Latest news with #GoldmanSachs
India.com
2 hours ago
- Business
- India.com
Who is Abhishek Kumar? Man who once worked as security guard, now owns business empire worth Rs 1090000000, his company is...
Industrialist Harsh Goenka is known for his witty posts and insightful thoughts on the social media platform. Once, he mentioned the success story of Abhishek Kumar, who left Goldman Sachs to become a security guard for a purpose. At present, he is the co-founder of the security and community management app MyGate. Abhishek Kumar, an IIT Kanpur graduate and former Goldman Sachs executive, put in 14-hour shifts as a security guard—not out of need—but to conduct thorough, first-hand research into the challenges of the security guards employed within gated communities so that he could grasp the complexities of their problems from the ground level. Abhishek's venture was all about the research, not the salary. 'In 2016, IIT grad & ex-Goldman exec Abhishek Kumar became a security guard working 14-hour shifts. That experience of understanding pain points led to his creating MyGate: now in 25,000+ communities, 100M+ check-ins/month,' the chairman of RPG Enterprises Harsh Goenka posted on X. He added, 'Moral: To build for others, first walk in their shoes.' MyGate was co-founded in 2016 by Abhishek Kumar, Vijay Arisetty, and Shreyans Daga. The app-based platform manages visitor access, security, maintenance, housekeeping, and other daily services in residential communities. As of today, MyGate serves over 4 million residents across over 25,000 housing societies in India, managing more than 100 million check-ins each month. In 2022, the company raised ₹100 crore in a funding round co-led by Urban Company and Acko.
Time of India
3 hours ago
- Business
- Time of India
IIT-IIM degrees, Goldman Sachs job. Left everything to know more about security guards. Who is Abhishek Kumar, co-founder of MyGate?
His education and career Spark behind the pivot? About MyGate About Abhishek Kumar A mission rooted in real experience At a time when most would chase promotions and perks in glass towers, Abhishek Kumar did the unthinkable. An IIT Kanpur graduate with an MBA from IIM Ahmedabad , and then a Vice President at Goldman Sachs , he quit his high-profile job to shadow security guards in gated societies. Not for a documentary, not as a social experiment—but to build something that would redefine urban community living in India . That idea became MyGate Abhishek's journey began at Delhi Public School, R.K. Puram, one of India's most prestigious schools. He then went on to pursue a from the Indian Institute of Technology, Kanpur, followed by an MBA from the Indian Institute of Management, Ahmedabad. Armed with a world-class education, he entered the finance world and spent six years at Goldman Sachs, eventually rising to the position of Vice President. But the boardroom didn't satiate his long-term drastic shift wasn't impulsive—it was sparked by a vision shared by Vijay Arisetty , a Shaurya Chakra awardee , former Indian Air Force pilot, and alumnus of NDA and ISB. In 2016, Arisetty foresaw the rise of smart community living and the pressing need for secure, connected, and digitized residential societies. Alongside him were Abhishek Kumar and Shreyans Daga, an IIT Guwahati and ISB one of his LinkedIn posts , he wrote that 9 years back, he was shadowing the security guards for several weeks to gain more insights for their app. He decided to step into the shoes again and did a full 12 hours shift of a guard from 8 am to 8 pm for a trio—each from a vastly different background—came together to co-found Bengaluru-based app, MyGate, a community management app that today handles over 720,000 requests every minute and has processed more than 6 billion entries across India. Its mission? To enhance daily living with security, convenience, and some startup founders skim user data for insights, Abhishek went boots-on-the-ground. He spent months observing and speaking with security guards, understanding the operational gaps. What began as a digital gatekeeping solution quickly expanded into an ecosystem, helping residents discover local services, purchase property, and even file society tickets, of which over 6 million have been resolved through the to Tracxn, Vijay Arisetty, together with Daga and Kumar, the trio built MyGate into a Rs 1,670 crore powerhouse, transforming how Indians experience community living.
CNBC
3 hours ago
- Business
- CNBC
Global week ahead: Trade tensions cloud earnings and the G20 heads south
Earnings season always seems to roll around with alarming frequency. The newsroom approaches each quarter with a nervous energy, but this summer it feels especially heightened. Recent market records in both the U.S. and Europe, alongside an unpredictable economic environment, paint a complicated picture for the second half. It all kicks off on Tuesday with America's banking behemoths, as attention switches from the White House back to Wall Street. But U.S. President Donald Trump's policies still loom large, with Goldman Sachs predicting that, this quarter, U.S. earnings will start to show the impact of the tariffs. The investment bank's economists see "conflicting messages on the margin outlook" as companies have only announced modest price increases, despite the cost hikes associated with higher tariffs. Earnings-per-share growth is also set to come under pressure, with Goldman suggesting, "the consensus estimate among analysts sees S&P 500 companies' earnings-per-share growth decelerating to 4% this quarter relative to the same quarter last year — down from 12% in the first quarter." With the banks set to dominate next week — JPMorgan, Citi, Goldman Sachs, Morgan Stanley and Bank of America are all reporting within just two days — maybe Europe can provide some optimism. As reported by CNBC's Jenni Reid, European banks just recorded their best first half since 1997. Gains were driven by strong investment banking returns — something their U.S. counterparts are also likely to capitalize on — as well as stock rallies based on both deal speculation and actual M&A. As someone who grew up in Cape Town, seeing this year's G20 meetings take place in South Africa makes me pine for the sunshine of the Southern hemisphere. Next week's meeting in Durban between finance ministers and central bank governors comes at an interesting time for the country. An Oval Office meeting between South African President Cyril Ramaphosa and Trump went spectacularly wrong back in May, when the latter, flanked by his South African (now former) right-hand man Elon Musk, made false claims of a "white genocide." It seems tensions have not abated. U.S. Treasury Secretary Scott Bessent will skip the meeting altogether, opting to head to Japan instead, according to Reuters. South Africa is also subject to a new 30% tariff rate, the only country in sub-Saharan Africa to be singled out in the latest round of announcements. It does not bode well for the G20 Leaders meeting, due to be held in Gauteng on Nov. 22-23. It remains to be seen if Trump will attend. In May, South Africa's golfing greats — who traveled to the White House with Ramaphosa — failed to win over Trump. But maybe the lure of some of the best courses in the world, along with a South African summer, could see a seasonal change in his mood toward the country later this year.
Yahoo
4 hours ago
- Automotive
- Yahoo
Goldman Sachs Begins Coverage of ON Semiconductor (ON) Stock with Neutral Rating
ON Semiconductor Corporation (NASDAQ:ON) is one of the 10 Best Semiconductor Stocks to Buy According to Reddit. Goldman Sachs analyst James Schneider initiated coverage of the company's stock with a 'Neutral' rating and a price objective of $60, as reported by The Fly. The firm initiated the US analog and radio frequency semiconductor sector and has a bullish view due to the cyclical opportunities it expects. An engineer in front of a computer screen, reviewing a project-based outsourcing proposal. As per the firm, ON Semiconductor Corporation (NASDAQ:ON) remains well-placed to benefit from a cyclical recovery because of its prudent channel management and restructuring/cost initiatives. The analyst highlighted that the broader analog industry is expected to move towards trendline shipments over the next 12-18 months, with the firm being optimistic about companies that are shipping furthest below trend and those who have managed supply chains well. ON Semiconductor Corporation (NASDAQ:ON)'s Q1 2025 results exhibit the disciplined approach it has maintained, such as management of cost structure, right-sizing of manufacturing footprint, and rationalization of portfolio. Furthermore, ON Semiconductor Corporation (NASDAQ:ON) continues to see robust design win momentum, thanks to the industry-leading performance of its products. Columbia Threadneedle Investments, an investment management company, released its Q1 2025 investor letter. Here is what the fund said: 'The fund maintained overweight positions relative to the benchmark in semiconductor companies Broadcom, ON Semiconductor Corporation (NASDAQ:ON) and Marvell Technology, all of which detracted from performance relative to the fund's benchmark. ON Semiconductor's production has historically been tied to the automotive sector, and the forecast for car and truck sales remained uncertain, given the likelihood of price increases on newly manufactured vehicles due to recent U.S. tariff announcements. If the new administration maintains its stance on large-scale reciprocal tariffs around the globe, the automotive market is likely to see large price increases that get passed along to consumers.' While we acknowledge the potential of ON as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey.
Arabian Post
5 hours ago
- Business
- Arabian Post
Goldman Sachs Embraces Devin as Agentic AI Coder
Goldman Sachs has begun deploying 'Devin,' an autonomous coding agent developed by London-based startup Cognition, as part of its technology workforce, Chief Information Officer Marco Argenti confirmed to CNBC. The bank plans to roll out hundreds, potentially thousands, of Devin instances working alongside its approximately 12,000 human software engineers. Argenti described Devin as a 'new employee' that will augment rather than replace human programmers, forming what he called a 'hybrid workforce' model. Under this arrangement, human engineers will supervise agentic AI, utilising Devin to handle routine or repetitive tasks such as updating legacy systems, freeing them to focus on more complex problems. Introduced last year, Devin is billed as the first AI software engineer capable of full-stack development. It functions autonomously, making decisions across coding tasks using natural language prompts. Early demos impressed observers, though some testing exposed limitations. In one evaluation, Devin completed only 3 out of 20 tasks successfully, and while it outperformed typical large language model chatbots, it still required oversight for errors and oversight. ADVERTISEMENT Cognition – now valued at around $4 billion and backed by investors including Joe Lonsdale and Peter Thiel – updated Devin to version 2.1 in May. The startup says the model excels in large codebases where ample context is available. Goldman's move builds on its firm‑wide deployment of GS AI Assistant, a generative AI platform already used by tens of thousands of employees for drafting content, summarising documents, and analysing data. GS AI Assistant integrates multiple large language models, including OpenAI and Google Gemini. The introduction of Devin raises broader questions about automation's impact on the financial sector. Bloomberg Intelligence warned that AI adoption could put up to 200,000 banking jobs at risk globally over the next three to five years. However, Goldman maintains that AI agents like Devin will bolster human productivity rather than replace it. Argenti emphasised that engineers will need to 'describe problems coherently, turn them into prompts and supervise', highlighting a shift in human roles toward management and oversight of AI systems. Within Goldman, internal data suggests productivity gains of 20 per cent among teams using AI tools, according to statements by President John Waldron. Competitors are also deepening their AI investments. JPMorgan has rolled out internal generative-AI tools to its 60,000 staff, while Morgan Stanley and Citigroup have launched assistants for client reports and document handling. Nevertheless, specialists caution that agentic AI systems like Devin remain imperfect. Code generated by AI may introduce bugs or security vulnerabilities, necessitating stringent review protocols. Moreover, studies hint that less experienced developers might slow down when overly reliant on AI tools, prompting concerns about atrophy of critical thinking. To address these challenges, experts advise that organisations establish robust supervision frameworks and ensure AI collaboration enhances human judgment. Argenti advocates a philosophy-infused approach to software engineering, urging developers to 'study philosophy alongside technical skills' to enhance critical thinking and ethical oversight. Goldman's integration of Devin represents one of the most significant adoptions of agentic AI in the corporate world. By bringing Devin into its engineering ranks, the bank hopes to accelerate software development, reduce repetitive workloads, and better allocate technical talent—though the long-term effects on workforce composition and skills development remain uncertain. Analysts emphasise that AI agents won't eliminate human roles overnight. Jobs requiring nuanced judgment and relationship-building—such as senior developers, client-facing roles and compliance officers—are expected to remain. Yet, routine positions involving standardised tasks may face greater pressure.
