Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs has agreed to pay $109.5 million to US Federal and New York state authorities for sharing foreign exchange order information of clients with other banks using electronic chat rooms.  Currency traders in the investment bank had shared order information of clients with other banks using electronic chat rooms to gain advantage in currency trades and in pricing the foreign exchange rates.

“Goldman Sachs to Pay  $109.5 Million for Sharing Clients FX Order Details”

In the settlement, Goldman Sachs will pay $54.75 million to the New York State Department of Financial Services  and $54.75 million to the Federal Reserve.  The US investment bank will also implement compliance and internal controls to prevent future occurrences.

Source: Reuters, The New York Times

 

Video:

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa

China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa

China Fintech on the rise as ” Tencent in five days processed 25,000 payments per second, 800 million payments per hour over Chinese New Year,” Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase said at the Rise Conference in Hong Kong last month.  While “JPMorgan every year processes QuickPay 94 million payments.  Visa has a maximum capacity of processing (25,000), but Alipay can process 50,000 payments, twice as much, per second.”

” JP Morgan processes 94 million payments annually.  Tencent do 8.5 times more in 1 hour over Chinese New Year “

A Goldman Sachs’ report revealed an estimated 3.4 billion third-party payment accounts in China in 2016.  Tenpay (Tencent) managed around 600 million payment accounts (Dec 2016) while Alipay (Alibaba) had reached 520 million payment accounts (March 2016). Both numbers dwarf the 197 million users Paypal has globally.

Source: South China Morning Post

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Goldman Sachs Files a Billion Dollar Lawsuit Against Businessman

Goldman Sachs Files a Billion Dollar Lawsuit Against Businessman

Goldman Sachs has filed a $1 billion counter lawsuit on Tuesday against an Indonesian businessman who is seeking damages from US bank over ownership of shares in the company he manages.

“The bank is seeking damages from Benny Tjokrosaputro’s 15 trillion rupiah ($1.1 billion) lawsuit, which alleged that the firm obtained a stake in property developer PT Hanson International improperly.”

~ Bloomberg

The bank is seeking damages from Benny Tjokrosaputro’s 15 trillion rupiah ($1.1 billion) lawsuit, which alleged that the firm obtained a stake in property developer PT Hanson International improperly. Goldman has said that it bought 425 million shares from US hedge fund Platinum Partners LLC through Indonesian stock exchange in 2015.

Related Reports: Bloomberg, CNBC

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Goldman Sachs to Settle U.S. Rate Rigging Lawsuit

Goldman Sachs to Settle U.S. Rate Rigging Lawsuit

Goldman Sachs will be paying $56.5 million to settle a U.S class action lawsuit which accused it and other banks of rigging an interest rate benchmark in a $553 trillion derivatives market. Goldman has also agreed to provide lawyers for the plaintiffs evidence including transaction data, documents and witness interviews, which could be used in litigations against the remaining banks.

“Goldman Sachs will be paying $56.5 million to settle a U.S class action lawsuit which accused it and other banks of rigging an interest rate benchmark in a $553 trillion derivatives market.”

~ Reuters

This case is one of the pending cases in Manhattan federal court accusing banks of planning to rig rate benchmarks, securities prices or commodities prices. In the lawsuit, several pension funds and municipalities accused 14 banks of conspiring to rig the “ISDAfix” benchmark for their own gain from 2009 to 2012.

Related Reports: Reuters, International Business Times

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Goldman Sachs to Cut About 30% of Asia Investment Banking Jobs

Goldman Sachs to Cut About 30% of Asia Investment Banking Jobs

Goldman Sachs is going to cut about 30% of their Asia investment banking jobs in Asia beside Japan. It will lower the number of bankers who are working on mergers and acquisitions. equity and debt capital markets.

“Goldman Sachs is going to cut about 30% of their Asia investment banking jobs in Asia beside Japan.”

~Reuters

The job cuts are most likely to occur around Hong Kong, Singapore and China.  Goldman has highlighted in July that it will go on a cost cutting drive to save $700 million a year due to decline in revenue. This will leave Goldman Sachs with slightly more than 200 bankers in Asia.

Related Reports: Reuters, CNBC

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Alipay Maybe Worth More than Goldman Sachs

Alipay Maybe Worth More than Goldman Sachs

Alipay was intended as a way for customers for Alibaba to purchase goods online. Now the business’s parent company may be worth $75 billion or more than Goldman Sachs Group Inc.

“Alipay’s parent company may be worth $75 billion or more than Goldman Sachs Group Inc.”

~Bloomberg

Ant Financial, Alipay’s parent company was valued at about $60 billion in June when it raised $4.5 billion. Estimates has it that most of Ant Financial’s value is in Alipay with a worth of $50 billion. The rest of the value comes from its micro loans, wealth management units, investments and cash on hand. This is more than Goldman’s $70 billion market value as of Monday.

Related Reports: Bloomberg, Sydney Morning Herald

 

About Alipay

Alipay.com is a third-party online payment platform with no transaction fees. It was launched in China in 2004 by Alibaba Group and its founder Jack Ma.Alipay says it operates with more than 65 financial institutions including Visa and Mastercard to provide payment services for Taobao and Tmall as well as more than 460,000 Chinese businesses.

Visit: Alipay


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.

“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “

~ The Guardian

The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.

Related Reports: The Guardian, Daily Mail

 

About Libyan Investment Authority

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:

Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.

  • Stimulate Libya’s economy through major, transformational private sector projects
  • engaging international expertise through joint ventures and knowledge transfer.
  • Provide stability against volatile oil revenues and government budget shortfalls.

Visit: Libyan Investment Authority


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July. Banks expected to take part include the Bank of Tokyo Mitsubishi, HSBC, and JP Morgan Chase which were lead lender on Saudi Arabia $10 billion loan in April.  Others likely to take part in the talks include BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley.

“Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July.”

~ Financial Times

The issuance will include several tenors up to 30 years in maturity and would probably be followed by a further bond later this year and potentially another one next year.

Related Reports: Financial Times, Bloomberg

 

About Bank of Tokyo Mitsubishi

The Bank of Tokyo-Mitsubishi UFJ, Ltd. provides various banking and financial services in Japan, North America, Latin America, Europe, the Middle East, Asia, and Oceania. The company operates through Retail Banking Business Unit, Corporate Banking Business Unit, Global Business Unit, Bank of Ayudhya, Global Markets Unit, and Other Units segments.

As of March 31, 2015, The Bank of Tokyo-Mitsubishi UFJ, Ltd. had 766 domestic branches and 75 international branches. The Bank of Tokyo-Mitsubishi UFJ, Ltd. was formerly known as Bank Tokyo-Mitsubishi Ltd. and changed its name to The Bank of Tokyo-Mitsubishi UFJ, Ltd. in January 2006. The company was founded in 1919 and is headquartered in Tokyo, Japan. The Bank of Tokyo-Mitsubishi UFJ, Ltd. operates as a subsidiary of Mitsubishi UFJ Financial Group, Inc.

Visit: Bank of Tokyo Mitsubishi


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Goldman Sachs & Deutsche Bank Shareholders Object to Pay Deals

Goldman Sachs & Deutsche Bank Shareholders Object to Pay Deals

A third of investors who voted on Goldman’s pay plans opposed them even though its Chief Executive Lloyd Blankfein had his first pay cut in four years from US$24 million to US$22.6 million. At the annual meeting of Germany’s largest lender in Frankfurt on Thursday, more than half of shareholders (51.9%) voted against a new pay scheme for its top managers. The vote was non-binding, however.

“Shareholders in Goldman Sachs aired their grievances with revenues in the first quarter down 40% while Deutsche bank slumped to a record EUR6.8 billion loss in 2015 and its share price has halved over the past year.”

~ The Guardian

Shareholders in Goldman Sachs aired their grievances with revenues in the first quarter down 40% while Deutsche bank slumped to a record EUR6.8 billion loss in 2015 and its share price has halved over the past year.

Related Reports: The Guardian, Financial Times

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank




The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers. The four investment banks – Goldman Sachs, BNP Paribas, Standard Chartered and Canadian Imperial Bank – have until May 23 to respond.

“New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers”

~ Daily Mail

The banking supervisor had also sent out similar requests for information related to the Panama Papers on April 21 to April 13 other financial institutions including: Societe Generale of France; the Dutch bank ABN Amro; Deutsche Bank and Commerzbank of Germany; Credit Suisse of Switzerland; Nordic institutions Svenska Handelsbanken, Nordea Bank Finland and Skandinaviska Enskilda Banken; and Bank Leumi of Israel.

Related Reports: Business Times, Daily Mail

 

About Goldman Sachs 

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 

About BNP Paribas

BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking

Visit: BNP Paribas

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered

 

About Canadian Imperial Bank

CIBC is the strongest publicly traded bank in Canada by Bloomberg Markets and the only North American bank in the ranking for the last five years. We are focused on meeting our clients’ needs today and into the future to help them keep pace with the ever-changing market.

The Canadian Imperial Bank of Commerce, as it is known today, came into being in 1961. The bank was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, they were two of Canada’s largest banks. 

Visit: Canadian Imperial Bank




The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency