Bloomberg - Evening Briefing - Goldman does it again

Bloomberg Evening Briefing

Goldman Sachs Chief Executive Officer David Solomon is embarking on his third major reorganization of the bank in four years, undoing changes made there as recently as 2020. The Wall Street giant plans to—once again—combine its expanded asset management and private wealth businesses into one unit. Goldman will also unite its investment-banking and trading operations under one group. The money-losing consumer unit will be broken up. Together, these moves mark a reversal for Solomon, 60, who had forged ahead with plans to separate the asset management and wealth business despite skepticism inside the bank. 

Here are today’s top stories

The time to buy the dip may be fast approaching—for one country. US stocks and bonds could lead the way out of turmoil, but both an American rebound and a prolonged European downturn pose risks for income inequality.

Four drone strikes hit central Kyiv on Monday morning as Russia used Iranian kamikaze drones to attack critical Ukrainian infrastructure, the second attack on the city in a week.  

Stocks saw big gains Monday, with the S&P 500 finding support at a key technical level and another giant bank coming out with solid results. A reversal of the UK’s economic plans also bolstered trader sentiment. Here’s your markets wrap.

Abu Dhabi and Saudi Arabia are weighing whether to put money into Credit Suisse’s investment bank and other businesses to take advantage of depressed values. 

But Credit Suisse investment bank chief Christian Meissner is unlikely to be around for it. He’s set to leave in the coming weeks amid a broad overhaul of the group that will likely see the unit cease to exist in its current form.

Christian Meissner Photographer: Scott Eells

The sleeper hit of 2022 investing is about to lose some of its luster—but it still might be one of the best places to store your cash. The rate for US Series I savings bonds is estimated to drop to 6.47% beginning Nov. 1, down from a record high of 9.62%.

Bloomberg Economics  projections foresee a US downturn occurring in the next 12 months. The model however is more certain of recession than other forecasts. A separate Bloomberg survey of 42 economists predicts the probability of a downturn over the next 12 months at 60%. 

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

 What you’ll need to know tomorrow

  • Bloomberg Opinion: We need to build a better flu shot.
  • Bloomberg Opinion: Elon Musk’s ego muddies Ukraine’s war efforts.
  • Bloomberg Opinion: The Twitter mess would never happen in the UK.
  • Saudi Arabia’s superfund leans on influence of BCG powerbroker.
  • As its pension goes broke, bankruptcy haunts this city near Philadelphia.
  • Airbus wins first third-party mission for giant beluga cargo jet.
  • Ban on US talent at China chip firms thwarts Xi’s key ambition.

Harley CEO Rejects a Return to Office

Companies from Apple to General Motors to Goldman Sachs are grappling with how to coax employees back to the office. Harley-Davidson Inc. is taking a different tack: let them stay home. The 119-year-old motorcycle manufacturer shuttered its Milwaukee headquarters in March 2020 and hasn’t fully opened it since. Chief Executive Officer Jochen Zeitz is even planning to repurpose the 500,000-square-foot complex later this year.

Photographer: Luke Sharrett/Bloomberg

Older messages

‘Worst is yet to come’

Saturday, October 15, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter US core inflation hit a 40-year high, dashing hopes the Federal Reserve will dial back interest-rate hikes that may tip

Bad end to a wild week

Friday, October 14, 2022

Bloomberg Evening Briefing View in browser Bloomberg At times this week, not even a crystal ball could have foretold which way the stock market would go. Red-hot consumer prices? Stocks weirdly rallied

The case against Trump

Thursday, October 13, 2022

Bloomberg Evening Briefing View in browser Bloomberg Summing up arguments in what may be its last public hearing, the Jan. 6 committee on Thursday made no bones about who it considers ultimately

The final hearing

Wednesday, October 12, 2022

Bloomberg Evening Briefing View in browser Bloomberg The Congressional committee investigating the Jan. 6, 2021 insurrection is to hold what may be its final public hearing Thursday at 1 pm In it, the

Credit Suisse has a big problem

Tuesday, October 11, 2022

Bloomberg Evening Briefing View in browser Bloomberg For Credit Suisse, the hits just keep on coming. Already battered and bruised as it tries to move past a long series of scandals and losses, the

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