CompaniesBIO

In this article .BBKA Follow your favorite stocks CREATE FREE ACCOUNT Buses pass in the City of London financial district outside the Royal Exchange near the Bank of England on 2nd July 2021 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images LONDON — The market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest hike since 1989, but economists believe policymakers will strike a dovish tone looking ahead as the prospect of a recession deepens. With U.K. inflation running at a 40-year high of 10.1% in September, the Bank is seen hiking its main lending rate for the eighth consecutive time, but weaker growth momentum and a major shift in fiscal policy is expected to ease calls for more aggressive monetary tightening. New Prime Minister Rishi Sunak has scrapped the controversial tax cuts at the heart of predecessor Liz Truss' fiscal policy agenda, meaning fiscal and monetary policy are no longer pulling in opposite directions...

In this article AAPL WFC BAC JPM GS Follow your favorite stocks CREATE FREE ACCOUNT David Solomon, Goldman Sachs, at Marcus event Goldman Sachs CEO David Solomon is reining in his ambition to make the 153-year-old investment bank a major player in U.S. consumer banking. After product delays, executive turnover, branding confusion, regulatory missteps and deepening financial losses, Solomon on Tuesday said the firm was pivoting away from its previous strategy of building a full-scale digital bank. Now, rather than "seeking to acquire customers on a mass scale" for the business, Goldman will instead focus on the Marcus customers it already has, while aiming to market fintech products through the bank's workplace and wealth management channels, Solomon said. The moment is a humbling one for Solomon, who seized on the possibilities within the nascent consumer business after becoming CEO four years ago. Goldman started Marcus in 2016, named after one of the bank's cofo...

In this article GS Follow your favorite stocks CREATE FREE ACCOUNT Goldman Sachs' Chairman and CEO David Solomon attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. Denis Balibouse | Reuters Goldman Sachs CEO David Solomon is planning his third major corporate reorganization since assuming control of the bank in late 2018, according to people with knowledge of the plan. The bank's four main divisions will be combined into three, with trading and investment banking forming Goldman's largest and most important division from a revenue perspective, said the people, who declined to be identified before the plan is formally disclosed. Goldman's money-losing consumer finance operations will be split between two new divisions, with parts of the Marcus-branded unit folded into a combined wealth and asset management business and other parts going into a division that focuses on corporate clients , the people said. T...