Apr 16, 5:46 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Arthur Villasanta 04/16/19 AT 2:19 AM The Goldman Sachs Group avoided a larger operating loss in the first quarter by resorting to the simple expedient of slashing the salaries and benefits of its employees.The world’s largest investment bank reduced employee compensation and benefits by 20 percent to $3.26 billion, outstripping the decline in companywide revenue. The reduction in pay and benefits comes to $90,780 for each of the bank’s current roster of 35,900 employees.In 2018, pay and benefits stood at $119,323 for the bank’s 34,000 employees.Goldman shares slid 3.8 percent on Wall Street after the bank’s Q1 revenue came in below analyst expectations.Goldman reported Q1 revenue of $8.81 billion, a 13 percent drop from Q1 2018, and below analysts’ expectations. The salary slash, however, helped Goldman beat analysts’ … [Read more...] about Goldman Sachs Cuts Employee Pay By 20% To Avoid Profit Loss
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The $1.5 trillion tax overhaul that President Donald Trump signed into law late last year has already given the U.S. economy a jolt, at least temporarily. It has fattened the paychecks of most American workers, padded the profits of large corporations and sped economic growth. Those results were not a surprise. Economists across the ideological spectrum predicted the new law would fuel consumer spending, in classic fashion: When the government borrows money and dumps it into the economy, growth tends to accelerate. But Republicans did not sell the law as a sugar-high stimulus. They sold it as a refashioning of the incentives in the U.S. economy — one that would unleash more investment, better efficiency and higher wages, along with enough growth to offset any revenue lost to the government from lower tax rates. Ten months after the law took effect, that promised "supply-side" bump is harder to find than the sugar-high stimulus. It's still early, but here's what the numbers tell … [Read more...] about After 10 months, GOP tax cut spurs growth, but not wages
Sections SEARCH Skip to content Skip to site index Economy Subscribe Log In Log In Today’s Paper Economy | Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened. Supported by Nearly a year after the tax cut, economic growth has accelerated. Wage growth has not. Companies are buying back stock and business investment is a mixed bag. ByJim Tankersley and Matt Phillips Nov. 12, 2018 The $1.5 trillion tax overhaul that President Trump signed into law late last year has already given the American economy a jolt, at least temporarily. It has fattened the paychecks of most American workers, padded the profits of large corporations and sped economic growth. Those results weren’t a surprise. Economists across the ideological spectrum predicted the new law would fuel consumer spending, in classic fashion: When the government borrows money and dumps it into the economy, … [Read more...] about Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.
NEW YORK — President Donald Trump confirmed on Tuesday that he is eying Goldman Sachs executive Dina Habib Powell, his former deputy national security advisor, as one of the main contenders to replace Nikki Haley as U.S. ambassador to the United Nations. Haley announced her resignation on Tuesday, saying she will officially leave her post at the end of the year. Trump said that he would name Haley’s successor within two to three weeks.In one of many reports spotlighting Powell, CNBC cited “three people with direct knowledge of the matter” saying senior White House officials already reached out to Powell about the possibility of replacing Haley. Trump confirmed to reporters outside the White House that he is indeed considering Powell for the soon-to-be vacant UN post. “Dina is certainly a person I would consider and she is under consideration,” Trump said. He added that “there are others. I’ve heard a lot of names.” Powell has been … [Read more...] about Eight Significant Ties Between Dina Powell and the Clintons
How can newly powerful, global tech companies fulfill their legal responsibilities to customers, employees, shareholders and the different societies in which they operate? And how can lawyers help? Three developments this summer—as well as generations-old choices at IBM—highlight these questions: • On June 19, General Electric was removed from the Dow Jones Industrial Average (in favor of Walgreens!) because of GE’s faltering performance; now GE’s board is considering breaking up the company. • On July 18, the European Union announced a $5 billion antitrust fine against Google. It’s a little ironic that Google finds itself in the antitrust crosshairs, since many of the key folks at Google were part of Netscape’s and Sun’s antitrust battles against Microsoft in the ‘90s. And just this month came the news that the Senate Intelligence Committee was not willing to accept Google’s highly regarded general counsel, Kent … [Read more...] about IBM, GE, Facebook, Google and the law—lessons learned, or lessons forgotten?