Latest news with #TonyFratto
Axios
5 days ago
- Business
- Axios
Exclusive: Shamrock Capital acquires Penta Group
Shamrock Capital — the Los Angeles-based investment firm specializing in media, entertainment, communications, sports and marketing — has acquired Penta Group, a stakeholder management firm based in Washington, D.C. Falfurrias Capital Partners, which took a majority stake in 2021, has exited, and financial terms were not disclosed. Why it matters: It's the latest private equity deal within the communications advisory space. State of play: This week, Teneo announced a minority investment from LGT Partners, valuing the firm at $2.3 billion. Also, KKR secured a 30% stake in FGS Global in 2023, valuing the firm at $1.4 billion. Shamrock Capital also backs entertainment communications firm The Lede Company and Highwire, a tech and health care public relations agency. Penta says it brought in over $100 million in revenue this year, half of which is attributed to its proprietary AI, data and predictive analytics work. Catch up quick: The firm was founded as Hamilton Place Strategies in 2009 by President George W. Bush administration alums Tony Fratto, Matt McDonald and Stuart Siciliano. In 2022, Ballast Research, Hamilton Place Strategies, Flag Media Analytics, Alva, Gotham Research Group, and Decode M merged to create Penta. Since then, Penta acquired the global public affairs firm Hume Brophy and brand communications consultancy Copperfield Advisory. Between the lines: Communications is experiencing a digital transformation, and Penta is positioning to be known as the firm with the most advanced data tools and capabilities to analyze and predict stakeholder needs and expectations. What they're saying: "We think that managing across all stakeholders is here to stay and we think that data is going to be central to our value proposition of understanding [stakeholders] inside out and outside in," says McDonald, Penta's CEO.
Yahoo
06-03-2025
- Business
- Yahoo
Goldman's annual cull set for May: reports
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Goldman Sachs' annual workforce cull is coming early, reported, citing unnamed sources. Right-sizing is allegedly set to begin in May rather than the usual September. Roughly 3% to 5% of employees are expected to be cut, Bloomberg reported, citing a person familiar with the matter. That would equate to a figure between 1,395 and 2,325 jobs, based on the bank's reported headcount of 46,500 as of December. This year's cull is set to have a particular focus on vice presidents. Goldman's CEO, David Solomon, told senior executives the bank has hired too many VPs in proportion with other staff, The Wall Street Journal reported, citing people familiar with the matter. The 'strategic resource assessment' – SRA for short – has become an expected recurrence at Goldman, usually encompassing between 1% and 5% of employees, often the lowest performers. 'Like other banks, this is part of our normal, annual talent management process,' a Goldman spokesperson said. 'We don't comment on the specifics in any given year.' Setting the workforce reduction for May, though, would return the timing of the annual cull to what it was before it was paused during the COVID-19 pandemic. The scope of cuts, though, is often vague and sometimes disputed. Tony Fratto, a Goldman spokesperson, told Banking Dive in September that reports that last year's cull would affect 3% to 4% of Goldman's global workforce – 1,300 to 1,800 at time – were inaccurate. 'Our annual talent reviews are normal, standard and customary, but otherwise unremarkable,' Fratto said at the time. 'We expect to have more people working at Goldman Sachs in 2024 than 2023.' Indeed, the bank ended the year with 46,500 employees, compared with 44,300 six months earlier. Some years, the cuts are deeper than others. Goldman saw at least four rounds of layoffs in 2023 – starting with a 3,200-job cut in January – as the bank sought to pivot away from its foray into consumer banking and embrace its historic strengths. But as recently as January's quarterly earnings call, Solomon said 'we believe there are significant opportunities to drive further efficiencies.' The comment came as the bank reported $14 billion in profits across 2024. Goldman's stock price, too, has jumped more than 52% in the past year, according to Yahoo Finance. Sign in to access your portfolio
Yahoo
18-02-2025
- Business
- Yahoo
JPMorgan removes nearly all DEI references from its annual report
JPMorgan Chase (JPM) has dropped almost all mentions of "diversity, equity and inclusion" from its annual report, the latest example of how Wall Street is navigating increased scrutiny surrounding DEI programs. The nation's largest bank removed four uses of the phrase when compared with last year's report, including references to "diversity, equity & inclusion centers of excellence" that were touted as part of JPMorgan's "firm culture." Where the phrase still appears is in a section where the firm discloses its reputation risks. "JPMorganChase has been and expects that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorganChase with respect to matters of public policy (such as diversity, equity and inclusion initiatives)," the company stated in the report filed Friday. The firm still shows, as it did last year, a breakdown of its workforce by race, ethnicity and gender. Its also still has the "diversity, equity & inclusion centers of excellence" mentioned last year, according to a spokesman. The annual report revisions come as some of the biggest companies on Wall Street, including JPMorgan and Goldman Sachs, are increasingly targets of conservative activists seeking changes to DEI policies across corporate America. Last week Goldman dropped a pledge to avoid taking a company public if that company had an all-white male board. Tony Fratto, Goldman's global head of corporate communications, said that "as a result of legal developments related to board diversity requirements, we ended our formal board diversity policy." Goldman would not comment on whether it plans to hold firm on its other DEI policies posted on its website. Over the past year, activist pressure has contributed to DEI retreats at a number of other high-profile companies, including Meta (META), Walmart (WMT), McDonald's (MCD), Lowe's (LOW), Ford (F), Tractor Supply (TSCO), John Deere (DE), and Target (TGT). Many of these retreats were influenced by a recent US Supreme Court decision on affirmative action at colleges and universities, a ruling that prompted conservative groups to ramp up their efforts to eliminate diverse hiring practices. Corporate diversity goals are also coming under intensifying scrutiny in Washington, D.C. Trump signed an executive order on his first day in office that ends federal DEI programs and another that called for US agencies to "combat illegal private sector DEI actions." Recent comments from JPMorgan's boss, Jamie Dimon, highlight the complications of this issue for big companies. He told staff in a private town hall meeting in Columbus, Ohio that the bank had questions about money being spent on some of its DEI programs, and planned to cut back on some of those initiatives as a wider efficiency push. "I saw how we were spending money on some of this stupid shit, and it really pissed me off," Dimon said, according to a recording of the town hall reported by Bloomberg. "I'm just going to cancel them. I don't like wasted money in bureaucracy." The comments were notable given that Dimon has been publicly outspoken about his willingness to fight outside efforts to change the company's DEI efforts. "Bring them on," Dimon said about activist efforts targeting DEI during an interview with CNBC last month. Dimon was not specific about what he would cancel. He also said the bank's approach to Black, Hispanic, and LGBTQ communities would not change, and that any plans for certain DEI initiatives were unrelated to Donald Trump's election as president. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. Click here for in-depth analysis of the latest stock market news and events moving stock prices.
Yahoo
11-02-2025
- Business
- Yahoo
Goldman Sachs abandons IPO diversity pledge with US DEI goals under fire
(Bloomberg) — Goldman Sachs Group Inc. (GS) is abandoning a significant pledge it made to refuse initial public offering business with companies that had all White, male boards. Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super Wall Street's leading investment bank had a policy that it would only take a company public in the US or Western Europe if it included two diverse board members, one of whom must be a woman. The rule had initially been put in place in 2020 with a requirement for at least one diverse board member. 'As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy,' said Tony Fratto, a spokesperson for Goldman Sachs. 'We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach.' The pledge was made at a time when much of corporate America was swept up in the fervor to champion diversity. Large asset management firms like BlackRock Inc. (BLK) were voting against directors at companies without a female board member. Goldman used its heft in the IPO business to mandate change at companies that they believed were falling behind the times,and even brushed off griping from their own clients to push ahead with this measure. Goldman has already advised on initial public offerings that don't appear to meet its diversity criteria. It helped on a listing that priced last week for Titan America SA, a cement company whose website lists no women on its board. A similar rule for listings on Nasdaq Inc.'s US exchange was struck down by a federal appeals court in December as conservative ramped up the pressure against diversity, equity and inclusion efforts in corporate America. Nasdaq's policy was challenged by a group led by Edward Blum, the activist best known for helping to end affirmative action in college admissions. Rather than attacking Nasdaq directly, the group raised issue with the US Securities and Exchange Commission's approval of the rule, which it claimed enabled 'invidious discrimination.' State attorneys general then joined in with a similar message. US corporations began reviewing their DEI policies after the affirmative action decision in 2023, and companies from Inc. to Walmart Inc. (WMT) have since announced they are backtracking on some of their initiatives. The new Trump administration has ramped up a campaign to root out DEI from companies, specifically targeting federal contractors in the first phase of its plan. —With assistance from Sonali Basak. (Updates with additional details throughout.) Trump's Tariffs Make Currency Trading Cool Again After Years of Decline Trump Promised to Run the Economy Hotter. His Shock and Awe May Have a Chilling Effect Why Fast Food Could Be MAHA's Next Target The Game Changer: How Ely Callaway Remade Golf The Reason Why This Super Bowl Has So Many Conspiracy Theories ©2025 Bloomberg L.P.
Reuters
11-02-2025
- Business
- Reuters
Goldman Sachs ends IPO diversity pledge
Feb 11 (Reuters) - Goldman Sachs said on Tuesday it has ended a diversity, equity and inclusion pledge tied to the investment bank's initial public offering business. "As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy," Goldman spokesperson Tony Fratto said. "We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach." Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
