dealing with physical Bitcoin. In a similar way, the Morgan Stanley and JPMorgan trusts give customers access to vehicles tracking Bitcoin’s price while using a third party to buy and hold the underlying digital asset.Goldman Sachs may next offer hedge fund clients exchange-traded notes based on Bitcoin or access to the Grayscale Bitcoin Trust, one of the people said.“The crypto ecosystem is developing rapidly,” Chow said. “There is progress being made in offering ETFs, new custody providers coming online and optimism that regulatory efforts are coming into focus. It’s a great time to be in the space.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Copper and Iron Ore Surge as Chinese Investors Unleash Demand

    (Bloomberg) -- Spot iron ore broke $200 a ton for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following a three-day holiday.The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a ton for the first time since 2011 on Thursday. In the wake of mounting evidence of inflation -- fueled by higher raw materials prices -- investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries -- which include switching to electric vehicles and expanding wind and solar power -- are likely to generate additional demand for metals.”Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.Copper for three-month delivery rose 1.4% to settle at $10,092 a ton on the London Metal Exchange.Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.Read more: Copper’s Surge Toward a Record High Is Hitting Chinese IndustryStill, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best-performing metal on the LME.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Has The Goldman Sachs Group (GS) Outpaced Other Finance Stocks This Year?

    Is (GS) Outperforming Other Finance Stocks This Year?

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  • Dow Jones Today Takes New High; Stocks Mixed As Jobless Claims Decline: PayPal Rallies; These 3 Blue Chips In Buy Zones

    PayPal and Builders FirstSource jumped on earnings, Goldman helped boost the Dow Jones today to a new high as stocks opened mixed.

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  • Dogecoin loses steam as other cryptos rally

    The cryptocurrency, which started as a joke in 2013, has rallied this week as internet users tried to push the value of the coin to $1 (£0.72).

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  • KKR-Backed Pepper Money Expands Australia’s Biggest IPO of 2021

    (Bloomberg) -- Australian non-bank lender Pepper Money Ltd. increased the size of its initial public offering Thursday, making the country’s biggest offering so far this year even larger.Citing strong demand, the KKR & Co.-backed business upsized its IPO by A$50 million ($38.7 million) for a total of A$500 million, according to terms of the deal seen by Bloomberg News.Existing investors such as KKR and management will own nearly 61% of the company following the offer, the terms showed. Banks stopped taking orders from institutional clients at 3 p.m. Sydney time, two hours earlier than planned.The upsizing highlighted the strength of investors’ appetite for new listings, after Australian firms priced nearly $2.3 billion of IPOs so far in 2021, the most year-to-date since 2007, according to data compiled by Bloomberg.Read More: IPOs Boom at the Fastest Pace Since 2007 in AustraliaThe deal is one of two involving KKR’s portfolio companies in the country’s market this week. On Monday, Australian Venue Co., a pub operator also backed by the firm, launched an offering to raise A$352 million.Pepper’s offer of shares set aside for professional investors had already been brought forward to Wednesday and was fully subscribed, Bloomberg News reported earlier. Credit Suisse Group AG and Goldman Sachs Group Inc. are joint global coordinators for the IPO. Royal Bank of Canada and KKR Capital Markets are joint lead managers.Shares of Pepper are set to begin trading on the Australian Securities Exchange on May 27.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Big Banks Make a Big Splash in Q1

    In this episode of Industry Focus: Financials, host Jason Moser and Fool.com contributor Matt Frankel, CFP, discuss the strong numbers and what investors need to know. Also, we speak with Nick Ludlum, senior vice president with CTIA, about the impact the 5G rollout will have here in the U.S., the state of the digital economy, and much more. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center.

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  • Colombia’s New Finance Chief Urges Unity as Protests Rage

    (Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up hereColombia’s new finance minister struck a conciliatory tone as violent protests continued across the country, saying he would seek to build consensus around a proposal to shore up the budget without resorting to the types of tax hikes that have stirred the unrest.Jose Manuel Restrepo took the reins of the Colombian economy after his predecessor was forced to resign, and sought to convey a message of financial stability as investors sent the peso and government bonds lower. He promised to come up with a new plan that would curb spending while raising 14 trillion pesos ($3.7 billion) in revenue without relying on broad-based tax increases.“There are some points where a consensus can be reached,” he said in a radio interview Tuesday. What’s needed is “a constructive dialogue, and to understand the importance of the adjustment that Colombia needs.”He spoke as demonstrations raged in major cities and small towns alike, with protesters blocking roads and squaring off with lines of police in riot gear. The number of people out in the street appeared down slightly from previous days, but deadly clashes between protesters and police broke out overnight in the city of Cali and blockages across the country raised fears that food supplies will be affected.As Restrepo sought to dial down tensions, it’s clear the government has paid a steep political cost for insisting that the middle class pay more. President Ivan Duque has made remaking the tax code a top priority since taking office, and about 18 months ago, Colombia was hit with similar street protests when he proposed shifting taxes away from companies and onto individuals. This time around, broadening the tax base was just as unpopular.The crisis underscores the deep chasm between rich and poor nations when it comes to providing government relief to offset the effects of the pandemic. While the U.S. and European Union spent trillions of dollars in stimulus with barely a peep from their debt markets, Colombia’s outlays are being closely monitored by ratings companies and bond vigilantes ready to pounce on any fiscal slippage. One of the few Latin American countries that have consistently paid its debts, it is now struggling to rein in its deficit and stave off credit-rating downgrades that could send borrowing costs soaring.While Colombia scrambles to curb its budget deficit, countries like the U.S. and U.K. are forecast to post a second straight year of shortfalls that equal more than 10% of their annual economic output.The peso dropped 0.7% on Tuesday to 3,829 per dollar, its weakest since the beginning of November, as investors awaited details about the fiscal plan. The Colcap index of stocks slipped, falling for a fifth straight day. Benchmark overseas bonds due in 2032 traded slightly lower.Read More: Colombia Trading Like Junk Shows Dilemma Facing Poor NationsRestrepo, 50, a respected economist at home who held the job of trade minister since 2018, took over as finance chief from Alberto Carrasquilla, who stepped down after Duque’s decision to withdraw his tax proposal failed to appease protesters. Many demonstrators have also invoked concerns about changes to a health law being discussed in congress, corruption and police brutality. Unions called on workers to continue to take to the streets.“He has a conciliatory tone and that’s what is needed now,” said Andres Pardo, a former economic adviser to Duque who is now chief Latin America market strategist at XP Investments. “The market remains focused on the tax reform and waters are still muddied, but I’m optimistic with this new minister.”Virtually the whole Colombian congress, including Duque’s own Democratic Center party, opposed the government’s initial tax bill because it raised levies on the middle class before a presidential election next year. Carrasquilla said in a statement late on Monday that his continued presence in the government would “make it difficult to build the necessary consensus quickly and efficiently.”Colombia’s fiscal deficit is set to widen to more than 8.5% of gross domestic product this year, from 2.5% in 2019, before the pandemic. Many Latin American nations are also grappling with deficits that ballooned during the pandemic, but unlike Brazil, Mexico, Chile and Peru, Colombia’s deficit will widen rather than narrow this year, according to forecasts from the International Monetary Fund.In late 2019, Colombia’s congress approved a bill that cut taxes on companies while raising them on rich individuals. The tax reform was originally intended to trim the fiscal deficit to defend the nation’s credit rating. However, in its final version, many economists estimated that it would weaken public finances rather than strengthen them.This time around, the amount Restrepo is proposing to raise -- equal to about 1.1% of GDP-- meets the threshold analysts have said Colombia needs to avoid a downgrade. UBS Global Wealth Management and JPMorgan Chase & Co. have said anything below 1% of GDP isn’t enough. The country has had an investment-grade credit rating since 2011, one of the few in the region with that distinction.“We expect Congress to eventually approve a watered down tax reform bill” that will boost net revenue by no more than 1% of GDP, Goldman Sachs economist Alberto Ramos wrote in a report, adding that the result will probably be a tax mix that that is less growth and investment friendly than the original proposal.The fact that Restrepo comes from an academic and technical background rather than the world of politics puts him in a better position to negotiate with different sectors over the new tax proposal, said Andres Saenz, a Bogota-based associate director at Control Risks.The relationship he developed with the powerful private sector while serving as trade minister could be key.“Having someone like Restrepo will help the government manage expectations with that side of the table,” he said.(Adds previous tax bill and protests in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • UPDATE 1-Goldman Sachs employees in U.S., UK to return to office by summer

    Goldman Sachs Group Inc asked U.S.-based employees to return to working in the office by mid-June and in the United Kingdom to return by mid-July, according to a memo seen by Reuters. "We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together," Goldman's Chief Executive David Solomon wrote in the memo, which was verified by a bank spokeswoman.

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  • Goldman Holds Ground

    Goldman Sachs is just below a buy point from a shallow cup base.

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  • TikTok Names ByteDance’s Chew as New CEO; Pappas COO

    (Bloomberg) -- TikTok, the popular short-video app, named ByteDance Ltd. Chief Financial Officer Shouzi Chew as chief executive officer, filling the top leadership position after the departure of Kevin Mayer last year. Vanessa Pappas, who has served as interim head, was named chief operating officer.Chew, who joined TikTok parent ByteDance last month, will remain in his post at the Chinese company, according to a statement Friday. Previously, Chew spent several years as CFO and international business president of Xiaomi Corp., where he took the gadget maker public in one of the largest-ever Chinese tech listings on the Hong Kong Stock Exchange.Chew, who hails from Singapore, is fluent in English and Chinese. He’s experienced in navigating the halls of Chinese tech companies and the boardrooms of banks like Goldman Sachs Group Inc., where he spent time in its investment banking unit. He also previously worked for Yuri Milner’s DST Global. The move to hire Chew is a sign ByteDance is moving toward an initial public offering of some of its businesses.TikTok is still enjoying explosive popularity, but Chew will have to navigate the political tensions between the U.S. and China as well as increasing concerns about data privacy, especially involving children who populate the app.“The leadership team of Shou and Vanessa sets the stage for sustained growth,” ByteDance founder and CEO Zhang Yiming said in the statement. “Shou brings deep knowledge of the company and industry, having led a team that was among our earliest investors, and having worked in the technology sector for a decade. He will add depth to the team, focusing on areas including corporate governance and long-term business initiatives.”Pappas will maintain her current responsibilities, including managing TikTok’s key operations, the company said.To listen to the Foundering podast season about TikTok on Spotify click here:Mayer had left one of the top jobs at Walt Disney Co. last year to lead TikTok, which has become one of the world’s hottest apps with more than 100 million users in the U.S. alone. He departed only a few months later after former U.S. President Donald Trump ordered ByteDance to sell TikTok in the U.S. or face a ban, citing national security concerns over its Chinese ownership.Zhang had discussed deals with a number of U.S. tech giants, including Microsoft Corp. and Oracle Corp. but ultimately decided to wait out the crisis, anticipating less hostility after the presidential election. TikTok never signed a final agreement, and the deal remains stuck in limbo while the Biden administration conducts a review. There is no indication ByteDance will be forced to go through with the sale.Read more about TikTok’s algorithm: TikTok’s Hit Machine Is Crafted to Make Select Songs Go ViralTikTok’s success is driven by a powerful algorithm that predicts what people want to see next. The app goes beyond even the systems used by Facebook Inc. or Snapchat. TikTok studies usage closely and considers hundreds of data points including what websites people browse and how they type, down to keystroke rhythms and patterns.It’s this mountain of data, collected from a largely young user base, that underpinned the Trump administration’s concerns over what might happen if the information fell into the hands of the Chinese government, something TikTok has said it would never hand over.In 2019, ByteDance was fined $5.7 million by the U.S. Federal Trade Commission to settle allegations that Musical.ly, which ByteDance bought and folded into TikTok, illegally collected information from minors. It was the largest FTC penalty in a children’s privacy case at the time. This month, a lawsuit was filed on behalf of millions of children in the U.K. and Europe over privacy concerns.(Corrects to remove reference to DST as an investor in ByteDance in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Goldman Sachs employees in U.S., UK to return to office by summer

    "We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together," Goldman's Chief Executive David Solomon wrote in the memo, which was verified by a bank spokeswoman. The New York-based investment bank has nearly 40,000 employees around the world. The return-to-office push gained momentum in March when Solomon said the bank has an obligation to its 5,400 interns, analysts and associates to have most employees working alongside each other in person.

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  • Goldman readies U.S. workers for return to offices in June - Bloomberg News

    Goldman Sachs Group Inc is planning to bring U.S. employees back to the office next month, Bloomberg News reported on Tuesday. The bank is planning to tell employees to be prepared to start working from offices by mid-June, the report said, citing people with knowledge of the matter. The New York-based investment bank has nearly 40,000 employees around the world.

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  • Uber, Lyft earnings, April jobs report: What to know this week

    Investors will have another packed schedule of corporate earnings reports to consider, alongside the latest monthly jobs report from the Labor Department.

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  • One Of The Hottest Dow Jones Components Leads 5 Stocks Near Buy Signals

    Rio Tinto, Five9, Generac, the Cheesecake Factory and Goldman Sachs stock are all top stocks to watch as they near a buy range.

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  • 1 Valuable Thing We Just Learned About Goldman Sachs

    The bank has seen elevated revenue and profits due to the pandemic, but it may emerge from the crisis in better shape than how it entered.

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  • What we learned from European banks' quarterly results

    British banks are riding high. Investment banks continue to make hay amid a boom in SPACs, IPOs, and trading. And Deutsche Bank's turnaround might actually be working.

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  • Copper’s Surge Toward a Record High Is Hitting Chinese Industry

    (Bloomberg) -- Copper’s surge toward a record high is starting to cause stress for industrial consumers in China, the world’s largest market for the metal.Some Chinese manufacturers of electric wire have idled units and delayed deliveries or even defaulted on bank loans, according to a survey by the Shanghai Metals Market. End-users such as power grids and property developers have also been pushing back delivery times, while producers of copper rods and pipes saw orders slump this week, said the researcher.Copper topped $10,000 a metric ton on Thursday for the first time in a decade and has been among the best performers in a scorching surge in metals prices. The rally is being fueled by stimulus measures, near-zero interest rates and the global economic recovery from Covid-19.“Domestic copper users are feeling the pain right now after the recent surge caught them off guard,” said Fan Rui, an analyst at Guoyuan Futures Co. “Electric wire producers are being hit the most, with smaller plants keeping run rates low as the spike is seen slowing the pace of investment by power grids.”READ MORE: Copper Extends Rally to Top $10,000 With All-Time High in SightA gauge of China’s manufacturing industry slipped in April and the services sector also weakened, suggesting the economy is still recovering but at a slower pace. To be sure, analysts at banks including Goldman Sachs Group Inc. are predicting further gains for the metal as the global economy picks up pace.Copper fell 0.6% to settle at $9,825 a ton on London Metal Exchange at 5:53 p.m. in London. The metal reached $10,008 on Thursday, the highest since February 2011. Aluminum also declined, while nickel rose.In sign of potential weakness in Chinese physical demand, the spot contract traded at a discount of as much as 215 yuan a ton ($33) to Shanghai futures’ prices this week, the widest in about 10 months. The appetite for imports is also low, with the Yangshan copper premium, paid on top of benchmark LME prices, slumped to the lowest since data were first published in 2017.And there is a precedent for demand destruction in China amid higher prices, according to BMO Capital Markets analyst Colin Hamilton. Hamilton pointed to 2006 where prices recorded the largest January-April gain on record and came amid a credit-fueled sudden acceleration in developed world demand.“2006 was the only year this century where annual Chinese copper consumption fell on a y/y basis, as marginal buyers simply stepped away,” Hamilton said in a note.Higher price levels also could see marginal buyers pull back in the near term and look to substitute in the medium term.“$10,000/t copper now is the biggest danger to future demand use, particularly in these nascent trends where material selection is still evolving,” said Hamilton. “There is no doubt copper may be best for electrical or heat transfer performance, but with the ratio to aluminium now well above the 3.5:1 level where we consider substitution accelerates, the risk is clear.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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