Goldman Sachs Groups Inc. said on Wednesday the U.S. economy is likely to drop into recession this year leading the Federal Reserve to cut interest rates by 2.5 percent by the third quarter. The global investment bank said in a note to clients there is an 88 percent chance that the Federal Reserve will lower its target for overnight rates to 3.75 percent from 4.25 percent at its next policy meeting on January 30, as February fed funds futures rose 0.02 points to 96.19.
Banks may be forced to write down mortgage-backed securities tied big name takeovers of companies like Hilton Hotels and Harrah's Casino.
National City Corp, one of the 10 largest U.S. banks, on Wednesday said it will cut its common stock dividend 49 percent and eliminate 900 jobs as it stops offering mortgages through brokers, and it plans to raise more capital to cope with weakened credit markets. The Cleveland-based company cut the quarterly dividend to 21 cents per share from 41 cents. Chief Executive Peter Raskind said the cut ...
As more banks report write-downs tied to the global credit crunch, analysts say Wachovia Corp may have losses lurking in an area that has garnered less investor attention.
U.S. stock index futures were pointing to a slightly higher open on Wall Street on Thursday, as investors awaited data that could shed more light on the health of the economy.
U.S. stocks jumped the most in three weeks on Friday,
U.S. Stocks rose Tuesday as investors economic worries were consoled with the European Central Bank's $500 billion injection along with profit gains at Goldman Sachs and Best Buy.
Goldman Sachs Group Inc said on Tuesday fourth-quarter earnings rose 2 percent, beating expectations and capping a record year, but its shares fell after the investment bank cautioned that markets will remain challenging in the near future.
A new Goldman Sachs Group stock hedge fund could be launched with ore than $6 billion, with some investors expecting the fund to attract as much $10 billion, people familiar with the fund said. Goldman has been raising money and preparing to launch its latest fund for the past few months.
At Goldman Sachs Group, success has become something of a liability.
U.S. stocks fell on Friday after a government report showed consumer prices rose the most in more than 2 years, raising concerns over inflation.
Oil steadied near $90 on Wednesday after Goldman Sachs sharply raised its outlook for crude prices next year, offsetting concerns over a flagging U.S. economy.
U.S Stocks fell for a second day Tuesday, as major stocks fell on news of deteriorating credit markets.
Stocks fell on Tuesday after a brokerage cut its earnings outlook for major Wall Street companies and as uncertainty about the outlook for a credit crisis recovery mounted.
Morgan Stanley Co-President Zoe Cruz is retiring as the subprime mortgage crisis ends a 25-year tenure for a woman who had been seen as the front-runner to succeed Chief Executive John Mack.
Morgan Stanley Co-President Zoe Cruz is retiring as the subprime mortgage crisis ends a 25-year tenure for a woman who had been seen as the front-runner to succeed Chief Executive John Mack.
The dollar rose against the euro on Thursday after Goldman Sachs analysts said the dollar’s drop may be at an end and a new report indicated weaker consumer confidence in France, one of Europe’s key economies.
Gold fell on Thursday as the dollar rose, dulling the metal's attraction for non-U.S. investors as an alternative investment.
Apple co-founder and CEO Steve Jobs has been named as the most powerful businessman by Fortune magazine in a list which also features Lakshmi Mittal, Indra Nooyi and Ratan Tata.
Funds rose, driving 10-year note incomes to the lowest level since March 2004, as concern that subprime losses continue to extend a decrease in stocks and increased the request of fixed-income assets.
Merrill Lynch & Co Inc Co-President Greg Fleming told employees on Monday he has tremendous confidence in the company's long-term prospects and said the company's strategy is fundamentally sound. Our core businesses continue to perform well, our strategy is fundamentally sound and our incomparable global footprint and capabilities position us to take advantage of market opportunities around the world, he said.
US stocks were nearly flat in Mid-day trading on Monday, recovering after earlier losses following continued concerns over a weakening credit market and a worsening subprime mortgage situation.
