These Wall Street Companies Are Cutting Staff as They Prepare for a Downturn

(Bloomberg) — With investment-banking revenue plummeting and a recession looming, Wall Street is in retrenchment mode. The job cuts and hiring freezes that struck the tech world have made their way to the finance industry, with banking executives preparing for what’s expected to be an austere year ahead.

Investors Grow More Confident Fed Will Pull Off a Soft Landing

Investors Grow More Confident Fed Will Pull Off a Soft Landing

Where Are Markets Headed? Six Pros Take Their Best Guess

A massive selloff in bonds. A plunge in tech stocks. The implosion of cryptocurrencies. The highest inflation in four decades. Amid a brutal and uncertain climate, we asked six heavyweights in the world of finance to share their thoughts on the state of the markets, how they have handled this year’s carnage and what they … Read more

Hedge Fund Managers Paid for Stockpicking Genius Aren’t Showing Much of It

(Bloomberg Businessweek) — Even in the high-pressure, high-pay world of hedge funds, the “long-short” stockpicker is supposed to be somebody special. The style, pioneered seven decades ago by Alfred Winslow Jones, gave hedge funds their name. In addition to betting on their favorite stocks going up (or being long, in Wall Street’s argot), they wager … Read more

Peloton Co-Founder John Foley Faced Repeated Margin Calls From Goldman Sachs as Stock Slumped

John Foley, the co-founder and former chief executive of Peloton Interactive faced repeated margin calls on money he borrowed against his Peloton holdings before he left the fitness company’s board last month, according to people familiar with the situation. As Peloton’s shares slumped over the past year, Goldman Sachs Group asked Mr. Foley several times … Read more

Goldman Sachs Backs Data Startup Fortanix in $90 Million Round

“Cybersecurity is a $200 billion market and while most other services will get consolidated when they move to the cloud, security and privacy will remain separate,” Kumar, the company’s chief executive officer, said on a video call from the San Francisco Bay area. The startup has over 225 employees, a third of them in Bangalore.

Goldman to cut poor performers in annual cull

In a return to pre-pandemic practice of hiving off low-performing staffers from the bank, Goldman Sachs is set for a round of job cuts. The US investment bank is set to axe jobs in plans that could trigger the earliest layoffs as soon as next week, The New York Times reported, according to people familiar with the … Read more

Goldman Sachs Plans to Slow Hiring, Bring Back Annual Performance Reviews

“Given the challenging operating environment, we are closely re-examining all of our forward spending and investment plans to ensure the best use of our resources,” Chief Financial Officer Denis Coleman said Monday on a conference call with analysts. “We’re taking a number of actions to improve our operating efficiency. Specifically, we have made the decision … Read more

XTX’s Zar Amrolia: Why ‘Terminator’ robots will never replace human traders

Zar Amrolia started off as a quant at JPMorgan in 1988 when he was in his mid-20s. He drifted into trading and sales, with stints at Credit Suisse and Goldman Sachs, rose to the head of currency trading at Deutsche Bank and eventually became co-chief of XTX Markets. Amrolia will step down in early 2023. Soon to join … Read more

Crypto’s Domino Effect Is Widening, Threatening More Pain

Turmoil in the digital-assets ecosystem has grown in recent weeks, with losses in cryptocurrencies blowing holes in balance sheets and pushing firms near bankruptcy. After a pair of cryptocurrencies crashed, wiping out billions of dollars in value in May, a British Virgin Islands court this past week ordered a hedge fund that had survived several … Read more