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Goldman (GS) Faces Investigation Over Reporting Issues in UK
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The Goldman Sachs Group (GS - Free Report) is facing an inquiry by Financial Conduct Authority (“FCA”) over its reporting practices in relation to new European rules for reporting trade activities that were introduced earlier this year. The news was reported by Bloomberg.
A former employee of Goldman had brought the issue in FCA’s notice and the latter is at the moment contemplating whether to investigate the issue further. The complaint filed alleged the company of scheming to misguide regulators by flooding them with huge amounts of information, some being inaccurate.
In the beginning of 2018, U.K. regulators had issued Markets in Financial Instruments Directive that requires enhanced reporting from financial companies about their trading transactions. The move was aimed at safeguarding investors from being wronged, and improving transparency.
The FCA, last year, had noted that the rule might lead to big and complicated changes and had promised to not take any steps against companies that have satisfactorily carried out the rules. However, it said that it will impose fines and other measures to penalize banks in case their non-compliance was intentional.
Moreover, shareholders of Goldman were permitted to go ahead with a class action lawsuit against the company that accused it of making fraudulent claims to prioritize customer interests over its own while creating risky subprime securities, just prior to the financial crisis era.
Though Goldman is currently involved in a number of investigations and lawsuits from investors and regulators, its remains focused on tapping new growth opportunities through several strategic investments. This will likely aid in overall development.
The stock has gained 5.7% over the past year compared with the industry’s rally of 16.4%.
Some other stocks in the same industry worth a look are Moelis & Company (MC - Free Report) , Evercore Inc. (EVR - Free Report) and Stifel Financial Corporation (SF - Free Report) , with each sporting a Zacks Rank #1.
The Zacks Consensus Estimate for Moelis & Company has been revised 5.6% upward for the current year in the last 60 days. The company’s share price has rallied more than 10% in the past six months.
Evercore has witnessed nearly 1% upward earnings estimate revision for 2018 in the last 60 days. Its share price has increased more than 20% in the past six months.
Stifel Financial stock has gained more than 12% over the past six months. Its earnings estimates for 2018 have moved up 3.2% in the last 60 days.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Goldman (GS) Faces Investigation Over Reporting Issues in UK
The Goldman Sachs Group (GS - Free Report) is facing an inquiry by Financial Conduct Authority (“FCA”) over its reporting practices in relation to new European rules for reporting trade activities that were introduced earlier this year. The news was reported by Bloomberg.
A former employee of Goldman had brought the issue in FCA’s notice and the latter is at the moment contemplating whether to investigate the issue further. The complaint filed alleged the company of scheming to misguide regulators by flooding them with huge amounts of information, some being inaccurate.
In the beginning of 2018, U.K. regulators had issued Markets in Financial Instruments Directive that requires enhanced reporting from financial companies about their trading transactions. The move was aimed at safeguarding investors from being wronged, and improving transparency.
The FCA, last year, had noted that the rule might lead to big and complicated changes and had promised to not take any steps against companies that have satisfactorily carried out the rules. However, it said that it will impose fines and other measures to penalize banks in case their non-compliance was intentional.
Moreover, shareholders of Goldman were permitted to go ahead with a class action lawsuit against the company that accused it of making fraudulent claims to prioritize customer interests over its own while creating risky subprime securities, just prior to the financial crisis era.
Though Goldman is currently involved in a number of investigations and lawsuits from investors and regulators, its remains focused on tapping new growth opportunities through several strategic investments. This will likely aid in overall development.
The stock has gained 5.7% over the past year compared with the industry’s rally of 16.4%.
Currently, Goldman Sachs carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other stocks in the same industry worth a look are Moelis & Company (MC - Free Report) , Evercore Inc. (EVR - Free Report) and Stifel Financial Corporation (SF - Free Report) , with each sporting a Zacks Rank #1.
The Zacks Consensus Estimate for Moelis & Company has been revised 5.6% upward for the current year in the last 60 days. The company’s share price has rallied more than 10% in the past six months.
Evercore has witnessed nearly 1% upward earnings estimate revision for 2018 in the last 60 days. Its share price has increased more than 20% in the past six months.
Stifel Financial stock has gained more than 12% over the past six months. Its earnings estimates for 2018 have moved up 3.2% in the last 60 days.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>