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Goldman (GS) Might Make Florida New Hub for Asset Management
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Being on track for meeting the strategic targets planned earlier this year, Goldman Sachs (GS - Free Report) is likely to make Florida the new base for its asset management arm, per Bloomberg. Tax advantages, remote work and weather are the benefits mirrored through the plan for the bank.
Per the source, Goldman is thriving well amid the COVID-19 pandemic working remotely, which has tempted officials to move the bank’s operations out of New York, yielding cost savings. Notably, the bank is anticipated to its move asset management business to Dallas even where the expansion moves are on peak.
The strategic targets planned include $1.3 billion in cost savings over the next three years. Part of the bank’s cost-control measures also include shifting people and businesses from expensive cities such as New York to cheaper locations which would aid in cost containment.
The bank is 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 its financial metrics in January.
Goldman seems on track to bolster its performance by focusing on capitalizing on fresh growth opportunities through several potential investments, including the digital consumer lending platform. 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 9.3% over the past six months compared with the 22.3% 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, major global banks — Wells Fargo (WFC - Free Report) , HSBC (HSBC - Free Report) and Citigroup (C - Free Report) — have moved on with their plans of cost reduction through layoffs this year.
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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 Current technology will soon be outdated and replaced by these new devices.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.
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Goldman (GS) Might Make Florida New Hub for Asset Management
Being on track for meeting the strategic targets planned earlier this year, Goldman Sachs (GS - Free Report) is likely to make Florida the new base for its asset management arm, per Bloomberg. Tax advantages, remote work and weather are the benefits mirrored through the plan for the bank.
Per the source, Goldman is thriving well amid the COVID-19 pandemic working remotely, which has tempted officials to move the bank’s operations out of New York, yielding cost savings. Notably, the bank is anticipated to its move asset management business to Dallas even where the expansion moves are on peak.
The strategic targets planned include $1.3 billion in cost savings over the next three years. Part of the bank’s cost-control measures also include shifting people and businesses from expensive cities such as New York to cheaper locations which would aid in cost containment.
The bank is 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 its financial metrics in January.
Goldman seems on track to bolster its performance by focusing on capitalizing on fresh growth opportunities through several potential investments, including the digital consumer lending platform. 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 9.3% over the past six months compared with the 22.3% rally of the industry.
Currently, Goldman sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank 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, major global banks — Wells Fargo (WFC - Free Report) , HSBC (HSBC - 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>>