Money

Goldman Sachs forces full return to work, ends “Summer Fridays”

Published

2 years ago

August 23, 2023

ticker NEWS

In a bid to restore the traditional office routine, Goldman Sachs CEO David Solomon has decided to terminate the company’s ‘Summer Fridays’ policy, which had allowed employees greater flexibility.

The move is part of the bank’s efforts to bring staff back to the office for a full five-day workweek.

Human resources chief Jacqueline Arthur issued a statement to The Post, stating, “While there is flexibility when needed, we are simply reminding our employees of our existing policy. We have continued to encourage employees to work in the office five days a week.”

This renewed emphasis on in-office work comes as Goldman Sachs’ Wall Street headquarters reportedly appeared “totally dead” on Fridays. This phenomenon occurred after interns had completed their terms, and a significant number of employees opted to work remotely to extend their weekends, as sources have disclosed to The Post.

Solomon, who has faced criticism amid a dip in the bank’s profits this year, has been resolute in his commitment to re-establishing the in-office work culture. However, the timing of the reinforcement of this policy just before Labor Day has raised eyebrows among many of the bank’s employees.

Employee anger

One employee commented, “I think David’s really missing (another) trick if he thinks sending out that five-day note at this point will gain friends.” They asserted that they have no intention of following the new policy.

Additional sources expressed their frustration, questioning the bank’s focus on strict attendance when morale within the organization is reportedly at a low point. They also pointed out that despite Goldman’s comparatively high attendance rates in contrast to other banks like Citi and JPMorgan, it has not translated into a clear benefit for the company.

Goldman Sachs is currently facing multiple challenges, including a 58% drop in earnings in the most recent quarter, investigations into its handling of advising Silicon Valley Bank before its collapse, a significant write-down of its Greensky acquisition, and contemplation of selling its investment advisory unit.

Despite management’s push, many employees are expected to return to the office voluntarily after Labor Day, rendering the heavy-handed approach potentially unnecessary.

Money

Dow struggles, investors lose confidence amid trade fears

Dow on track for worst April since 1932 amid trade uncertainty and investor ‘no confidence’ signals, as losses deepen.

Published

10 hours ago

April 22, 2025

Ahron Young

Dow on track for worst April since 1932 amid trade uncertainty and investor ‘no confidence’ signals, as losses deepen.

In Short

The Dow Jones fell almost 1,000 points, heading for its worst April since 1932, with investors worried about trade restrictions and the future of the Federal Reserve Chairman.

Amidst declining stock confidence, traditional safe assets like bonds are under pressure, while gold prices have soared as investors seek safety.

The Dow Jones Industrial Average dropped nearly 1,000 points on Monday, heading towards its worst April since 1932. The S&P 500 has recorded its worst performance for any president at this stage since 1928.

Investors are concerned about trade restrictions and the potential removal of Federal Reserve Chairman Jerome Powell by President Trump, leading to fears of further losses. Many doubt that the administration’s trade negotiations will provide timely relief.

Traditional safe assets like government bonds and the U.S. dollar are also under pressure, limiting safe investment options during this instability. Chief investment officer Scott Ladner noted that this reflects a widespread “no confidence” sentiment among investors.

Tax cuts and deregulation

Following Trump’s election, stock indexes initially rose due to optimism around tax cuts and deregulation. However, the introduction of aggressive tariffs sparked significant market declines. Although there was some retraction of tariff plans, markets have not stabilised.

Typically, bond prices should increase during stock declines, but yields on 10-year U.S. Treasurys have risen, indicating a sell-off in government bonds.

The U.S. dollar has weakened due to economic concerns and Trump’s tensions with the Fed, hitting a three-year low. In contrast, gold prices have surged to all-time highs as investors seek safer assets.

Wall Street sentiment is declining, with bearish expectations remaining high for eight consecutive weeks, marking a record for prolonged pessimism among individual investors.

Money

Trump warns of economic slowdown unless interest rates are slashed

Trump criticizes Fed’s Powell over interest rates, warning of economic slowdown, as markets react sharply.

Published

15 hours ago

April 22, 2025

Nathan Langridge

Trump criticizes Fed’s Powell over interest rates, warning of economic slowdown, as markets react sharply.

President Donald Trump has once again lashed out at Federal Reserve Chair Jerome Powell, claiming the U.S. economy could “slow down” if interest rates aren’t cut immediately.

Markets reacted sharply, with bond yields jumping and equities falling as investors brace for a possible standoff between the White House and central bank.

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Money

Dow falls nearly 1,000 points amid market turmoil

Dow Drops Nearly 1,000 Points as Market Turmoil Grows Amid Tariff Concerns and Fed Leadership Threats.

Published

19 hours ago

April 22, 2025

Ahron Young

Dow drops nearly 1,000 points as market turmoil grows amid tariff concerns and Fed leadership threats.

In Short

The stock market fell significantly on Monday, with the Dow losing nearly 1,000 points, raising concerns over President Trump’s trade policies and Federal Reserve leadership.

Additionally, the dollar plummeted to multiyear lows, while gold prices surged to a record high.

On Monday, the stock market experienced a significant decline, with the Dow industrials closing nearly 1,000 points lower. This downturn is part of a troubling trend, as April is on track to be the worst month for the market since 1932.

The value of the dollar also fell, reaching multiyear lows against major currencies like the euro.

Investor concerns are mounting over President Trump’s ongoing tariff war and his threats to remove Federal Reserve Chairman Jerome Powell. On social media, Trump called for lower interest rates, suggesting that economic slowdown is possible if action is not taken promptly.

National Economic Council Director Kevin Hassett indicated on Friday that the administration is dissatisfied with Powell’s performance and is considering his potential removal.

Export worry

Data from South Korea revealed a significant decrease in exports to the United States this month, further heightening market anxiety.

All major stock indexes reported losses, with the Nasdaq witnessing the largest decrease of around 2.5%. Key technology shares, including Tesla, Nvidia, and Apple, also fell sharply.

The ICE U.S. dollar index decreased by over 1%, marking its lowest value in three years against a basket of currencies. Treasury yields increased, the 10-year note reaching 4.39%.

Meanwhile, gold prices surged to an unprecedented $3,400 per troy ounce, and Bitcoin prices rose. Japan’s Nikkei index fell by 1.3%, while China’s CSI 300 managed a slight increase of 0.3%. Markets in Hong Kong and Europe remained closed for the Easter holiday.