• Fairway’s new owner says ex-owner trying to steal its customers

    Fairway’s new owner says ex-owner trying to steal its customers

    Will the real Fairway please stand up? The supermarket chain that bought Fairway Market out of bankruptcy in March says the former owners of the Big Apple grocer have been engaging in shady tactics to steal its customers for a new business. Village Super Market, which operates the ShopRite chain of groceries, claims in a …
  • Why looking at the stock market won’t give you full picture of US economy

    Why looking at the stock market won’t give you full picture of US economy

    Between the federal government and the Federal Reserve, about $10 trillion has been pumped into the US economy to prevent a pandemic-fueled economic collapse. Judging by the stock market, you would think we’ve sidestepped a 2008-size disaster. But stocks, at least in the short run, are rarely a good indication of what’s festering inside the …
  • Malaysia’s ex-PM Najib Razak convicted in 1MDB case

    Malaysia’s ex-PM Najib Razak convicted in 1MDB case

    Former Malaysian prime minister Najib Razak was convicted of corruption charges and sentenced to jail Tuesday in the first criminal trial linked to the massive 1MDB financial scandal. A judge in Kuala Lumpur found Najib guilty of seven charges he faced for allegedly receiving about $10 million from a former unit of 1Malaysia Development Berhad, …
  • David Solomon DJs in the Hamptons after reaching $3.9B 1MBD settlement

    David Solomon DJs in the Hamptons after reaching $3.9B 1MBD settlement

    Goldman Sachs chief executive David Solomon let his musical alter ego rip over the weekend after finally settling long-running fraud claims against his firm for $3.9 billion. Solomon dropped his beats for a field of well-heeled Hamptonites in Water Mill, NY, on Saturday, where his electronic dance music persona, DJ D-Sol, performed for a drive-in …
  • Goldman revamps employee reviews, opening door to more job cuts

    Goldman revamps employee reviews, opening door to more job cuts

    Goldman Sachs is adopting a performance review system that will grade up to 10 percent of its 39,000 employees as under-performers this year, according to an internal memo sent on Monday, potentially leading to more job cuts in 2021 than the bank has made in recent years. The Wall Street bank’s new head of human …
  • Goldman Sachs reaches $3.9B settlement with Malaysia over 1MDB scandal

    Goldman Sachs reaches $3.9B settlement with Malaysia over 1MDB scandal

    Goldman Sachs has reached a $3.9 billion settlement deal with Malaysia over its role in the massive 1MDB financial scandal, officials said Friday. The American investment bank agreed to pay $2.5 billion in cash and guaranteed the recovery of at least $1.4 billion in assets stemming from three bond sales tied to the embezzlement scam, …
  • Goldman Sachs posts blowout profit on surprisingly strong trading

    Goldman Sachs posts blowout profit on surprisingly strong trading

    Goldman Sachs boss David Solomon can thank the traders he decided not to fire for delivering one of the bank’s best quarters in years. The Wall Street giant posted second-quarter earnings per share of $2.4 billion, or $6.26 a share, blowing past Wall Street’s expectations of $3.78 a share. The blowout beat was driven in …
  • Goldman Sachs will invest $10 million to fight racial injustice

    Goldman Sachs will invest $10 million to fight racial injustice

    Goldman Sachs said on Wednesday it had launched a $10 million fund to support the work of organizations addressing racial injustice, structural inequity and economic disparity. The bank will match employee donations to recipient organizations, it told customers of its online bank, Marcus. An e-mail by a Goldman employee about his experiences of racial injustice …
  • Capital One staffers to work remote till Sept. as Wall St. weighs reopening

    Capital One staffers to work remote till Sept. as Wall St. weighs reopening

    While Main Streets throughout the country are moving to reopen from coronavirus lockdowns, Wall Street is sending clear signals that it is in no rush to get back in the office. In a memo to staff on Tuesday, Capital One Financial’s chief executive Richard Fairbanks announced that the $370 billion bank will keep all non-essential …
  • Goldman Sachs votes to pay CEO David Solomon $24.7M

    Goldman Sachs votes to pay CEO David Solomon $24.7M

    Goldman Sachs shareholders approved CEO David Solomon’s $24.7 million pay day on Thursday despite calls for it to be voted down in light of the COVID-19 pandemic. Seventy-one percent of shareholders OK’d the 2019 compensation package, down from 91 percent the year earlier, Goldman announced at its annual shareholder meeting. The 58-year-old chief executive’s pay …