The job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference in New York.
The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.
If Gupta had given Raj Rajaratnam information that Goldman Sachs was going to get an investment from Warren Buffet (and suppose, if Rajaratnam had not sold an already long position in Goldman stock based on this material, non-public information), would this have amounted to a criminal offence on Gupta's part?
Investors ask if the hugely successful investment banking model can be fully repaired.
He will be arraigned before US District Judge Jed Rakoff in the US District Court, Southern District of New York.
Consolidated earnings for oil-to-telecom conglomerate Reliance Industries (RIL) may report sequential weakness, and modest year-on-year (Y-o-Y) growth in the June 2024 quarter (Q1FY25), said analysts. Lower refining margins are expected to moderate gains made from other businesses. RIL is slated to report its financial performance for Q1FY25 on July 19.
India's scandal-hit Satyam Computer Services is to invite formal bids from potential suitors this week, pushing ahead with a possible sale - even though it could be months before its accounts are restated.
A support group for Gupta, known as 'Friends of Rajat', has urged his 'friends and well-wishers' to submit letters of support, in which they should write about Gupta's life and work.
In what has been billed as 'a unique public-private experiment', an Indian outsourcing company that claims Royal Bank of Scotland and Goldman Sachs as its clients, is to employ inmates at the Cherlapally Central Jail in Hyderabad to help process bank paperwork.
Gupta filed a 70-page petition with the US Court of Appeals for the Second Circuit yesterday seeking 'panel rehearing and rehearing en banc', saying in 'rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points' about the insider trading case against him.
Wealthy supporters attempting to mount a takeover of English Premier League champions Manchester United ruled out making a bid during the current football season. The Red Knights, a collection of financial figures including former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O'Neill, said they would continue to work on their proposal over the next few weeks but do not expect anything to be finalised before the end of the season in May.
Goldman cut India's growth estimates to 6.6 per cent from 7.2 per cent for the fiscal year ending March 2013, while BofA revised its forecast to 6.5 per cent from 6.8 per cent.
The trial of former Indian-American Goldman Sachs director Rajat Gupta began in New York on Monday in what is the most high profile case of insider trading in US history.
The idea of floating Formula One has been around for more than a decade but there appears to be real momentum on this occasion to sell off as much as 30 percent of the company.
Sanya was a way station, the real summit is G-20 where India must have a voice of its own.
BRIC economies are currently worth around $11-12 trillion.
ITC Infotech, an IT services firm and a wholly owned subsidiary of tobacco-to-hotels conglomerate ITC Group, has acquired New York-headquartered Pyxis Solutions - a provider of quality assurance and testing services - for $25 million (around Rs 105 crore). This is its first all-cash acquisition in the last eight years, funded through internal accruals.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
'Women' as a political constituency appears to be an idea that has come of age. It is changing India in ways that we only dimly understand, asserts Aditi Phadnis.
Higher for longer' may be the narrative in the developed markets, but interest rates might not stay high for very long in India, with a section of the market expecting rate cuts to begin this year. The six-member Monetary Policy Committee of Reserve Bank of India (RBI) decided to keep interest rates unchanged at 6.5 per cent in the April review - after hiking the policy repo rate in six previous meetings. RBI Governor Shaktikanta Das emphasised that the pause was only for the April policy and that the central bank was ready to act if the situation demanded.
Five ratios you must know before putting your money into banking stocks.
Market data service provider Capital IQ is buying smaller rival TheMarkets.com for $300 million, says a media report.
The Indian rupee is likely to appreciate to 46 a dollar in the backdrop of a stable government at the centre and relatively resilient domestic demand, says a report by global financial services giant Goldman Sachs.
The much-awaited results of the stress tests on the nation's 19 largest Bank Holding Companies showed that 10 of them need more capital to the tune of $75 billion while the remaining including Goldman Sachs and American Express are well-capitalised. The stress tests were aimed at determining capital buffers sufficient for the 19 entities to withstand losses and sustain lending -- even if the economic downturn is more severe than is currently anticipated.
If Beijing succeeds in this multipronged effort to challenge the current dominant power, it will have not just economic but political and security consequences. There is no let-up in the South China Sea nor any de-escalation moves on the India-China border. This portends to ominous signalling from Beijing, observes China expert Srikanth Kondapalli.
The Centre on Thursday cleared 14 Foreign Direct Investment proposals worth Rs 1,257 crore, including those of Mauritius-based Essar Telecom Holdings Ltd and US-based Goldman Sachs Asset Management. The proposals include induction of foreign equity worth Rs 500 crore by Essar Telecom Holdings and Rs 200 crore from GSAM. The investment proposals were cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board.
The financial services major posted a profit of $1.6 billion in the first quarter of this year against a whopping loss of $5.11 billion in the same period last year.
Here's how you can get placed at an investment bank for your summer training.
A clutch of foreign and domestic institutions has submitted expressions of interest to acquire at least 26 per cent in the Delhi-based Industrial Finance Corporation of India (IFCI).
"The situation is bad. Some people are leaving and some are being asked to leave. And more important, several positions are remaining vacant. The selected candidates for these posts are not coming," said an associate, as the employees are called. "There is talk now that the new company, whichever that is, will cut at least 10,000 jobs gradually. We are praying that this is unfounded," a senior associate said.
Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
Any assessment of Goldman Sachs' alleged "fraud" is likely to run into two problems. First, the armada of jargon that surrounds the financial derivatives market could mean that the essence of the case is lost in translation, leaving the non-specialist bewildered as to the exact nature of the Wall Street giant's alleged perfidy.
The Nifty ended at 5,204- down 59 points. Through the day the index touched a high of 5,279 and a low of 5,161, respectively. The BSE market breadth was negative. Out of 3,021 stocks traded, 1,950 declined while 953 advanced.
Major American banks, including Citigroup and Goldman Sachs, temporarily lowered their debt in the past five quarters before reporting it to the public in order to mask risk levels, says a media report.
Goldman Sachs and American Express played a large role in boosting the US Treasury's coffers by agreeing to pay a favourable price for the warrants received in return for the aid, the Financial Times said citing a study by the consultancy SNL Financial.
Growing business opportunities fuelled by a robust economy and an increasing number of private equity investors are prompting investment bankers to quit their jobs and turn entrepreneurs.
BRICS should reinforce the actions of G-20 for creating a new world order. It will also be a good idea to attempt to get Security Council replaced by the G-20, says C M A Nayar.
With tightening in liquidity condition and expected decline in the inflation by early 2009, there is only a remote possibility of further hike in interest rate by the Reserve Bank, the US-based investment banker Goldman Sachs said in a report. Further, given the current global environment of tight liquidity and the central banks move last week to ease liquidity conditions, any further cash reserve ratio hike is firmly ruled out, it said.
The Securities and Exchange Board of India has approved The Walt Disney Company's deal to increase stake in Ronnie Screwvala-promoted UTV Software Communications beyond 15 per cent, six months after the deal was initially signed. Sebi, the market regulator, has also okayed the US-based company to launch an open offer.
