Welcome to our dedicated page for Goldman Sachs Group news (Ticker: GS), a resource for investors and traders seeking the latest updates and insights on Goldman Sachs Group stock.
Goldman Sachs Group Inc. (symbol: GS) is a leading global investment banking and financial services company headquartered in New York City. Founded in 1869, Goldman Sachs has built a strong reputation for providing a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals.
Core Business Segments:
- Investment Banking: Generating approximately 20% of its revenue, the firm offers advisory services for mergers and acquisitions, underwriting of securities, and capital raising.
- Trading: With around 45% of its revenue stemming from trading, Goldman Sachs engages in market-making activities, securities lending, and other financial trading operations.
- Asset Management: Asset management contributes roughly 20% to the company's revenue. This segment offers investment advisory and financial planning services.
- Wealth Management and Retail Financial Services: Retail financial services and wealth management account for about 15% of the company's income, providing personalized investment solutions to individual investors.
The company operates globally, with around 60% of its net revenue generated in the Americas, 15% from Asia, and 25% from Europe, the Middle East, and Africa. This broad geographic reach allows Goldman Sachs to leverage its extensive market knowledge and establish a strong presence worldwide.
Recent Achievements and Projects:
Goldman Sachs has been actively involved in numerous high-profile transactions and projects. For instance, the company recently played a significant role in the recapitalization transaction of Transcendia Holdings, Inc. This move, led by Goldman Sachs Asset Management, provided Transcendia with $114 million in new capital and eliminated over $200 million of its debt, significantly strengthening the company’s financial position and competitive market stance.
Moreover, Goldman Sachs Alternatives, a segment of the firm, continues to grow its extensive portfolio of alternative investments, with over $450 billion in assets under management. This segment focuses on private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds, thereby reinforcing Goldman Sachs’ strategic investment capabilities.
Financial Condition and Partnerships:
Goldman Sachs remains financially robust, supported by a diverse revenue stream and steady growth across its business segments. The firm's partnerships with other notable entities, such as Industrial Opportunity Partners and General Atlantic Credit, further boost its market position, enabling it to provide tailored capital solutions and strategic investments.
Despite the challenges posed by global market fluctuations, Goldman Sachs continues to demonstrate resilience and adaptability, driven by its commitment to innovation and excellence in financial services.
For more detailed updates and news, visit the official site and stay informed about the latest developments at Goldman Sachs.
GrubMarket CEO Mike Xu has been recognized by Goldman Sachs as one of the Most Exceptional Entrepreneurs of 2024 at their annual Builders and Innovators Summit. Under Xu's leadership, GrubMarket has developed innovative solutions like GrubAssist, an AI enterprise assistant, WholesaleWare, an AI-powered ERP software, and Orders IO, a mobile eCommerce solution.
The company has experienced significant growth, acquiring Brothers Produce, the largest foodservice company in Texas, and Good Eggs, a leading U.S. online grocery company. GrubMarket was also named to the CNBC Disruptor 50 list for the second consecutive year.
Xu expressed gratitude for the recognition, emphasizing the team's dedication to transforming the food supply chain. Goldman Sachs CEO David Solomon highlighted the importance of recognizing trailblazers like Xu at the Summit, which brings together rising entrepreneurs and seasoned business leaders to discuss building enduring companies that reshape industries through innovation.
Avenzo Therapeutics, a clinical-stage biotechnology company, announced that Goldman Sachs (NYSE:GS) has recognized its Co-founder, President and CEO, Athena Countouriotis, M.D., as one of the Most Exceptional Entrepreneurs of 2024 at its Builders and Innovators Summit in Healdsburg, California. Dr. Countouriotis, who co-founded Avenzo in 2022, has over 20 years of industry experience and previously led Turning Point Therapeutics through its IPO and acquisition by Bristol Myers Squibb for $4.1 billion.
The Goldman Sachs Builders and Innovators Summit, now in its 13th year, is a prestigious gathering for Founders and CEOs of high-growth companies. David Solomon, Chairman and CEO of Goldman Sachs, praised Dr. Countouriotis for building an impressive and growing business. The two-day event features general sessions and clinics led by experienced entrepreneurs, academics, and business leaders.
Goldman Sachs (NYSE:GS) has recognized OneRail Founder & CEO Bill Catania as one of the Most Exceptional Entrepreneurs of 2024 at its Builders and Innovators Summit in Healdsburg, California. Catania, a start-up entrepreneur focused on developing real-time technology networks, founded OneRail, a last mile omnichannel fulfillment solution. He was previously the founder and CEO of M-Dot Network, which was acquired by Inmar, Inc. in 2011.
OneRail has grown from manually dispatching deliveries to a fully automated system handling 250,000+ deliveries per day across 400 cities in North America. The company has been recognized in several Gartner reports, including the 2024 Hype Cycle for Supply Chain Execution Technologies and the 2024 Market Guide for Last Mile Delivery Technology Solutions.
The Goldman Sachs Builders and Innovators Summit, now in its 13th year, brings together founders and CEOs of high-growth companies for general sessions and clinics led by experienced entrepreneurs, academics, and business leaders.
Goldman Sachs BDC, Inc. (NYSE: GSBD) has announced its schedule for releasing third quarter 2024 financial results. The company will report its results for the quarter ended September 30, 2024, after market close on Thursday, November 7, 2024. Following this, GS BDC will host an earnings conference call on Friday, November 8, 2024, at 9:00 am Eastern Time to discuss the financial results.
Interested parties can participate via telephone or audio webcast, which will be available on the Investor Resources section of GS BDC's website. The company has provided separate dial-in numbers for listen-only callers and Q&A participants, both domestic and international. Participants are advised to dial in 10-15 minutes before the call starts. An archived replay of the call will be accessible through the company's website.
BrightNight, a leading U.S. renewable power producer, has successfully closed a $440 million strategic equity investment from Goldman Sachs Alternatives. This investment, along with existing capital commitments, is expected to fully fund BrightNight's five-year business plan and advance the execution of its 31-gigawatt renewable power project portfolio, including solar, energy storage, and hybrid solutions.
Additionally, BrightNight has upsized its corporate credit facility from $375 million to $400 million. This Green Loan-structured facility will provide necessary balance sheet support to execute BrightNight's U.S. project portfolio. Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment for construction equity needs.
BrightNight's Chairman and CEO, Martin Hermann, expressed excitement about the partnership with Goldman Sachs, highlighting the potential to drive the execution of their IPP business model and build-out of their utility-scale portfolio.
Goldman Sachs Custody Solutions (GSCS) and NewEdge Capital Group have announced a strategic collaboration to enhance services for Registered Investment Advisors (RIAs). GSCS will serve as a preferred custodian for NewEdge Wealth and NewEdge Advisors, subdivisions of NewEdge Capital Group. This partnership aims to deliver industry-leading service and support to address the evolving needs of sophisticated advisors and their clients.
Two NewEdge teams, Fortis Wealth Advisors and Lehigh Valley, have already selected GSCS as their primary custodian. The collaboration combines GSCS's institutional capabilities with NewEdge Capital Group's infrastructure to support next-gen talent and create a unique environment for advisors looking to elevate their services. Both companies emphasize their commitment to providing high-level services for clients with complex needs and empowering advisors with digital-forward custodial solutions and institutional support.
Star Mountain Capital, an investment firm with over $4.0 billion AUM focused on the lower middle-market, has announced that Peter K. Scaturro has joined as Senior Advisor. Scaturro brings 40+ years of experience in banking, wealth management, and financial services leadership. He was previously a Partner at Goldman Sachs (NYSE: GS) Global Private Client Business and CEO of Citigroup Global Private Bank. Star Mountain's Founder & CEO, Brett Hickey, expressed excitement about Scaturro's addition, citing his extensive leadership experience across multiple cycles as beneficial to all stakeholders. Scaturro highlighted the lower middle-market as a compelling opportunity for investors seeking to complement traditional portfolios.
Goldman Sachs BDC (NYSE: GSBD) reported its Q2 2024 financial results, showing net investment income per share at $0.59 and an adjusted net investment income per share of $0.57. Earnings per share were $(0.47), with a 6% decrease in NAV per share to $13.67. Total investments at fair value were $3.998 billion, with a portfolio primarily comprised of senior secured debt (98%). Gross originations were $440 million, with net funded investment activity of $180.1 million. Two portfolio companies were placed on non-accrual status, representing 3.4% of the portfolio at fair value. The net debt-to-equity ratio increased to 1.19x. The Board declared a quarterly dividend of $0.45 per share, payable on October 28, 2024. During the quarter, GSBD raised approx. $69.2 million through share issuance. The total investment income decreased to $108.6 million, primarily due to investments on non-accrual status. Net realized and unrealized losses were $121.4 million.
Goldman Sachs Alternatives has made a $440 million strategic investment in BrightNight, a leading renewable power company. This investment, along with existing capital commitments, is expected to fully fund BrightNight's five-year business plan and advance the execution of its 31-gigawatt renewable power project portfolio. The investment strengthens BrightNight's position as a leading U.S. renewable power platform and adds an established partner with deep energy transition experience.
The transaction is set to close in September 2024. BrightNight's proprietary AI software platform, PowerAlpha®, enhances its project portfolio. The company aims to provide utility and commercial customers with clean, dispatchable renewable power solutions. Global Infrastructure Partners (GIP) will continue to support BrightNight with its existing capital commitment and maintain its minority equity interests.
osapiens, a leading ESG Platform provider, has secured a $120 million Series B funding round led by Growth Equity at Goldman Sachs Alternatives. The funds will be used to accelerate international expansion and further invest in their technology platform. Goldman Sachs Alternatives has acquired a minority stake in osapiens, joining existing investor Armira Growth.
osapiens' core offering, the osapiens HUB, is an AI-powered cloud-based platform that simplifies compliance with international ESG regulations. The platform enables companies to identify and mitigate risks in operations and supply chains, and reduce manual workloads through process automation. osapiens supports over 1,300 customers worldwide, including major corporations like Bosch, Coca Cola North America, and Costco. The company experienced rapid growth in 2023, with its customer base expanding by 473%.
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