
Goldman ICBC Wealth joint venture CEO to leave company, Bloomberg says
The CEO of Goldman Sachs (GS) ICBC Wealth Management Alex Wang is leaving the company and may join Japanese rival Nomura Holdings (NMR), Cathy Chan of Bloomberg reports, citing people familiar with the matter. This is as the company struggles to gain a foothold in China's asset management market.
Don't Miss TipRanks' Half Year Sale
Take advantage of TipRanks Premium for 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
39 minutes ago
- Yahoo
Hedge funds sell energy stocks as oil slumps, says Goldman Sachs
By Nell Mackenzie LONDON (Reuters) -Hedge funds sold energy stocks last week at the fastest pace since September 2024 and at the second-quickest clip in the last 10 years, as oil prices fell on easing Middle East tensions, a Goldman Sachs note seen by Reuters on Monday showed. Crude prices tumbled over $10 last week following a cease-fire between Israel and Iran. Oil prices wobbled on Friday on reports of increased supply from oil producing group OPEC+ and remain well below the recent peak of around $81. Hedge funds, starting June 23, sold the stocks of energy-related companies across every major region, the Goldman note said. Last week's selling in the sector was the biggest in almost a year and the second largest in the last decade, said the Goldman note, sent to clients on Friday. Shares of oil, gas and consumable oil companies as well as energy equipment and services firms were sold. Hedge fund selling focused on every region but primarily on North America and Europe, said the note. In Europe, hedge funds added short positions and fled long bets, said Goldman. A short position expects asset prices to fall, while a long position expects it to rise. While many increased short bets against energy companies, speculators' total combined positions remained proportionately long on global energy stocks, data from the note showed. Hedge fund gross leverage, a gauge of how many positions hedge funds have on, remains at a five-year high, said Goldman Sachs. Last week saw the largest stock buying in five weeks, the note added, with hedge funds buying company shares in every global region, the bank said. Stock sectors most bought included financial, tech and industrial companies, it said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
US Profit Margins Face Key Risk From Tariffs, Goldman Strategists Say
(Bloomberg) -- US profit margins face a big test in the upcoming reporting season as investors assess the damage from President Donald Trump's trade war, according to Goldman Sachs Group Inc. strategists. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown The team led by David Kostin said second-quarter earnings will 'capture the immediate effects' of tariffs that have already increased by about 10 percentage points since the start of the year. While most of the added costs are expected to be passed on to customers, 'corporate margins will be pressured if companies are forced to swallow a larger-than-expected share,' Kostin wrote in a note dated June 27. Early results from US companies paint a mixed picture. Shares of General Mills Inc. fell 5% last week as the food company issued a glum forecast and warned of a tariff hit on its cost of goods sold. Nike Inc., on the other hand, surged 15% as it said it would mitigate the impact on costs from higher duties. US stocks have been whipsawed by the global trade war as investors feared some of the steepest levies in a century would stoke inflation and stall economic growth. After sinking as much as 19% from peak to trough by April, the S&P 500 has returned to record highs on signs of resilient growth and optimism around Federal Reserve rate cuts. While corporate earnings have proved robust so far, analysts expect a sharp slowdown in US profit growth for the second quarter. Data compiled by Bloomberg Intelligence show earnings per share are expected to rise only 2.6% for the April-June period, the smallest increase in two years. Goldman's Kostin said more analysts have downgraded margin estimates for companies that are heavily exposed to tariffs compared with the typical stock. Still, the strategist expects the S&P 500 as a whole will 'beat the low bar' set for the second quarter. Kostin was among a slate of forecasters who raised their S&P 500 index targets in recent months as global trade tensions eased. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Does a Mamdani Victory and Bezos Blowback Mean Billionaires Beware? ©2025 Bloomberg L.P.
Yahoo
an hour ago
- Yahoo
US Profit Margins Face Key Risk From Tariffs, Goldman Strategists Say
(Bloomberg) -- US profit margins face a big test in the upcoming reporting season as investors assess the damage from President Donald Trump's trade war, according to Goldman Sachs Group Inc. strategists. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown The team led by David Kostin said second-quarter earnings will 'capture the immediate effects' of tariffs that have already increased by about 10 percentage points since the start of the year. While most of the added costs are expected to be passed on to customers, 'corporate margins will be pressured if companies are forced to swallow a larger-than-expected share,' Kostin wrote in a note dated June 27. Early results from US companies paint a mixed picture. Shares of General Mills Inc. fell 5% last week as the food company issued a glum forecast and warned of a tariff hit on its cost of goods sold. Nike Inc., on the other hand, surged 15% as it said it would mitigate the impact on costs from higher duties. US stocks have been whipsawed by the global trade war as investors feared some of the steepest levies in a century would stoke inflation and stall economic growth. After sinking as much as 19% from peak to trough by April, the S&P 500 has returned to record highs on signs of resilient growth and optimism around Federal Reserve rate cuts. While corporate earnings have proved robust so far, analysts expect a sharp slowdown in US profit growth for the second quarter. Data compiled by Bloomberg Intelligence show earnings per share are expected to rise only 2.6% for the April-June period, the smallest increase in two years. Goldman's Kostin said more analysts have downgraded margin estimates for companies that are heavily exposed to tariffs compared with the typical stock. Still, the strategist expects the S&P 500 as a whole will 'beat the low bar' set for the second quarter. Kostin was among a slate of forecasters who raised their S&P 500 index targets in recent months as global trade tensions eased. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Does a Mamdani Victory and Bezos Blowback Mean Billionaires Beware? ©2025 Bloomberg L.P. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati