The total number of staff to be cut has not been finalised but could be as high as 90 people, the sources said, declining to be identified because the matter is confidential.
India-born former Goldman Sachs director Rajat Gupta has asked a US court for a new trial to reverse his conviction on insider trading charges, arguing that the district judge had committed "serious evidentiary errors" that tipped the scales decisively in the case.
Jailed hedge-fund founder Raj Rajaratnam has agreed to pay $1.45 million to settle a civil lawsuit filed by US regulator SEC against him and India-born former Goldman Sachs director Rajat Gupta for their roles in one of the largest insider-trading schemes in US history.
Bharti Infratel plans to raise Rs 4,500 cr through its IPO.
Moderating economic growth and easing inflation may prompt the Reserve Bank to halt interest rate hike in the upcoming mid-quarterly credit policy review later this month, according to analysts.
According to the Notice of Appeal filed by his lawyer Gary Naftalis in US District Court Southern District of New York, Gupta's "appeal concerns conviction only."
The 15-page judgment is amazingly lucid, elegant and balanced.
Gupta, 63, read from a prepared statement for six minutes before being sentenced.
No one knows what Rajat Gupta gained from leaking insider information to Raj Rajaratnam. The irony is that he did not make any money.
A criminal case was filed against Gupta by the United States Attorney's Office on October 26, 2011 for insider trading.
Showing lenience and also appreciation for his humanitarian work, Judge Jed S Rakoff of the Federal District Court in Manhattan handed a two-year prison term to Rajat Gupta, former head of McKinsey and Co and also a former director of Goldman Sachs and Proctor and Gamble for leaking insider information.
The six-member government-appointed board of scandal-hit Satyam Computer Services today appointed investment banks Goldman Sachs and Avendus to explore various strategic options for the company, which include identifying strategic investors and obtaining expressions of interest from them in a fair and transparent manner.
The SEC however added that "dismissing these proceedings will not prevent the Commission from filing an action against Gupta in United States District Court."
The prosecution and defense presented their closing arguments in the high-profile insider trading trial of Gupta in Manhattan federal court on Wednesday.
The United States government appointed pay czar will review the executive compensation packages at 419 bailed out companies including Goldman Sachs and JP Morgan Chase.
Importantly, after the interest rate rises by the Reserve Bank of India (RBI) in the recent past, there is a high probability of corporate India getting hit on profits.
The defence on Monday presented in Manhattan federal court character witnesses, who testified about Gupta's honesty and integrity, before it prepares to wrap its case by Wednesday.
Sixty-three-year-old Gupta's trial, which began in Manhattan federal court on May 21, will resume today after a weekend break with his protege and former McKinsey executive Anil Kumar returning to the witness stand to testify against him.
The trial of Gupta, one of the most high profile Wall Street executives to be charged with insider trading, began in US District Court, Southern District of New York on Monday amid intense media glare.
Former Indian American Goldman Sachs director Rajat Gupta is facing trial in one of the most high profile cases of insider trading in the US that will likely see investment guru Warren Buffet and Arcelor Mittal Chairman Lakshmi Mittal as potential witnesses.
It has been nearly four months since Sidharth Punshi, 34, former executive director at Goldman Sachs, joined Jefferies International, a global investment bank and institutional securities firm, as the managing director and country head for India. In a recent interview, Punshi told Business Standard that despite the tight liquidity scenario and a challenging global situation, Indian companies continue to chase merger and acquisition deals abroad.
John Dowd, Rajaratnam's lawyer, asked the jury why Rajat Gupta, 62, would risk his entire career and reputation for nothing.
The third BRIC summit in Sanya, China, on Thursday will have a new member: South Africa.
The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
Brokerage houses reacted to the piece of news by reducing the target price assigned to the company.
The theme for this years conference is 'India: Gaining Momentum'.
Forbes has come out with a list of the world's 20 youngest billionaires under 40. Here we carry eight billionaires under 30 who made their fortunes by the virtue of inheritance and hard work.
Rajat Gupta, former director of Goldman Sachs and Mckinsey, has resigned from the board of the Hyderabad-based Emergency Management Research Institute (EMRI), a public-private-partnership initiative being run by the GVK group.
What must be worrying the mandarins in the North Block is that the reply of the finance ministry completely contradicts the decision of the SAT in the Goldman Sachs case. Surely we are in for interesting political times.
Bank of America Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs International, JP Morgan Securities, Morgan Stanley, Nomura and UBS have confirmed their commitment to the FSA Rule and the supporting Code on remuneration practices. These were published in August and would come into force on January 1, 2010 (and cover payments for performance year 2009).
The personal fortune of Facebook founder Mark Zuckerberg has doubled to $14 billion after his social networking site got a huge cash injection from Goldman Sachs.
The Indian School of Business in Hyderabad is offering free management education to women entrepreneurs.
Mukesh Ambani-owned RIL's JioMart is set to launch a slew of new products including financial services, electronics to airline tickets to take on the competition from upcoming rivals like the Tata Super app and other established players including PayTM, Amazon and Flipkart. This comes at a time when RIL's e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. "While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted.
Rajat Gupta was the former head of bluechip consulting firm McKinsey.
The US Court of Appeals for the Second Circuit in New York said that briefs by Gupta on his appeal should be filed by January 18 next year while the government's motion should be submitted in court by March 15.
Court is expected to hear Gupta's appeal around April and it could be a year before his request to overturn his conviction is ruled upon.
From a 29-year-old Goldman Sachs director to a graduate student developing energy conserving sensors, about 10 Indian-origin young turks have been named in a Forbes list of "tomorrow's brightest stars" who are "reinventing the world".
A US court has agreed to hear next week a bid by India-born former Goldman Sachs Director Rajat Gupta to delay his surrender to federal prison and remain free on bail while he challenges his conviction on insider-trading charges.
He will now have to submit to the two-year jail term handed down to him.
