david solomon became the ceo of goldman sachs in 2019, and the price of goldman sachs was $170. the price of goldman sachs right now is somewhere around $320. the slf was at 24 and today it's at 33. morgan stanley was in the low 40s. morgan stanley is 83 today. so has morgan stanley so significantly out performed goldman sachs? >> i am looking at the five-year chart, and it's 2 x. >> okay. in january of 2019, where was goldman sachs? >> a five-year chart. i don't know what happened in the first three months -- >> let's see if we can show a five-year chart of that. >> is it that morgan stanley is the biggest issue, or can we call it what it is, and there's a personality issue related to david solomon and there are individuals -- >> so there we go, viewers and listeners, you have a chart up there showing the five-year performance of goldman sachs versus morgan stanley, and goldman is up about 3%, and morgan stanley is up 81. >> those are the price statistics i gave. that's why you are seeing the reason tpfor the out performanc. i don't know if it's more personality related to solo

shery: goldman sachs will further unwind its --. u.s. futures coming online in the asian session per muted at the moment. we saw mixed finish. tech leading the gains in the s&p 500, which rose for the fourth time. tesla game in the most since march. we are watching the dollar swinging between gains and losses, finishing unchanged. oil falling and continuing to feel the pressure in the asian session. we do have more signs of a rebound in supply. take a look at the treasury space. volumes were quite low, 75% of activity. that is leading to big moves in the yield space. two year yields rise in about 5%. if you are looking at the inflation protected treasuries, yields pushing over 2% for the first time since 2009. the 30 year also, a 2011 high. a major shift as we are seeing the ads of recession in the united states receiving. let's turn to our top story. softbank's semiconductor unit arm has filed for an ipo seeking to list its american depository shares on nasdaq under the symbol arm. it could be the largest in the u.s. this year and could

one of the ways to do goldman sach's and hallmark event that summer which was service day.ou, go to harlem and plant tres thing i noticed him shut up in harlem no one was interested in planting trees everyone showed up except for thesh boss who was nowhere to be found but nobody was planting trees there telling investment war stories. there catching up on office gossip know was planting trees the thing that went to harlem to today but then of course the boss shows up an hour late the guy at the top of the food chain goldman sach's they were a slim fit suit, taylor church they doo not were rolexes they were cheap visibly black cheap strap digital watches as a show of a false humility. shows up now without watch and said hey guys will take some pictures and get out of here. that's exactly what we did we went to a bar nearby and started drinking. i asked when the older associates nearby said look, who want to call it a social day we should've called it that rather than calling it a service day. his response stuck with me said have you ever heard of the golden rule questioning

goldman sachs for better or worse, in my opinion, typifies that relationship. >> goldman sachs, for those that don't know, was traditionally an investment bank but is one of the financial institutions considered elite. so the students like you were, getting a job at goldman sachs is the pinnacle you aim for. >> there are things i would have liked, getting into protected corner doors of elite america over the last 50 years. there are better skills one could have but it turns out that is the one on accident or on purpose i have repeatedly practiced. i did that in the summer of 2006 as a student in harvard i took a internship at goldman sachs, and there was something i learned that day, but i thought i would learn about evaluating companies and the important part i didn't learn very much about that. however, i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually to smack the aggregation of power. goldman sachs had a hallmark hallmarkevent that summer, whics service today, you go and plant trees. the one thing i noticed, nobody was really interest

the offices of goldman sachs today. _ to be the offices of goldman sachs.the offices of goldman| sachs. today, the building is being — sachs. today, the building is being repurposed _ sachs. today, the building is being repurposed into - being repurposed into apartments. - being repurposed into apartments. part- being repurposed into apartments. part of. being repurposed into apartments. part of a| being repurposed into - apartments. part of a much bigger— apartments. part of a much bigger conversion— apartments. part of a much bigger conversion wave - apartments. part of a much. bigger conversion wave which city officials _ bigger conversion wave which city officials hope _ bigger conversion wave which city officials hope will - city officials hope will provide _ city officials hope will| provide much—needed city officials hope will - provide much—needed housing. where — provide much—needed housing. where we — provide much—needed housing. where we stand _ provide much—needed housing. where we stand in— provide much—needed housing. where we stand in right -

bloomberg has learned that goldman sachs house arrest sale of the consumer lending unit between skype is entering the final stretch and it comes as goldman plans to sell is $29 billion investment advisor business to creative planning. no sale price disclosed yet. lou moved -- bloomberg su keenan is here with more details. su: this move underscores goldman sachs is refocusing on what it does best, managing the money of the ultrarich. the sale of the investment advisory unit is related to failed forays into consumer banking and efforts to market its services to the mass affluent class. the mere millionaires next door. goldman has now agreed to sell the investment advisory business that grew out of its purchase of nine to just four years ago. that unit is $29 billion and goldman is not revealing the price but says it expects to recognize a gain when the deal closes. now this is in stark contrast to , the other sale the goldman is pursuing, the divestment of its consumer lender green sky at a steep discount just over one year after its completed that takeover. bloomberg has learned that t

there has been other times in which it's not been fun at goldman sachs. 9. so, we talked about -- >> -- a rivalry. these were difficult times. >> there was the narrative that goldman had benefited from the rose woes and came out looking remarkably well and destroyed a lot of other firms, and that narrative took hold many years. it is an unpopular time to be at goldman sachs, but for the most part, they are used to that. i pay for what it's worth, as long as the stock , and we pointed to it earlier in the show, holds. as long as the goldman sachs stock does not collapse, he has time, and yes time to execute his strategic vision, which is increased amount of revenue they get, to sell some of their consumer businesses. >> consumer banking was a notable stumble, correct? >> anybody would look at this, and i talked about this, how it was both poorly executed and strategic error. they pulled out too quickly. that much is clear. for the most part, they are saying that in the past, although they are still paying for it, but the future looks potentially brighter. >

the head of commodities at goldman sachs. you think of commodities being really tough guys, sent me a beautiful bouquet. that just melted my heart. >> how long was it where you were considering telling corporate? how long does that process take and do you confide in coworkers up to that point >> sure. i realized i was transgender in october of 2018. i immediately came out in my social life but i wasn't quite comfortable with the idea of coming out at work i didn't come out till seven or eight months later people don't come out because they're fearful of being accepted early on i told people in our human resources department that i am transgender and i probably would be coming out at some point, but i wasn't comfortable yet. and so they were there helping me behind the scenes and ready to help me once i decided that i wanted to come out. >> it sounds like they had protocols ready to go. >> yes. >> it wasn't just ad hoc or improvised. >> that's one of the biggest things i would tell companies is first of all have a plan in plac

sources say barclays, goldman sachs, j.p.ill be listed in the prospectus later this month. arm's approach is a departure from the common practice of having banks compete for the lead spots that would give him a bigger share of the fees. applied materials posted a stronger fourth quarter forecasts and the latest sign but the chip industry slump may be easing. the largest u.s. maker of chipmaking machine, sees sales in the fourth quarter of about $6.5 billion, which is ahead of analyst estimates. it says adjusted profit will also come in ahead of expectations. the ceo gary dickerson says the ai boom and rise of internet-linked devices are creating the rises. paul: let's look at markets. one market open, new zealand. off by .3% right now. some losses for u.s. equities at the thursday session as well. i look to the open in australia, asx futures off by about .4% right now. the aussie dollar took a beating yesterday on the weaker than expected employment numbers. since recovering $.64 versus the greenback. we are standing by for i

cohen room number debt goldman sachs sonali: this is one of the big questions.to make change or it's like the classic wall street coup. this has happened time and time again. jamie dimon lost his job over it. this is not what you are seeing a goldman sachs. you are seeing john being loyal. if you are keeping the number two, is always a bridesmaid in everbright? if you're gary cohen, you never make it to the top. john is only 54 years old and has been considered for a lot of other ceo jobs. carlisle, for example. the question is, why hasn't he left? he's always been the clear successor to david. he's been a key part of the strategy change in the strategy fixing you are seeing in the consumer business. this year is a real test of the two of them in terms of how they navigate both morale and these difficult business decisions. alix: does he like being the guy to have to execute the strategy know he likes? sonali: if you watch the way he's been doing it, he doesn't put emotion around it. he's very focused on the facts. the way he's been doing it is piece by piece. h

sri: goldman sachs has been well relative to peers. behind morgan stanley this goldman sachs.effries bank has done better than goldman sachs back to that goldman sachs and jp morgan than the rest but the last two years, the stock has been stagnant. growth has been -- earnings has grown driven by the part of the form government management was not keen. they want us to look at consumer banking, asset management hoping to get a higher multiple. investors have not rewarded them for that and it is important because a key pillar of solomon strategy was to make sure this stock gets re-rated. the stec advanced tied to the growth in earnings from the part of the goldman sachs that is good at what it does from what makes goldman goldman, is a bank as a trader. jonathan: this speaks with mike mayo said, traders who felt like they have not been rewarded for how they have executed. the more i walk away feeling like this is deeply personal and not strategic. sri: there is a strategy of to it and a place like goldman sachs will be point out, it is a firm -- their mistakes are magnified. jona

goldman sachs predicting when jay powell and the central bank may reverse course on the rate tightening cycle >>> china hitting another speed bump shares of real estate are plunging >>> dealing for a fight. u.s. steel rejecting $7 billion takeover calling it unre unreasonable. >>> ev price wars back on. tesla cuts price on some models in china >>> the american consumer just continues to spend andnot just on the essentials. latest figures from mastercard it is the latest on monday, august 14th, 2023 of t you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm dominic chu in for frank holland. let's check on the futures it is on the positive side of things dow implied higher by 33 points. s&p implied higher 8 nasdaq is 46 points of the dow riesing in the last fou of five weeks. the tech sector has been stumbling. nasdaq with the pullback of 4.5% the worst stretch for the index going back to december of last year checking on the bond market. yields in focus. 4% level in key. we are there for the 2-year treasury or rather the 10-year treasury

you got goldman sachs calling for rate cuts in the second quarter. as far as today, it is light ahead of a week nominated by retail sales but i am focused on china. bullard was one of the most nominal voices, he was a hawk. are they hawks left? what does a hawk on the fed right now mean at a time when they are looking for a soft landing? -- talking about the inflation reduction act and what this could do for the u.s. economy. i'm curious to see what she says about china. 10:00 p.m., china is releasing july economic data, including industrial production and jobless information. this comes at a time when broader markets have largely shrugged off china. can they continue to? at what point does the data supersede the calm of a soft landing in the u.s.? jonathan: we have to talk about china, talk about retail sales and talk about the developments in this bond market. let's kick it off with ben labeler -- been laidler. let's talk about this bond market. life above 4% on a 10 year, can it be sustained and what does it mean for your equity market? ben: i thi

getting a job at goldman sachs is like a pentacle.'s things i would like to have been better at one of the things i've been good at getting myself into protected corridors of elite america i've done that over the last 15 years and it turns out that was a skill on accident i happened to repeatedly practice. i did that in the summer of 16 included in took an internship at goldman sachs. there was something i learned that summer but it wasn't the thing i expected to learn i thought i would learn about evaluating and valuing companies i didn't learn very much about that. however, i did learn a lot about how to aggregate power how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power to do it was goldman sachsthat a hallmark event that summer which was service day you go trees the thing i noticed when we showed up in harlem nobody was interested in planting trees everyone showed up except for the boss who was annoyed nowhere to be found but nobody's planting trees they were in telling investment wa

we talk about goldman sachs as one of the dogs of the dow. dick's sporting goods you've owned for a long time. you added more there. let's talk about those. why baba, goldman and why dick's sporting goods? >> dick's sporting goods, the stock -- i got greedy and approached my 150 price target and backed away. i thought the quarter was a pretty good quarter. their new store format is killing it. they still are prime partner with nike, an important player and have the hoka and on clouds as well. as it has in other quarters where it's gotten hit, it's a pretty decent sized position actually. so i've taken the opportunity to add to it and so far it's doing well. >> give me goldman, something on goldman sachs. >> right, goldman sachs, amy spoke about it the other day, i spoke about it. i think it's cheap here. you've seen headline issues on it in terms of david solomon, the ceo. i think david has done a pretty good job. no ceo is mistake-free in their reign. and now getting ought of those mistakes pretty well. capital markets will come back. it's al

jeff currie leaving goldman sachs. f the firms's commodity research team for three decades. pretty bold calls. on his way out of goldman. as i understand no sign as to the ultimate destination. heading to the exit. tom: it is like a daily trip of people leaving goldman. we can pay homage to jeff currie , the pareto economist from chicago. his style of call. or is this more about goldman sachs with the announcement their family office had left five days ago? i think the family office left. i immediately say omg is jeff currie going to six straight -- to 6th street? with him exiting this is a hugely fluid time for this venerable institution. lisa: i do not have a sense of what is transpiring and where he is going or what the catalyst was. taking a step back, this is been a hugely difficult time for commodities analyst. i'm not talking about jeff currie. a lot of people calling for a super cycle with a lack of investment in fossil fuels. graduates are shifting away from that as a career. we are looking at the potential for

and so when, when jim o'neil, the economist and goldman sachs, when he coined the term briggs at the time south africa, this is in 2001, a south africa joined the group in, in 2010 in 2001. the 5 member countries represented not even 10 percent of the global economy today, they represent a little over a border and so there is a branding, there is a procedure cache associated with members of the problem is though, that for those current members, they don't want to see their influence diluted. so the larger the group, yes, the less of the less cache there is for individual members. and so what i expect that we will see over the coming days is not finalized decision on admitting new members, but perhaps more concrete discussion around the criteria for expansion criteria for membership on august make one last point. and even though obviously we're currently talking about the brick summit, i think it's important to look at the summit taking place within a wider aperture. if you look at the interest among dozens of countries in joining the brakes, if you look at the expansion of the saying

they will not be so confident as goldman sachs.hey would really want to see inflation cooling and maybe some weakness in the jobs market. neither of those are happening very much at the moment so the message will be that we are going to stay the course, keep rates up, and the market will have to wait. we are not going to give you any messages for the time being but there is time to lower rates. lizzy: thanks to mark cranfield for that update. coming up, gas supply risks are mounting as europe heads towards autumn. we will discuss the outlook, next. this is bloomberg. ♪ >> if you are caught watering your lawn on a hot day, you can get a fine of 50,000 euros. germany is adjusting to levels of heat it is simply unprepared for. only one in 10 germans has an air conditioner verses nine out of 10 households in the u.s. last year, more than 8000 people died in germany due to excess heat, the third highest in all of europe. the health minister you rolled out its first-ever heat protection program, hoping to save thousands of lives every ye

morgan and goldman sachs and barclays so they will be listed at the front so they get the lion's sharef the fees and the rest will get something. matt: i wonder what the tombstone will look like? >> if you going to investment banks, you might see them and sending out a lot of them. amber: has the nasdaq run up to far, too fast, our guests say if that's the case, why haven't we seen any any ipo's. the run we've seen in the nasdaq is tempting. >> and we will also see if this one performs well, instacart is waiting in the wings and the consumer grocery name in the u.s. and there is alsoclavio which is important for softbank which is the owner but important for the ipo market going forward and the window will open right after labor day we will see how these come up with an. amber: as you mention, important for softbank which has a blemish record when it comes to investing in the tech space. >> they've had a lot of missteps and a lot were around the startup ecosystem and harm is not in that. this is a big, mature company does been around a long time and they have tons of relationships and t

goldman sachs, why is goldman sachs down 1.6%?t is down so lloyd blank fine --blankfein left the bank five years ago and offered to help the current ceo david solomon. he's not officially coming back. goldman sachs under fire for the ill-fated push into consumer banking. stuart: if he was coming back -- lauren: i would take you on that though disney has not gone up since iger's return. stuart: warren buffett. has he been buying the homebuilders? they are a lot. lauren: he bought $800 for different home builders, dr horton, lennar, you see dr horton up 2.5%. the berkshire hathaway bet is low inventory sparks big demand to build homes. it makes sense, right? stocks are up because everyone looks at what omaha does. stuart: if you get the permitting people, they are not in my backyard people. they might build new houses but that is just my hope indian. check the big board, 6 minutes, down 190, that's just over half a percentage point. dow winners, home depot at the top, walmart is in there again, unitedhealth up. mcdonald's and merck

i did that in 2006 it took an internship goldman sachs.ng i learned thatt summer but wasn't what i expected to learn. i did learn a lot how to aggregate power in a way that wasn't actually slow the aggregation of powers. nobody was interested, everyone showed up except for the boss who was nowhere to be found. they were telling war stories you know is what we were there to do. goldman sachs, a little known secret, they were taylor shirts but not rolexes, she black rubber wrist strap as a show of false humility. i asked an older associate, we want to it social, we should have just called it that.ck it was the golden rule. you treat others, treat others like you want to be treated. the golden rule is this, see who has the gold makes the rules and i call it the goldman school that summer, it is the rule i felt on display when they declare from the mountaintop but they would take it public in the united states because it was insufficiently diverse and limit racial and it was that abuse of market power to exercise power in the marketplace of id

goldman sachs, saying base metal stockpiles are near critical levels. key factor is the traditional drivers of consumption have started to stall in the country. we are seeing that shift away into metals for cleaner energy sources. paul: let's get to some breaking news, we are getting more earnings out of australia. a busy week for earnings. will worth -- woolworths group, full year net income, $1.62 billion, just a little bit short of estimates. the final dividend per share, $.58. we were watching the dividend closely. prior to this announcement, the earnings per share were seen as increasing 20% year on year. the price of basic household items has been surging in australia as inflation continues to bite. a strong result here. what else do we have? full year sales -- $64.29 billion was also in line with estimates. the net income figure, let's call it a meet, 1.62 australian dollars. many years ago i used to work at woolworths in new zealand. plenty more to come on "daybreak: australia." this is bloomberg. ♪ fabulous surroundings... for financial insight

goldman-sachs expects the fed to begin easing in q2 of next year. >>> also ahead, we're going to talkbout what is next for the tech sector. this is in the midst of what's been a rough august at least so far. we're down 7% month to date. >>> and letter x surging company rejects an unsolicited takeover offer from its rival, cleveland cliff. >>> let's get some other news, though, as well, as we start the show paypal has a new ceo >> whoa. >> yeah. alex, who currently runs the small business and self-employed group for intuit, is going to take over from paypal's long-time ceo dan shulman on september 27th according to members of the board >> a little earlier than expected >> they conducted the search for paypal's new ceo shulman will remain a paypal director until next may. chriss being hired was a result of the process where the board interviewed nine ceos. they reduced that pool to four candidates and then they chose mr. chriss members of the board selection committee tell me he impressed them with leading a division that contributes to half of intuit's revenue he did oversee mail chimp

(we did it) start today at godaddy.com ♪ shery: goldman sachs has agreed to sell its $29 billion wealtht business to creative planning, a money manager that overseas 240 billion dollars. su keenan joins us with the latest. more signs of goldman's retreat from the market. su: ill-fated move toward retail and the consumer. this is part of a redoubling of their efforts to focus on what many say it does best which is managing the money of the ultrarich. goldman striking a deal to sell the advisory business that grew out of its 2019 urges of united capital to creative planning llc, a wealth management firm that overseas 240 billion. the offloading of the company just four years after goldman acquired it signals that the firm is backing away from the move toward consumer banking which was initiated by ceo david solomon. it very much viewed by the market and those within goldman as sort of a disaster foray into retail banking. the markets unit, this particular purchase come united capital, was ancillary to that. a move to reach the mass affluent market. the millionaire next door. the deal gave

goldman sachs exploring the sale of a personal-finance business it bought four years ago. with goldman and its pivot away from the market. su: part of the massive undoing goldman had to moving towards consumer banking for the masses. it is the first big signature deal on dirt ceo david solomon. it was the deal to buy united capital in 2015. oldman saying "we are currently evaluating alternatives for that business as we determine where to invest our resources and where we see the greatest opportunity." the unit is a small part of its wealth offering it symbolized the earlier efforts by solomon to expand the firm's business lines which are now being unwound. the purchase gave goldman an instant foothold in the mass market. at the time united had 220 advisors. it now has $29 billion in assets. it tells you it did not grow that much. goldman stock has risen significantly under solomon. we have been reporting along with a lot of the financial media the internal discontent that husband expressed by a lot of senior management -- that has been expressed my a lot of senior managemen

sources say that is what is happening to goldman sachs.ple close to the matter tell bloomberg several new staffers are being brought on board to address concerns from regulatory authorities including the federal reserve. this hiring binge is coming as the firm is cutting executives from the moneymaking ranks due to a slump in business. bloomberg reporting shows there are more openings at goldman for compliance staff than bankers. it is not unusual to face questions from regulators, but there is growing pressure from the fed over the past year. this is a situation not ideal for banks because supervisors can impose potentially onerous measures. one source tells bloomberg goldman is dealing with a confidential measure imposed by the fed that predates the current increase in scrutiny. while david solomon has been under a lot of pressure, including discontent at his bank, he has shared with colleagues that he believes the current situation is more reflective of a generally tough client for the industry. goldman makes it a practice not to commen

that's what's been happening at goldman sachs. story and sources that goldman have been telling us for a while there's been a hike into reglet tory scrutiny. now according to these sources, several hundred news factors are being brought on board specifically to help address concerns for regulatory authorities that include the fed. and this is coming as the firm is cutting execs because of the slump in business. bloomberg reporting also shows there are now more openings for compliance staff and there are for bankers. while it's not unusual for large banking firms to face routine questions from regulators, goldman execs privately described that there has been growing pressure from the fed over the past year. this is a situation that is never ideal for a bank because number one, supervisors impose formal and -- measures. number two, they are in your business, basically. one source told bloomberg that goldman has been dealing with the confidential measure imposed by the fed that actually predates the current increasing banking scrutiny

of goldman sachs, who , for phonetic purposes, in order not to write constantly four countriest list them by first letters and in 2001 in the report used this concept. i thought ievich putin was so modest. but he can be proud of the fact that he was the first to speak out a proposal to format this brik in certain formats. this is the 2006 st. petersburg economic forum, where the first meeting of foreign ministers took place . and from this moment on. well, then in the tenth year, south africa was added and from that moment it became brix and from that moment on. this format began to develop, no one ever goes back. believe me, i didn't think it would be successful. they didn't remember at all. this is a statistical category growing rapidly. growing economies this is how we will consider it again. so considered the international currency fund. the world bank, when it began to manifest itself, but it began to manifest itself, when institutions suddenly began to appear in brazil. actually. first, it was a $100 billion fund, then a new bank, which is now such a part of the global fi

it's john rogers at goldman sachs. he is the chief of staff at goldman sachs.d he worked with arthur levitt at the sir purities -- at the securities and exchange commission and work within a democratic administration at the white house and he will take over. we know him from his work at bloomberg. mike: he worked with a lot of famous and important people including you and i. tom: he was instrumental in me coming to the company. it's good to see russell horowitz will advance to that important chief of staff position at one of our venerable firms. i don't see much action in the market off data. it will be different thursday with the inflation report. lisa: it will be different at 1 p.m. after we get the auctions of u.s. treasuries, the first of three sets of auctions today with 40 $2 billion of three-year notes being sold. tom: stephen stanley joins us now, the chief u.s. economist at santander. does the trade balance dated change things about what the trend will be? >> nho, because the data so volatile from one month to the next it really gives a clear view of t

report card comparing them with morgan traditionally, that's a tough one. >> bad comparison for goldman sachsorgan stanley has done. we'll hear from jamie dimon soon as well. it seems like goldman is in more of the hot seat. hugh, thanks very much >>> that does it for "the exchange." for more analysis on the markets, you can always sign up for my newsletter by using the qr code on your screen. >>> coming up next on "power lunch," the big interview of the day, with jamie dimon. we'll get his reaction to the credit downgrade, the general state of the economy much morisome cing up on the other side of this quick break across the globe, industries are transforming and businesses need to navigate the changing landscape to stay ahead. when you partner with barclays, every change leads to a bold possibility. you have the vision. we have the insights, financial solutions and global perspectives to help you make it real. barclays corporate and investment bank powering possible. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i

cheryl: goldman sachs ceo david solomon is in hot water after referring to is fossil fuels divestment joins me to discuss. basically the students are alleging that he made a racially charged sentiment that they got from him, he was patronizing disrespectful and it came from a position of power and they said they called us hypocritical for advocating for divestment because we use electricity and drive cars. >> as far as i can tell the main thing he said something true which the vesting from fossil fuels with u.s. companies doesn't do anything to change the fact that the world needs more energy and fossil fuels are the most effective way of getting energy which is why we have china building two new coal plants designed to last 40 years. my criticism is only saying it to the kids at hamilton college. he should be saying this to the world instead of promoting esg propaganda to the public. cheryl: i would say a statement was given to business insider goldman sachs did say david sullivan has enormous respect for hamilton and would not say things and we strongly beat the claims that he did.

, you ran the arbitrage and ran goldman sachs and very successful treasury secretary.dn't get it right. you didn't see the housing crisis, you didn't see the global financial crisis. you were at citigroup then. what lesson did you learn from that? when you look back on that, what do you think you got wrong and how do you apply the lessons going forward? >> i certainly did not see that as a crisis. i was thinking about a lot of different things and i think there were a lot of excesses and i used to give speeches about it, actually and obviously, i should have. i don't think it would have made a difference in the city, particularly because i was a senior counselor and not in a decision making position, and i think -- and i wrote about this in the book because there is a lesson, look under the hood and have a questioning mindset because almost nobody including the fed and analysts and bank regulators and a few did, but very, very few. people saw the excess and nobody saw it together the way it did, and so you always have to include in your decision making the possibility

don't feel excited about 47 times forward earnings. >> palo alto network getting a bullish call goldman sachse into palo alto. >> we've owned this for a long time and agree with the goldman note we think comes out of the earnings call next week they report earnings in line but the guidance is excellent and we're likely to grow revenues at 19% through 2026 which is unbelievable the entire investment thesis here is insatiable perpetual demand for network security and a really wonderful place to be. >> palo alto networks there. coming up next, we have mike san tony with a midday the session up 177 on the dow. halftime is back in 2. >>> welcome back to the "halftime report." time santoli's midday word. mike, this is an interesting day developing giving the context around macro right now. we've been talking a lot so far today about this rotation that we're starting to see out of certain growth industries, into certain value industries and we wonder whether or not this is just the beginning stages of a longer trend >> it's been underway for a little while energy is beating tech over the three-month

was look for a, a better number than what goldman sachs was estimating basically saying, thatt is same story, social assistance financial activity wholesale trade i am going through the report to see what i can pull for you maria. maria: thanks very as much we will get back to you my headline out of this report, knee-jerk reaction here is the wages, hourly earnings up 4/10 of a percent, june 4.4% on annualized basis, this tells me 2 jobs market is as tight as it has been, there is no letup in the cost of talent the cost of -- employment, with wages holding steady up 4/10 of a percent, that would be my takeaway, just from looking at headlines july jobs' report, crossing the tape joining me to react is heritage foundation commitment former trump economic adviser steve moore, smbc nikko chief s economist joe what vorna eric freedman charles payne. >> cheryl casone thanks for being here steve moore your reaction to jobs numbers? >> yeah weaker than i thought i was expecting well over 250,000 jobs, by the way, i was reading the report cheryl reporting it, looks like, that both the

goldman sachs has changed a lot. this was this closely held partnership and when david solomon came in, part of the promise was to open this up, more shareholder friendly. we were doing investor days now, but what happened was with the personality traits that he has had, there has been a lot of friction between david versus the employees versus the media. and so that tension is now coming into the spotlight in a much bigger way, especially after the series of articles over the weekend. now, the question is, are those another set of just articles? because we have seen kind of a lot of discontent over the years, or is it something where the rubber hits the road and starts to impact goldman's performance moving forward and this year is a big year to really set that mark where is growth going to come from if it's not going to come from the consumer banking? and if it's a time of difficulty for certainly getting deals done and other types of investment banking activities, a few things they're putting their money on asset

shery: bloomberg has learned goldman sachs has agreed to sell a business. eenan joins us now, further signs of goldman's retreat from retail. >> much has been written and said about the ill-fated foray, and this is a sign of the bank retrenching, goldman striking a deal to sell the investment advisory business that stemmed from its purchase of united capital. they are selling it to a wealth management firm. the uploading comes just four years after goldman acquired it and signals they are moving away from consumer banking and back towards servicing money of the uber rich. again, this was a purchase and 2019 to reach the affluent market that was ancillary to consumer moves, this was the millionaire next door. it was sort of rich people, goldman did not reveal the price of the sale but expects to reorganize a gain in sharp contrast to the other sale on the way, we are told divestment of an installment lender is being sold at a steep discount that underscores the retrenchment underway. haidi: what is creative planning getting from this? >> more assets under man

i spoke to laura jim o'neil, a current, the acronym, break in 2001 working as an economist, as goldman sachs, when i asked them with all the talk about expanding the blog, if it'll actually come to that actually the group's economic influence. how, how is probably seen as collective big, the zillow sure. on south africa, whole performed pretty poorly since the political group was correct. and it's quite ironic, it's quite ironic. and i would have thoughts as a source of disappointments on self reflection. the science. so i'm a goals, china, and to some degree india a both. i assume the economy is growing more low so much so the china is easily established as the 2nd largest economy in the world treats on nearly 4 times bigger than japan and germany and india as i would say, it can throw some new guys. so in reality, the economics and indeed the population issues of the bricks is the dominated by china and india. yeah. but 2 countries themselves don't really agree on lunch together. i found a lot of you saying beyond creating the brakes bank uh known as the new development bank. it is difficu

it leads to jackson hole next week the market may be moving after today, looking at goldman sachs, with possible rate cuts in 2024. how do we look at the rate picture over the next few months >> sure. i think long rates have topped out here there's a couple of reasons. i don't think the fed will have enough evidence to hike the fed in september you have prints on xcpi. month over month that's up 2% the labor market continues to be a robust market. but the fed has done enough. the repricing you see is the market pushing outrate cuts, not necessarily going forward rate hikes. you can look at the one-year sofa rate. that's up more than the terminal rate this year that's just if the fed is going to stay higher for longer. the cpi print that we got last week, was an upside to prize that was the last ledge, in terms of whether rates are headed we're sort of topped out, and my expectations are for rates to reverse course the fed making the round about next year. >> we know that the fed chair is going to say the place is too high. we're going to be down a dependent. it's not going to get you id

. >>> goldman sachs is cracking down on so-called summer fridays. according to multiple reports, the investment bank is making a renewed push to enforce its five-day, in-office policy despite pushback. in a statement goldman says, quote, while there is flexibility when needed, we are simply reminding our employees of our existing policy. citi and jpmorgan chase, meantime, have been working to enforce their three days in office policies, frank. >> it's a thing. >> yeah. >> you and i, we're going to be here all week. >> we're here all week. >>> turning back to the broader markets which have been struggling during the dog days of august, the s&p 500 serves nearly 20% in the first seven months of the year, but it's down 4. 4% so far this month. all 11 s&p sectors also in the red this month. the last time that happeneding that was all the way back in december. let's get more insight and welcome in gina sanchez as well as vance howard of howard capital management, ceo. good morning to both of you. >> good morning. >> we're just laying out some of august. a

according to a report published by the investment bank goldman sachs, similar technologies can affectlion jobs in the world , and fake videos that look real at first glance, but are actually fake. are to in other words, they are fake or in-depth videos of celebrities , so perfect that they can mislead anyone. such videos are made to deceive people, spread advertisements, influence the public mind, and other things . the production of obscene content, this deep forgery technology has become a kind of weapon against women, and it has independently demonized and published in cyberspace this devastating global problem and damages the reputation and credibility of the victims, or fraud based on artificial intelligence these days. recently increased one sayad used artificial intelligence technology in a video call with a friend of a business owner and used artificial intelligence face-changing technology and was able to collect approximately $620,000. this incident has raised concerns about the potential ability of artificial intelligence to facilitate financial crimes. our recommendation i

this report is that goldman sachs is considering exiting the partnership with american express to take over. >>> and novo and lilly is facing lawsuits over ozempic and mounjaro a case from a 44-year-old woman who suffered severe vomiting after taking the drug. there are other clients with the same allegations novo said it is not aware of the lawsuit, but notes that gastro issues is a known risk for people with diabetes, dom. >>> thank you. more to come here on "worldwide exchange," and the one word investors have to know today, but first, fitch makes the case in the u.s. downgrade in the exclusive interview where jamie dimon is taking it with a grain of salt. >>> and keeping a hawkish tone we look to the bank of england as it is set to release the latest policy decision. >>> and later on, robinhood not we rewarded after the quarterly trade. we have more after this break. ss both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone