All posts tagged: Sachs

Cannes Embraces Ira Sachs’ ‘The Man I Love’

Cannes Embraces Ira Sachs’ ‘The Man I Love’

Published by Daniella Wilson

Ira Sachs‘ The Man I Love received a rousing standing ovation — 7 minutes plus — when it premiered Wednesday night in the main competition at the 79th Cannes Film Festival, with the film’s director and cast — Rami Malek, Tom Sturridge and Luther Ford — ascending the Palais des Festivals steps for the evening’s gala screening. Set in New York circa 1984, The Man I Love centers on Jimmy George (Malek), a beloved queer entertainer living with AIDS who refuses to stop working — and is determined to mount a new theatrical production as time runs short. His world is anchored by his devoted partner Dennis (Sturridge) and complicated by a simmering affair with a younger neighbor, Vincent, played by Luther Ford in a beguiling feature-film debut. The premiere audience applauded through the credits and then roared as the lights came up. Malek, making his debut at the festival, seemed particularly overwhelmed. As a camera zoomed in on his face, his eyes filled with tears, before he slowly turned in a circle as if …

Goldman Sachs Beats Profit Estimates, Weak Fixed Income Trading Drags Down Shares

Goldman Sachs Beats Profit Estimates, Weak Fixed Income Trading Drags Down Shares

Published by Sam Flores

By Saeed Azhar and Utkarsh Shetti NEW YORK, April 13 (Reuters) – Goldman Sachs beat expectations for quarterly profit on Monday, driven ⁠by ⁠strength in dealmaking and equities trading, but the U.S. investment bank’s ⁠shares fell 1.9% on weakness in its fixed income, currencies and commodities division. Revenue from the division fell 10% to $4.01 billion in the first quarter, hit ​by a slowdown in interest rate trading, mortgages and credit products. “The stock is weak due to the disappointment in FICC trading, in our view,” RBC Capital Markets analyst Gerard Cassidy said. Shares in Goldman Sachs opened 4% lower, but pared some ‌losses after CEO David Solomon expressed optimism about the outlook ‌for dealmaking despite the volatility caused by the war in Iran and concerns around AI-driven disruption. “The environment for investment banking activity continues to be incredibly robust, particularly M&A activity,” Solomon said on an earnings call. “While market conditions tempered ⁠execution for IPOs and sponsor ⁠activity broadly, we believe that activity levels will rebound once conditions stabilize.” Goldman Sachs kicked off the …

People Who Lose Their Job to AI Are in for a World of Pain, Goldman Sachs Report Finds

People Who Lose Their Job to AI Are in for a World of Pain, Goldman Sachs Report Finds

Published by José Betancourt

Sign up to see the future, today Can’t-miss innovations from the bleeding edge of science and tech A new study by economists at Goldman Sachs has discovered something that should come as no surprise to most workers: losing your job to new technology can seriously mess up your life in ways that will cause ripples of hardship for a long time. It’s easy enough to follow the logic here. Losing your job in a capitalist system comes with notoriously crappy financial consequences, leading to both short- and long-term impacts while you scramble to restore your income and put bread on the table. But in studying labor market impacts of previous technological upheavals, like the computer rush of the 1980s, the analysts found workers displaced by new tech can have a harder time finding a new job and recouping lost income than those let go for other reasons. That bodes poorly for AI job loss, the economists argue, which could be even more intense depending on who you ask. Even if the displaced worker finds a …

U.S. Alerts Goldman Sachs Paris After Iranian Group Threatens Terror Bombing

U.S. Alerts Goldman Sachs Paris After Iranian Group Threatens Terror Bombing

Published by Jenni Sidey

Five days after French authorities foiled a terror plot targeting Bank of America’s Paris headquarters, the threat environment facing U.S. financial institutions in the French capital appears to be worsening. New reporting from Le Parisien says Goldman Sachs’ Paris headquarters was placed under police surveillance on Wednesday night following threats allegedly linked to Iranian terror networks.  Le Parisien outlines the rationale behind the heightened security posture: It’s 1:30 a.m. when the phone rings, shattering the night’s calm. A security guard on duty at the American bank receives a call from his head of security, based in London. According to our information, she informs him that she has received an email from the American authorities, advising him to “extend his vigilance” at the bank. The reason? “An Iranian group is threatening to attack the buildings with explosive devices,” explains a source close to the matter. By Thursday morning, however, the Paris prosecutor’s office said that “no suspicious elements were found at the scene” following surveillance operations in and around Goldman’s building at 85 Avenue Marceau in …

Goldman Sachs Head During Financial Crisis Says He “Smells” a Similar Crash Coming

Goldman Sachs Head During Financial Crisis Says He “Smells” a Similar Crash Coming

Published by José Betancourt

Sign up to see the future, today Can’t-miss innovations from the bleeding edge of science and tech For quite some time, investors have been warning that the hundreds of billions of dollars being poured into the buildout of enormous AI data centers could trigger a credit crisis. A recent Bank of America survey found that over a third of fund managers believe corporations are overinvesting in physical assets. Yet all told, AI companies are looking to spend a record-breaking $650 billion on AI in 2026 alone, an astronomical sum that has investors on edge, especially considering how massively unprofitable AI ventures have been to date. To Lloyd Blankfein, who led Goldman Sachs through the 2008 subprime mortgage crisis, it’s entirely reasonable to prepare for an impending jolt to the system, especially considering the tone of investors discussing the enormous accumulation of debt. “I wonder where there’s hidden secret leverage,” he told Citadel’s cochief investment officer Pablo Salame during a recent interview, as quoted by The Telegraph. “Now everyone says, ‘Oh, the world’s not leveraged.’” “That’s exactly …

Goldman Sachs lawyer Kathryn Ruemmler asked to testify

Goldman Sachs lawyer Kathryn Ruemmler asked to testify

Published by Sam Flores

FILE PHOTO: White House counsel Kathryn Ruemmler listens as President Barack Obama speaks at an installation ceremony for FBI Director James Comey at FBI Headquarters in Washington, Monday, Oct. 28, 2013. Charles Dharapak | AP The House committee investigating the notorious sex offender Jeffrey Epstein has asked Goldman Sachs‘ top lawyer, Kathryn Ruemmler, to testify about her interactions with Epstein, her spokeswoman said Tuesday. “Ms. Ruemmler welcomes the opportunity to appear before the Committee,” said Jennifer Connelly, her spokeswoman. “At the time she interacted with Jeffrey Epstein, she was a practicing criminal defense attorney and shared a client with him,” Connelly said. “She has done nothing wrong and had no knowledge of any ongoing criminal activity on his part.” The House Oversight Committee’s request that Ruemmler voluntarily appear before the panel comes nearly three weeks after she said she would leave Goldman Sachs at the end of June. Ruemmler’s announcement came after a wave of new media coverage focused on her often-friendly email exchanges with Epstein. Read more CNBC politics coverage Earlier Tuesday, Commerce Secretary …

Goldman Sachs Researchers Make Startling Claim About AI’s Effects on the US Economy

Goldman Sachs Researchers Make Startling Claim About AI’s Effects on the US Economy

Published by José Betancourt

Illustration by Tag Hartman-Simkins / Futurism. Source: Getty Images If there’s one thing AI excels at, it’s defying every attempt to build a coherent narrative around it. Is AI destroying jobs, or just masking the same old garbage labor market? Are data centers unlocking prosperity for generations to come, or hemorrhaging value faster than a new car driven off the lot? Whatever can be said of AI’s consequences for the future, one of the more widely agreed-upon views among economists seemed to be that tech spending is propping up an otherwise dismal economy. Throughout the last few months, a wide range of experts have concluded that tech industry spending on AI — which includes everything from data center infrastructure and energy bills to massive salaries and lobbying — was responsible for a sizeable chunk of GDP growth in the US across 2025. Though there were disagreements about how much exactly, the consensus seemed clear: AI investments are critically important to the US. Now, though, experts at a leading bank are throwing their weight behind a …

Goldman Sachs The Latest Firm To Ditch DEI Hiring Criteria

Goldman Sachs The Latest Firm To Ditch DEI Hiring Criteria

Published by Jenni Sidey

Goldman Sachs is the latest firm to scrap the DEI scam from its board policies. In fact, the bank is preparing to strip race, gender identity, sexual orientation and other demographic factors from the guidelines used to evaluate potential directors, according to people familiar with the plans who spoke to the Wall Street Journal. Which begs the question to begin with: why were we ever picking directors based on race and gender identity? Isn’t that…racist? The Journal wrote that Goldman’s governance committee currently considers experience, background and perspective, along with a diversity category that includes various DEI-related demographics. That demographic component is expected to be removed. The change comes after a proposal from the National Legal and Policy Center, a small shareholder, which urged the firm to eliminate diversity-based criteria. Goldman told the group it would revise the language, and the proposal was withdrawn. Formal approval from the board is anticipated soon. The nonprofit has argued that using diversity characteristics in board selection could expose companies to discrimination claims. The move is part of a broader …

Lloyd Blankfein “Survived” Harvard as a Working-Class Kid From Brooklyn. Then, He Became CEO of Goldman Sachs.

Lloyd Blankfein “Survived” Harvard as a Working-Class Kid From Brooklyn. Then, He Became CEO of Goldman Sachs.

Published by Sam Flores

I came home from school one day to find an envelope with the Harvard crest on the living room table. “You got another college letter,” my dad said. I dropped my backpack, ran into another room to be alone, and ripped open the envelope, my heart thumping. I’d applied to Harvard almost as a joke, in a moment of either bravado or sheer fantasy. I scanned it quickly, picking out the key words and phrases: pleased to inform you, accepted, and congratulations. I read the letter again more carefully, then a third time, just to be sure I hadn’t misunderstood. No, it was there in black and white. Harvard wanted me. I was not ambivalent. To say this was one of the happiest moments in my life doesn’t begin to do it justice. I thought about my dad’s monotonous nights in the post office, my mom’s fatigue when she kicked her shoes off at the end of the day, my sister’s struggle to start her life over with a toddler, and our whole cramped, confined …

Top lawyer for Goldman Sachs resigns over Epstein documents

Top lawyer for Goldman Sachs resigns over Epstein documents

Published by Sam Flores

Goldman Sachs CEO David Solomon said Thursday that Kathy Ruemmler, the investment banking company’s top lawyer, will resign after the Department of Justice (DOJ) released its remaining files connected to convicted sex offender Jeffrey Epstein, revealing a close relationship between the two. Ruemmler said she will “step down as Chief Legal Officer and General Counsel… Source link