We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Goldman Mulls to Shift Launch of Its Robo Advisor to 2021
Read MoreHide Full Article
The Goldman Sachs Group (GS - Free Report) seeks to delay the launch of its digital wealth management platform to 2021, having assessed the current economic conditions. The news was reported by Financial Times.
Citing president and chief operating officer, John Waldron, the article said that the company will slow down the hiring of advisers.
“While we continue to pursue growth in our overall wealth franchise, we are acting prudently in the current environment,” Waldron told Financial Times.
Plans to launch the robo advisor, which would have advised clients with as little as $5,000 to invest, was revealed last year. Also, the move was in sync with the acquisition of wealth adviser United Capital.
However, Goldman has rather encouraging expectations.
The company is mulling to speed up the launch of its cash-management operations in the U.K. by September and across Europe by the end of 2020, after witnessing a positive response to the business in the first quarter of 2020.
Among other measures, the company will operate from offices in the United States and London over the next several weeks. Also, the bank is exploring acquisition opportunities though avoiding large-scale mergers, according to Waldron.
Further, at the 2020 virtual conference hosted by AllianceBernstein Holding LP (AB - Free Report) , Goldman reiterated the medium- and long-term financial targets announced at the investor day in January despite the economic slowdown on the coronavirus outbreak-led mayhem. That includes raising $20 billion this year for its private equity business, some of which will be invested in a “strategic solutions fund” to extend credit to companies “participating in the economic recovery”, per Waldron.
Though the coronavirus outbreak-induced concerns are expected to keep hampering business activities, Goldman by undertaking strategic initiatives remains well-poised to counter the declining revenues by foraying into new markets and diversifying income sources.
Shares of the company have lost 7.6% in the past six months compared with the 12.5% decline of the industry.
Merchants Bancorp’s (MBIN - Free Report) current-year earnings estimates moved north in 60 days. Additionally, the stock has depreciated 4.4% over the past six months. It currently carries a Zacks Rank #2 (Buy).
New York Community Bancorp’s (NYCB - Free Report) ongoing-year earnings estimates have moved up in the past 60 days. Further, the company’s shares have declined 14.5% over the past six months. At present, it carries a Zacks Rank of 2.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Goldman Mulls to Shift Launch of Its Robo Advisor to 2021
The Goldman Sachs Group (GS - Free Report) seeks to delay the launch of its digital wealth management platform to 2021, having assessed the current economic conditions. The news was reported by Financial Times.
Citing president and chief operating officer, John Waldron, the article said that the company will slow down the hiring of advisers.
“While we continue to pursue growth in our overall wealth franchise, we are acting prudently in the current environment,” Waldron told Financial Times.
Plans to launch the robo advisor, which would have advised clients with as little as $5,000 to invest, was revealed last year. Also, the move was in sync with the acquisition of wealth adviser United Capital.
However, Goldman has rather encouraging expectations.
The company is mulling to speed up the launch of its cash-management operations in the U.K. by September and across Europe by the end of 2020, after witnessing a positive response to the business in the first quarter of 2020.
Among other measures, the company will operate from offices in the United States and London over the next several weeks. Also, the bank is exploring acquisition opportunities though avoiding large-scale mergers, according to Waldron.
Further, at the 2020 virtual conference hosted by AllianceBernstein Holding LP (AB - Free Report) , Goldman reiterated the medium- and long-term financial targets announced at the investor day in January despite the economic slowdown on the coronavirus outbreak-led mayhem. That includes raising $20 billion this year for its private equity business, some of which will be invested in a “strategic solutions fund” to extend credit to companies “participating in the economic recovery”, per Waldron.
Though the coronavirus outbreak-induced concerns are expected to keep hampering business activities, Goldman by undertaking strategic initiatives remains well-poised to counter the declining revenues by foraying into new markets and diversifying income sources.
Shares of the company have lost 7.6% in the past six months compared with the 12.5% decline of the industry.
Goldman currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider From the Sector
Merchants Bancorp’s (MBIN - Free Report) current-year earnings estimates moved north in 60 days. Additionally, the stock has depreciated 4.4% over the past six months. It currently carries a Zacks Rank #2 (Buy).
New York Community Bancorp’s (NYCB - Free Report) ongoing-year earnings estimates have moved up in the past 60 days. Further, the company’s shares have declined 14.5% over the past six months. At present, it carries a Zacks Rank of 2.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>