The United States Federal Reserve Board announced that it has fined The Goldman Sachs Group, Inc., US$ 54.75 million for the firm's unsafe and unsound practices in its foreign exchange (FX) trading business.
China is taking its first steps towards paying for imported crude oil in Yuan instead of the U.S. dollar, according to Reuters, a key development in Beijing's efforts to establish its currency internationally.
The former investment banker at Goldman Sachs became the new president of U.S. Soccer on Feb. 11. He replaces Sunil Gulati after an election in Orlando, Florida that required three rounds of voting to finally crown Cordeiro.
Chancellor of the Exchequer Philip Hammond reportedly told the board of U.S. investment bank Goldman Sachs that he was pushing for a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said. The source said Hammond made a presentation to the Goldman Sachs board on June 29 when CEO Lloyd Blankfein was in London for the annual board meeting.
Goldman Sachs will move jobs away from London and bulk up its European presence by “hundreds of people”, a senior executive has said. The US bank's European chief executive, Richard Gnodde, said it would begin the process before the UK leaves the European Union.
Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring
The price of a barrel of the North Sea benchmark dropped on Monday by 5.5% to 47.36 dollars, its lowest level since early 2009. US crude oil was also at its lowest level since that time, down by 5% to 45.90 a barrel.
The United Kingdom financial watchdog slapped a 27 million US dollars fine on Goldman Sachs for inadequate disclosure of a US probe into the Wall Street powerhouse.
Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain better ratings for risky securities.
Morgan Stanley (NYSE:MS) CEO James Gorman denied allegations the US bank misled investors about mortgage derivatives it sold them. The firm is being probed by US prosecutors over whether the bank misled clients when it sold them collateralized debt obligations as its own traders bet that the value of the securities would drop, the Wall Street Journal reported Wednesday.