Goldman Sachs is a global investment bank. Goldman Sachs, founded in 1869, has headquarters at 200 West Street in Lower Manhattan, regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas, and Salt Lake City, and other offices in major worldwide financial cities.
Goldman Sachs is the second-biggest investment bank in the world and 57th on the Fortune 500 list of the top U.S.S. firms by revenue. It is a Financial Stability Board systemically important financial institution.
According to a Friday regulatory filing, Goldman Sachs Group Inc. (GS.N) expects legal actions to cost $2.3 billion higher than last year’s reserves.
The bank expected a $2 billion loss in 2021, more than its September projection.
Goldman has been sued for participating in Malaysia’s 1MDB sovereign wealth fund fraud and Archegos Capital Management’s 2021 bankruptcy.
A long-running gender bias case claiming systemic salary and promotion inequality at the Wall Street bank will likely go to trial later this year.
The filing revealed Goldman’s February $30-billion stock repurchase scheme.
After several failures that caused Goldman to limit hopes for its consumer banking arm Marcus, Chief Executive David Solomon is scheduled to reveal strategies to meet key financial targets during an investor day.
After a rough year when financing dried up, and corporations postponed mergers and acquisitions, investment banks hope dealmaking will revive in the second half of 2023 as the Federal Reserve slows its rate-hike cycle.
Last month, Goldman slashed 3,200 employees, or 6% of its workforce, to decrease costs.
Friday’s premarket trade saw Goldman Sachs and other largU.S.S. banks down about 0.5%. They gained roughly 11% last year.
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