Key Takeaways Goldman will sell its remaining TFI stake to ING, giving ING full ownership of the unit. ING has held 45% of TFI since 2019 and aims to close the deal in the first half of 2026. The purchase will trim ING Bank Slaski's capital ratios by about 34 bps with minimal group impact.The Goldman Sachs Group, Inc. (GS) has reached an agreement with ING Bank Slaski to divest its Polish asset management firm, TFI. The deal, targeted for completion in the first half of 2026 pending regulatory signoff, wil ...

Core Viewpoint - The recent release of Epstein files has implicated executives from various industries, including finance, raising concerns about potential fallout for companies like Goldman Sachs due to their general counsel's correspondence with Epstein [1][2]. Regulatory Environment - Fed Governor Michael Bar expressed concerns that the rollback of bank supervision could weaken the Federal Reserve's supervisory role, potentially leading to risks in the banking system [3]. - A memo from Mary Aken, director of supervision, outlined a new regulatory framework focused on significant risk issues rather than excessive documentation processes that do not impact safety and soundness [4]. - The current regulatory changes are seen as beneficial for the economy and bank lending, as they aim to streamline processes and focus on essential risk management [5][6].

Um, I have to ask you because Congress passed a bill uh to release the full Epstein files. There have been executives across industries including finance that have been named in some of the correspondents that come out. Um, Goldman has been uh caught up in this just in terms of the the GC, the general counsel and her correspondence with Epstein.Are you concerned about at all about additional fallout here. our our general counsel ran for a long time the white collar litigation practice at leans. She's an exc ...

Core Viewpoint - The innovative economy is currently a focal point for markets, with expectations of potential market corrections in the next year or two due to historical patterns following technological accelerations [2][4]. Group 1: Market Dynamics - There is ongoing volatility in the markets, and while some froth may have been removed, remnants could still exist [3][4]. - The pace of technology adoption is anticipated to be slower than the market currently expects, leading to fluctuations in investment returns over the coming years [6][7]. - Concerns exist regarding the ability of companies to meet debt obligations tied to new technologies, particularly if the pace of adoption does not align with expectations [8][9]. Group 2: Private Credit and Financing - Private credit is a significant area of financing for data center buildouts, with recent scrutiny over the valuations and performance of private credit managers [18][19]. - Goldman Sachs operates across the spectrum of private credit, lending to below-investment-grade companies that generally perform well in a strong economy [22][24]. - The credit risks associated with financing data centers differ from those of other private credit ventures, as data centers are often backed by large, stable companies like Google and Amazon [24][25]. Group 3: Long-term Economic Outlook - The long-term economic benefits from AI and technology deployment are expected to be substantial, contributing to productivity gains and overall economic growth [12][13][16]. - While short-term volatility is acknowledged, the overarching trend towards technological advancement is viewed as a secular trend that will not reverse [12][14]. - The importance of disciplined risk management and underwriting processes in credit markets is emphasized, particularly in the context of potential economic downturns [26][27].

Key Takeaways Goldman is capturing an outsized share of 2025 M&A as global dealmaking accelerates.Mega-deals and revived cross-border activity are driving Goldman's advisory dominance. Rising advisory fees and regional strength highlight Goldman's momentum in investment banking.The Goldman Sachs Group, Inc. (GS) is on track for a historic year in mergers and acquisitions (M&A), potentially not seen since the early 2000s, as deal-making accelerates. GS has continued to maintain its dominant position in advis ...

关于报告的所有内容，请于公众『市场分析报告』阅读原文 《高盛：2026年全球市场展望（美联储降息+AI+中国出口）》 1. 宏观环境 2025年末，投资者的关注点集中在美国政府关门带来的数据缺失，以及美联储的降息预期上。高盛的基本判断是，美联储会在不出现衰退的情况下温和降 息，政府开支恢复、关税压力减轻、财政政策转向宽松，为2026年初的全球增长带来支撑。历史上，美联储只要是在经济未衰退时降息，标普500往往继续 上涨。但目前的市场估值已反映了较多宽松和增长预期，导致信用和资产负债表的薄弱环节逐渐显现，股市虽有上涨空间，但波动也同步加大。 2. 就业压力与降息节奏 近期美国就业市场的不确定性是短期内的最大变量。政府关门期间，官方失业率数据曾经中断，高盛自己追踪了Challenger, Gray & Christmas、美国劳工 部、JOLTS裁员率、WARN通知和财报会议中的裁员信息，结果显示裁员确实在上升，但并不是急剧恶化。如果接下来几个月失业率快速攀升，市场 对"Sahm规则"触发的担忧会升温，原本预计明年3月的30个基点降息会提前、加码。反之，如果就业只是在慢慢降温，这一阶段的风险窗口会逐步消除，风 险 ...

Hours worked on gig platforms in 2025 have increased, even as payroll growth has slowed, suggesting more workers have taken up gig work during a cooling labor market, according to a report released by Goldman Sachs.https://t.co/E01bPagkt8 https://t.co/4JrMJU7WIj ...

Core Insights - Separate Managed Accounts (SMA) are customized investment tools for high-net-worth and institutional clients, allowing investors to directly own each security in their account while benefiting from professional management, combining the advantages of fund-like management with personal asset control [3][6][10] - Compared to Model Portfolios, SMAs offer significant differences in customization, ownership, and tax management, enabling tailored investment strategies based on individual risk preferences and ESG considerations [3][10] - The global SMA market is evolving towards digitalization, deeper ESG customization, and scalability, with opportunities for domestic accounts to adopt similar strategies to enhance personalization and tax efficiency [3][10] Overview of SMA Business - SMA allows investors to have direct ownership of securities, providing transparency and tax efficiency, making it a preferred choice for high-net-worth and institutional investors [6][10] - Various forms of SMA exist, including discretionary, non-discretionary, model-driven, multi-manager, and tax-optimized types, catering to different investor preferences and needs [12][10] International SMA Practices - J.P. Morgan is a leading SMA provider with over $300 billion in assets under management, utilizing a tax-driven index strategy that has significantly outperformed benchmarks [24][3] - Vanguard's SMA strategy focuses on low-cost, direct indexing, enhancing tax efficiency through coordinated rebalancing, with a minimum investment threshold of $10,000 [31][3] - Fidelity employs a tax-smart investing approach, utilizing a proprietary STAR Score system for stock selection and achieving a tax efficiency rate of 85% in 2024 [34][35] Key Features of SMA Providers - J.P. Morgan's SMA includes a comprehensive management structure with dedicated teams for investment management and client service, ensuring tailored solutions and compliance monitoring [16][24] - Vanguard's SMA leverages a direct indexing platform to provide personalized investment solutions, enhancing tax management and cost efficiency [31][32] - Morgan Stanley's SMA platform emphasizes professional management and tax optimization, allowing clients to directly hold assets while benefiting from expert guidance [51][53] Investment Strategies and Performance - J.P. Morgan's Large Cap Growth Strategy SMA achieved a five-year annualized net return of 15.25%, significantly outperforming the Russell 1000 Growth Index [24][3] - Morgan Stanley's ClearBridge Small Cap SMA focuses on undervalued small-cap stocks, employing a probability distribution valuation model to identify long-term growth opportunities [59][60] - Fidelity's cross-account tax loss harvesting technology enhances after-tax returns by 0.5%-1.2%, demonstrating the effectiveness of tax optimization strategies [35][3]

来源|财联社 随着近日市场调整对美联储降息的预期，美债收益率上升，美元上涨，黄金价格也随着承压回落。不过，高盛认为，支撑黄金的因素直至明年都将继 续提供支撑，使得此次回调相对短暂，尤其是考虑到各国央行仍是大买家。 美东时间周一，高盛在分享给客户的研究报告中写道： "上周黄金价格大幅上涨，上周一亚洲交易时段内一度以垂直走势上涨约25美元，随后上涨近6%，但在上周五金价出现回调，跌落至约4100美元。 上周一价格的上涨时间、幅度和速度与亚洲央行的买入行为相符。" 高盛分析师表示，他观察到全球央行的黄金购买量仍在持续增加，并将持续强劲态势直至明年。 高盛银行预计， 从2025年第四季度到2026年，各国央行每月平均将购买80吨黄金。 该银行估计，卡塔尔在9月份购买了20吨黄金，阿曼购买了7吨，中国购买了15吨。 总体而言，各国央行的购金速度使得高盛坚持其预测，即到2026年底，黄金价格将涨至4900美元。 高盛还表示，散户的力量也不容小觑：如果全球散户投资者将黄金纳入投资组合的趋势持续下去，金价可能会进一步上涨。 高盛分析师们写道：央行购金量的增加，加上自2022年年中以来最大的单月黄金西方ETF资金流入量（112 ...

香港联交所最新资料显示，11月14日，The Goldman Sachs Group,Inc.增持东方电气（600875） (01072)49.7万股，每股作价22.4239港元，总金额约为1114.47万港元。增持后最新持股数目约为2073.19 万股，最新持股比例为5.08%。 ...