10 February 2026 | 9:53AM JST Economics Research JAPAN ECONOMICS ANALYST Q&A on BOJ Policy: Rate Hike Pace and Timing, Impact of Rate Check Akira Otani +81(3)4587-9960 | akira.otani@gs.com Goldman Sachs Japan Co., Ltd. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Goldman Sachs Japan Economics Analyst Q&A on BOJ Policy: Rate Hike ...

Core Viewpoint - Goldman Sachs is shifting its strategy in India from viewing it as a future growth story to recognizing its current potential, with stabilized inflation, reduced bad loans, and strong corporate balance sheets [1] Investment Commitment - Goldman Sachs has invested approximately $500 million into its India banking operations over the past three years, indicating a strong commitment to the Indian market [2] Market Positioning - The firm has significantly improved its standing in Indian equity offerings, ranking fourth last year after never being in the top five for the past decade, and finished fifth in mergers, surpassing Morgan Stanley for the first time in ten years [3] Competitive Landscape - Despite the competition from established players like JPMorgan and Citigroup, Goldman Sachs anticipates further growth in India's IPO market, with at least 10 mandates currently in hand [4][5] Office Relocation - Goldman Sachs has moved its India banking team to a new office in Mumbai's Worli business district, reflecting its commitment to expanding its presence in the market [6][7] Strategic Focus - The firm aims to build scale across various sectors including equity underwriting, mergers, private credit, and structured finance, while accepting thinner margins initially to establish a market presence [8] Client Relationship Strategy - Goldman Sachs emphasizes the importance of viewing investment banking as an entry point into a broader suite of services, rather than focusing solely on fees [9] Historical Context - The firm has historically lagged behind competitors in equity underwriting and domestic mergers, often avoiding fee-sensitive mandates and relying on overseas relationships [10][11] Growth Dynamics - India's capital markets are experiencing a boom due to regulatory changes, with Goldman Sachs participating in significant transactions, including over $4 billion in stock sales last year [15][14] Private Credit Expansion - Goldman Sachs has become a key player in India's private credit market, with significant investments and plans to expand its foreign-exchange trading capabilities [18][19] Leadership Restructuring - The firm has restructured its leadership to support its growth strategy in India, promoting several key individuals and expanding its team significantly [20] Workforce Growth - Goldman Sachs' technology center in India has grown to about 8,000 employees, making it the largest workforce outside the US [21]

It was at a rare global board meeting in New Delhi’s Taj Mahal Hotel that Goldman Sachs Group Inc.’s India country head made the case for change.Sonjoy Chatterjee told directors — including CEO David Solomon — that it was time to stop treating India as a future growth story. Inflation had stabilized, banks had reduced bad loans and corporate balance sheets were the strongest in decades.After some debate, Chatterjee won out. Goldman has now injected about $500 million into its India banking franchise over t ...

told directors — including CEO David Solomon — that it was time to stop treating India as a future growth story. Inflation had stabilized, banks had reduced bad loans and corporate balance sheets were the strongest in decades. After some debate, Chatterjee won out. For the Wall Street giant, which for years played on the fringes of Indian dealmaking, the dramatic shift is starting to bear fruit. Goldman vaulted to fourth in Indian equity offerings last year — after never ranking in the top five over the pa ...

Goldman Sachs has played on the fringes of Indian dealmaking for years. A big push to take market share from its Wall Street rivals is starting to bear fruit https://t.co/702qJQn4qy ...

As filed with the U.S. Securities and Exchange Commission on February 10, 2026. Registration No. 333-292285 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ––––––––––––––––––––––––––––––––––––––– AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ––––––––––––––––––––––––––––––––––––––– Brookline Capital Acquisition Corp II (Exact name of registrant as specified in its charter) ––––––––––––––––––––––––––––––––––––––– | Cayman Islands | 6770 | N/A | | - ...

As Filed with the U.S. Securities and Exchange Commission on February 10, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________________ BRC Group Holdings, Inc. (Exact name of registrant as specified in its charter) _________________________ | Delaware | | | | --- | --- | --- | | | 7389 | 27-0223495 | (State of Incorporation) (Primary Standard Industrial Classification Code Number) ...

As Filed with the U.S. Securities and Exchange Commission on February 10, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________________ BRC Group Holdings, Inc. (Exact name of registrant as specified in its charter) _________________________ | Delaware | | | | --- | --- | --- | | | 7389 | 27-0223495 | (State of Incorporation) (Primary Standard Industrial Classification Code Number) ...

Core Insights - Lazard exemplifies the concept of "contextual alpha," which integrates various factors such as regulatory and macroeconomic elements into investment analysis, enhancing the quality of M&A and asset investment decisions [2][3] Company Background - The leadership at Lazard, including figures like Felix Rohatyn, has historically focused on a comprehensive approach to investment banking, which aligns with the current CEO's vision [3] Strategic Approach - The CEO's diverse background in business, government, and academia informs the strategic initiatives at Lazard, emphasizing the importance of contextual factors in investment decisions [2][3]

Lazard (NYSE: LAZ) 2026 Conference Summary Company Overview - **Company**: Lazard - **Date**: February 10, 2026 - **Speaker**: Peter Orszag, CEO and Chairman Key Points Industry Insights - **Contextual Alpha**: Lazard emphasizes "contextual alpha," which integrates macroeconomic and regulatory factors into investment analysis, a concept rooted in the firm's history with figures like Felix Rohatyn [4][6] - **U.S. Economy**: The U.S. economy is described as "strong but fragile," driven by an AI investment boom and high-income consumer spending [8][9] - **Corporate Performance Disparity**: There is a significant disparity in corporate performance, with the 95th percentile firms achieving returns on invested capital (ROIC) 25 times higher than the 10th percentile, compared to a 10 times ratio two decades ago [11][12] - **M&A Opportunities**: The current regulatory environment is more accommodating, leading to increased ambitions for mergers and acquisitions (M&A), with potential GDP gains of 15% from M&A activity [9][13] Company Strategy - **Lazard 2030 Initiative**: Aimed at enhancing ambition and shareholder returns, including a C-Corp conversion to attract new investors [30][32] - **Cultural Transformation**: Lazard has undergone a cultural shift towards a more collegial and collaborative environment, improving recruitment and internal morale [43][46] - **Advisory Business Focus**: The advisory side is prioritizing productivity improvements, with a target of increasing productivity per managing director by $2.5 million relative to 2023 [53][54] Advisory Business Developments - **Managing Director Changes**: Lazard has replaced 80 out of 200 managing directors to enhance performance and productivity [53] - **Expansion Plans**: Plans to rebalance focus between public and private company work, with an emphasis on large-cap public company transactions [57][58] - **Private Capital Growth**: The share of advisory revenue from private capital has increased from 25% to 40%, with plans to grow this further [66] Asset Management Insights - **Focus Areas**: Lazard is concentrating on quant and systematic strategies, emerging market equity, and customized solutions, with strong inflows in these areas [81][82] - **Wealth Management Potential**: The wealth management segment, particularly in Paris, is seen as having significant growth potential, leveraging the Lazard brand and insights [92][93] AI Integration - **AI Utilization**: Lazard is integrating AI tools to enhance productivity and efficiency, with expectations of smaller deal teams in the future [115][116] - **AI's Role in Operations**: AI is expected to streamline operations, allowing bankers to focus more on in-person relationships and less on administrative tasks [115][116] Capital Allocation Strategy - **Prioritization Changes**: The focus on buybacks has shifted to prioritizing inorganic growth opportunities and cash management, with a disciplined approach to acquisitions [112][113] Conclusion - **Future Outlook**: Lazard is optimistic about its growth trajectory, driven by cultural transformation, strategic focus on advisory and asset management, and the integration of AI technologies [34][106]