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10 THINGS ON WALL STREET

Hey there! Dan DeFrancesco in NYC. 

On tap we've got stories on JPMorgan's Jamie Dimon fielding questions about the bank's acquisition strategy, another bank plans to make cuts, and fast food options that won't completely crush your diet

But before we jump in, Matt Turner, the editor in chief of business at Insider, is at the World Economic Forum in Davos. He will be posting notes and videos to his LinkedIn all week. You can follow along here — and watch his latest post here

Now, lets look at Goldman's next move. 


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David Solomon

1. Goldman's next move.

Things have not been very fun at Goldman Sachs. 

We've talked about the issues at the bank, most notably the struggles of its consumer division. 

Last week, a lot of problems the bank faced in 2022 came to a head. On Wednesday the bank conducted a majority of its cuts, reducing its global workforce by about 6.5%. A few days later, on Friday, the bank reported losses of more than $3 billion since 2020 in the unit that houses the bank's consumer lending business.

So where do we go from here?

Goldman reports earnings today, which likely means that David Solomon will get grilled about the losses tied to consumer lending and how it plans to continue to cut costs. 

And while it might seem impossible to find a silver lining at 200 West Street these days, Insider's Hayley Cuccinello and Carter Johnson found Goldman has some 211 open jobs in the US alone

The job openings paint an interesting picture of the potential direction the bank might be headed in the wake of its massive reorg last year. 

Meanwhile, some of the recently axed Goldman employees have been left in the dark on what's next for them, according to reporting from Hayley and Emmalyse Brownstein.

Click here to read more about where Goldman Sachs is hiring.

And for more on what laid-off employees can expect in terms of severance and benefits, click here.


In other news:

Wendy's founder Dave Thomas holds up a burger in 1991

2. Big mistake! Big. HUGEJPMorgan's Jamie Dimon had to eat some crow on the bank's fourth-quarter earnings call, admitting that the bank's $175 million deal for Frank was "in one way or another, a huge mistake." Still, Dimon defended that bank's acquisition strategy, which has come under fire recently. Check out the 15 fintech and consumer-focused deals the bank has struck since 2020.

3. Frank's founder, meanwhile, has had previous run-ins with regulators. In 2020, the Federal Trade Commission issued a warning letter that Frank "may be unlawfully misleading consumers." And in 2017, the Department of Education accused Frank of misleading applicants looking for the government's official Free Application for Federal Student Aid (FAFSA) website. 

4. BNY Mellon makes some cuts. The bank is eying a 3% reduction, which amounts to laying off about 1,500 employees, Bloomberg reports. More on that here.

5. Bill Ackman would like to remind you all that Sam Bankman-Fried is "innocent unless and until proven guilty." Ackman cited his own experience with being accused of market manipulation, allegations that he was eventually cleared of, in a series of tweets. Separately, FTX lawyers recently said they've discovered a "secret" backdoor that could have allowed Alameda to borrow $65 billion of clients' money from the crypto exchange without their consent

6. Who's up and who's down in healthcare. The JPMorgan Healthcare conference is the biggest event of the year for the industry, and we've got a report on the biggest winners and losers. Here's the rundown.

7. Larry Ellison got hit with a speeding ticket on a Hawaiian island he almost entirely owns. The billionaire was in his orange Corvette last October when he was pulled over for running a stop sign and "kind of speeding.

8. Some cracks in the foundation of two tech empires. Apple and Google are both set to face some significant tests this year. Here's why both are susceptible to disruption for the first time in a long time.  

9. Paul Pelosi took a bath on some Tesla shares. Congresswoman and former Speaker of the House Nancy Pelosi reported that her husband lost more than $500,000 in December from selling Tesla shares. But Paul Pelosi's track record in the stock market is still pretty incredible. Take look at every trade he made that was reported by the congresswoman in 2021 and 2022.

10. Here are some fast food options that won't completely wreck your diet. Whether your New Year's diet is still going strong or you're looking to get back on the horse, check out these ideas for healthy options if you're stuck ordering fast food. From Wendy's to McDonald's and Starbucks, we've got you covered.


Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

 

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