智通财经APP了解到，高盛全球外汇主管在其最新报告中称，英镑兑美元的看涨势头将在明年延续，预计上升至1.3500，理由是其与股票市场的相关性及对全球经济衰退的担忧减弱。 他表示，“英镑近期上涨的部分原因当然是美元大范围走软，但自11月初以来，英镑在贸易加权基础上也有所走强，因为在利率波动缓和、股票价格走高的环境下，英镑往往表现尤为出色。英镑与股票价格上涨有着可靠的正相关关系。” 其称，此结论是基于11月初以来的背景，但预计未来一年还会出现更多这种情况。“这就是为什么我们认为随着市场接受'软着陆'观点，英镑将是升值空间更大的货币之一”。 该外汇主管还认为，迫在眉睫的大选或激励英国进行额外财政支持，并在一定程度上减少与欧盟的贸易摩擦，这两者将有助于英国国内经济增长，帮助避免衰退风险，并提振英镑。 ...

智通财经APP获悉，高盛策略师表示，预计未来一年经济衰退的可能性为15%，并预计随着宏观经济恢复到2008年之前的水平，一些有利因素将支持全球增长和投资。 以Jan Hatzius为首的高盛策略师在本周表示，到2023年，全球经济的表现甚至超过了乐观的预期。 Hatzius表示：“2024年应该会巩固这样一种观念，即全球经济已经摆脱了低通胀、零政策利率和负实际收益率的后全球金融危机环境。”“全球金融危机以来的这段时期，常常让人感觉是全球收益率下降和通胀水平下降的必然趋势——‘流动性陷阱’和‘长期停滞’是这十年的流行语。” 政策制定者已经结束了宽松货币时代，到目前为止，向高利率的过渡并不顺利，股市的剧烈波动、金融环境的迅速收紧以及越来越多的“僵尸”企业倒闭都说明了这一点。 “最大的问题是，回到全球金融危机前的利率背景是否是一种均衡，”策略师们表示。“与其他地方相比，美国的答案更有可能是肯定的，尤其是在主权债务压力可能再次出现的欧洲。” 美联储在金融危机后将利率降至接近零的水平，但重返高利率环境可能会给负债累累的企业和更广泛的商业环境带来麻烦。 其他华尔街预测人士也警告称，随着金融环境收紧，未来几个月将出现一波不 ...

智通财经APP获悉，对于英镑在明年的走势，高盛目前预计，到2024年底，英镑兑美元汇率将升至1.35。然而，汇丰银行则预测，到2024年第三季度，英镑兑美元汇率将跌至1.18。 英镑兑美元汇率在过去一周的波动较大。尽管上周公布的经济数据引发了对英国央行利率预期的进一步转变、并导致英镑一度失守，但由于市场对美联储降息的预期更甚，美元更大幅度的走软挽救了英镑。此外，更强劲的风险环境也帮助支撑了英镑在全球市场的地位。截至发稿，英镑兑美元汇率处于1.27附近。 上周三公布的数据显示，英国11月通胀率为3.9%，较前值4.6%显著放缓，且大幅低于经济学家普遍预测的4.4%;核心通胀率则从10月的5.7%降至5.1%，低于经济学家普遍预期的5.5%。 作为回应，货币市场对英国央行降息的预期有所升温。市场目前预计，英国央行将在明年5月首次降息，到明年年底，基准利率将降至4.00%以下，即降息幅度将达到125个基点以上。 三菱日联金融集团表示：“此前人们认为英国通胀持续高企的风险更大，这将继续使英国央行在降息方面相对更加谨慎。但现在有越来越多的证据表明，英国的通胀率也在像美国和欧元区一样迅速下降，只是有所滞后。”该行指出， ...

Michael M. Santiago Stock Snapshot In today's note, I'll be revisiting Goldman Sachs Group (NYSE:GS) again since my September rating when I gave it a buy. Since my buy rating, the share price has gone up +16%: GS - price since last rating (Seeking Alpha) For readers who don't follow this company much, here are a few quick facts: it is based in New York City, has roots going back to 1869, offices in all major financial capitals, and is diversified across asset and wealth management, global banking and ...

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Financial Data and Key Metrics Changes - The macroeconomic outlook is evolving with inflation coming under control globally, leading to less volatility across asset classes and tightening credit spreads [3][4] - Investment banking activity is currently trending below historical averages, but the franchise remains healthy with strong market share in M&A and equity [14][19] Business Line Data and Key Metrics Changes - The equities business is performing better year-on-year, while FICC and equities as a whole are trending nearly flat year-over-year [13] - The advisory business and M&A activity are cyclical, with some recent major merger deals in the natural resources sector indicating renewed client interest [6][7] Market Data and Key Metrics Changes - Non-investment grade debt capital markets have reopened post-summer, but activity is still tempered by macroeconomic conditions [8][11] - Elevated charge-offs are being observed in the credit portfolio, which is expected and modeled [15][16] Company Strategy and Development Direction - The company is focused on growing its two major client franchise businesses: Global Banking and Markets (GBM) and Asset and Wealth Management (AWM) [22][29] - Strategic efforts include reducing historical principal investments in real estate and enhancing the client experience across the portfolio [37] Management's Comments on Operating Environment and Future Outlook - Management acknowledges pockets of uncertainty, particularly geopolitical risks and upcoming elections, but sees opportunities for clients to adjust their portfolios [4][5] - Confidence is building for improved market conditions moving into 2024, with expectations for a clearer runway for transactions [9][12] Other Important Information - The company has made significant progress in managing expenses, with a focus on driving efficiencies and addressing non-compensation costs [20][21] - The firm is actively engaged in discussions regarding Basel III proposals and is preparing for potential changes in capital requirements [38][39] Summary of Q&A Session Question: No formal Q&A for this event - There were no formal questions or answers during this conference call [47]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4019460 (State or other jurisdi ...

The Goldman Sachs Group, Inc. (NYSE:GS) Q3 2023 Earnings Conference Call October 17, 2023 9:30 AM ET Company Participants David Solomon - Chairman and Chief Executive Officer Denis Coleman - Chief Financial Officer Conference Call Participants Glenn Schorr - Evercore ISI Ebrahim Poonawala - Bank of America Christian Bolu - Autonomous Research Steven Chubak - Wolfe Research Brennan Hawken - UBS Mike Mayo - Wells Fargo Ryan Kenny - Morgan Stanley Devin Ryan - JMP Securities Daniel Fannon - Jefferies Gerard Ca ...

Summary of Goldman Sachs Group, Inc. Conference Call Company Overview - **Company**: The Goldman Sachs Group, Inc. (NYSE: GS) - **Event**: Barclays 21st Annual Global Financial Services Conference - **Date**: September 12, 2023 Key Industry Insights - **Macro Environment**: The macroeconomic backdrop has improved, with a higher likelihood of a soft landing for the economy. Inflation has been managed better, although it may remain sticky, leading to potentially higher interest rates for longer [4][5] - **Capital Markets Activity**: There is a noticeable improvement in capital markets activity, although it remains below historical averages. Significant IPOs are in progress, which could create a positive feedback loop for the market [7][8] - **M&A Activity**: M&A activity is expected to pick up as CEOs feel more optimistic about the economic environment. However, this will lag behind the recovery in capital markets [9][10] Company Performance and Strategy - **Focus Areas**: Goldman Sachs is focused on growing its wallet share in global banking and markets, enhancing asset wealth management, and optimizing its balance sheet [13][21] - **Asset Management**: The firm manages $2.7 trillion in assets, with a focus on growing management fees and reducing historical principal investment balances. The target is to reduce these balances to $15 billion by the end of 2024 and to negligible levels by the end of 2026 [18][21] - **Trading Activity**: Trading activity has been strong, but comparisons to the previous year are challenging due to tougher comps. Seasonal slowdowns in September are also a factor [11] Regulatory Environment - **New Capital Rules**: Proposed regulatory changes could increase capital requirements by over 25%, which may negatively impact credit costs and U.S. competitiveness in capital markets. Goldman Sachs is preparing to adapt to these changes [39][41] - **Adaptation Strategy**: The firm has a history of adapting to regulatory changes and will continue to do so, focusing on optimizing operations and potentially shifting some activities to the unregulated sector [43][44] Financial Performance - **Capital Return**: Goldman Sachs has tripled its dividend since 2019 and plans to continue buybacks, albeit at a lower level due to market uncertainties [49] - **Valuation and Growth**: The firm aims for mid-teens returns through the cycle, with expectations for improved performance in 2024 as the economic environment stabilizes [51][60] Cultural and Talent Insights - **Firm Culture**: The culture at Goldman Sachs is viewed as a differentiator, helping to attract and retain talent. Recent partner transitions are considered normal within the firm's cycle [53][54] Conclusion - **Outlook**: The firm is optimistic about the future, with expectations for improved market conditions and continued focus on strategic growth areas. The management remains committed to executing its core strategies while navigating regulatory challenges and market dynamics [58][60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4019460 (State or other jurisdiction ...