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Goldman (GS) to Meet Strategic Targets, Remains on Track
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At the Bank of America (BAC - Free Report) Future of Financials Virtual Conference 2020, Goldman Sachs (GS - Free Report) chief financial officer Stephen Scherr noted that the bank is on track for meeting strategic targets planned earlier this year. Among others, the plan includes $1.3 billion in cost savings over the next three years.
“We’re making meaningful progress on our $1.3 billion medium-term expense target,” Scherr said at the conference. Part of the bank’s cost-control measures also includes shifting people and businesses from expensive cities such as New York to cheaper locations which would aid in cost savings.
“That’s not to say we’re any less committed to New York or London or Hong Kong, but we now have a greater level of confidence about the ability to further penetrate locations such as Salt Lake City or Dallas or Bangalore,” he added.
The bank also keeping track of further investments in enhancing the risk systems, strengthening scenario analysis, stress testing and risk monitoring ability. Moreover, Goldman is planning to provide a detailed outlook of financial metrics in January.
Goldman is focused on digitizing operations and building consumer lending operations for quite some time. In 2016, it launched online bank — Marcus by Goldman — which has been delivering impressive results. While the bank is on track to remodel its business into a more profitable organization, it continues to face several legal investigations, which might keep costs elevated.
Shares of Goldman have gained 17.3% over the past six months compared with the 20.3% rally of the industry.
Amid the coronavirus pandemic-induced economic slowdown, several financial firms are undertaking initiatives to focus on core businesses, reduce costs and revive profitability. Therefore, these banks are adhering to restructuring with job cuts and digitization. Among others, Wall Street biggies — Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) — have moved on with their plans of cost reduction through layoffs this year.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Goldman (GS) to Meet Strategic Targets, Remains on Track
At the Bank of America (BAC - Free Report) Future of Financials Virtual Conference 2020, Goldman Sachs (GS - Free Report) chief financial officer Stephen Scherr noted that the bank is on track for meeting strategic targets planned earlier this year. Among others, the plan includes $1.3 billion in cost savings over the next three years.
“We’re making meaningful progress on our $1.3 billion medium-term expense target,” Scherr said at the conference. Part of the bank’s cost-control measures also includes shifting people and businesses from expensive cities such as New York to cheaper locations which would aid in cost savings.
“That’s not to say we’re any less committed to New York or London or Hong Kong, but we now have a greater level of confidence about the ability to further penetrate locations such as Salt Lake City or Dallas or Bangalore,” he added.
The bank also keeping track of further investments in enhancing the risk systems, strengthening scenario analysis, stress testing and risk monitoring ability. Moreover, Goldman is planning to provide a detailed outlook of financial metrics in January.
Goldman is focused on digitizing operations and building consumer lending operations for quite some time. In 2016, it launched online bank — Marcus by Goldman — which has been delivering impressive results. While the bank is on track to remodel its business into a more profitable organization, it continues to face several legal investigations, which might keep costs elevated.
Shares of Goldman have gained 17.3% over the past six months compared with the 20.3% rally of the industry.
Currently, Goldman carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amid the coronavirus pandemic-induced economic slowdown, several financial firms are undertaking initiatives to focus on core businesses, reduce costs and revive profitability. Therefore, these banks are adhering to restructuring with job cuts and digitization. Among others, Wall Street biggies — Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) — have moved on with their plans of cost reduction through layoffs this year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>