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Goldman Sachs reported a 51% increase in fourth-quarter profit, marking a turnaround after eight quarters of declines. The boost came from the asset and wealth management unit, which saw a 23% jump in revenue, while revenue from investment banking and trading was down. CEO David Solomon has been working to make the bank less reliant on these traditional powerhouses and more focused on managing money for individuals and companies. However, Goldman's full-year profit fell 24%, worse than most other big U.S. banks, and the challenge now is to sustain the success of the strong quarter. [Extracted from the article]

Wall Street is optimistic about the stock market in 2024, following a year of strong economic performance in 2023. Stocks rose throughout the year, driven by the rise of artificial intelligence and a stronger-than-expected economy. Investors believe that the Federal Reserve's campaign to fight inflation is winding down, leading to expectations of interest rate cuts. While there are risks on the horizon, such as economic shocks and geopolitical events, the overall sentiment is positive. Fund managers are bullish on stocks and predict lower bond yields. Corporate bonds are seen as attractive investments, and earnings growth is expected to pick up. However, some investors are skeptical of the big technology companies that dominated the market in 2023. Other sectors, such as financials, healthcare, and energy stocks, are considered attractively priced. The upcoming presidential election and potential shifts in fiscal policy also pose uncertainties. The major risk remains disappointment over interest rates, as the Fed's projections and market expectations differ. Overall, the market is expected to experience volatility, which presents opportunities for investors. [Extracted from the article]

Investors are currently experiencing a surge in various asset classes, including stocks, bonds, cryptocurrencies, and gold. This "everything rally" has sparked a debate about whether it signifies a lasting bull market or just a temporary surge at the end of the Federal Reserve's tightening cycle. Bond yields have dropped, leading to a broad rally across sectors that were previously struggling. The S&P 500 and Dow Jones Industrial Average have reached their highest levels of the year, while the Nasdaq Composite has seen significant gains. Cryptocurrencies like Bitcoin have also experienced a resurgence, and gold futures have reached a record high. Skepticism remains about the sustainability of this rally, with concerns about inflation and the possibility of a recession. However, many investors are optimistic about the Fed's ability to achieve a "soft landing" and control inflation without causing a major economic slowdown. [Extracted from the article]

Wsjfinance-markets, Pharmaceuticals, Airlines, Air Transport, Healthcare/Life Sciences, Hormone Products, Specialized Drugs/Medications, Transportation/Logistics, Diabetes Drugs, North America WSJ's Daniela Hernandez breaks down the science of how diabetes drugs work - and how they could change psychiatry forever. Keywords: wsjfinance-markets; Pharmaceuticals; Airlines; Healthcare/Life Sciences; Air Transport; Specialized Drugs/Medications; Hormone Products; Diabetes Drugs; Transportation/Logistics; North America EN wsjfinance-markets Pharmaceuticals Airlines Healthcare/Life Sciences Air Transport Specialized Drugs/Medications Hormone Products Diabetes Drugs Transportation/Logistics North America N.PAG N.PAG 1 11/06/23 20231102 NES 231102 Rise of new weight-loss drugs fuels wild predictions about impact on snack-food makers, airlines and more America leads developed nations when it comes to obesity. [Extracted from the article]

Goldman Sachs reported a 33% decline in profit for the third quarter due to losses from selling off parts of its consumer lending business and a drop in revenue in its asset and wealth management division. This marks the eighth consecutive quarter of profit decline for the bank. Goldman Sachs is narrowing its focus and pulling back from consumer lending, with the recent sale of specialty lender GreenSky and the unloading of its personal loans balances. The bank is now pinning its hopes for diversifying its revenue on its asset and wealth management business. Despite the decline in profit, Goldman Sachs beat analysts' expectations for earnings per share and revenue. Other big banks, such as JPMorgan Chase and Wells Fargo, have been reporting strong earnings, fueled by lending to households and commercial businesses. Goldman Sachs is also facing a slowdown in deal making, although there were some signs of improvement in the third quarter. The bank took several charges that resulted in a nearly $1 billion hit to pretax profits, including write-downs on older investments in the asset and wealth management unit and costs related to the sale of GreenSky. Overall, the charges reduced the quarter's annualized return on equity to 7.1%. [Extracted from the article]

Goldman, under Solomon's direction, also has been changing the asset-management business to make it less reliant on Goldman's own money for investments and focused on the more durable fees for managing money for others. Keywords: photo-commission; wsjfinance-ws; Banking; Commercial Banking; Financial Investment Services; Security Brokering/Dealing; Banking/Credit; Financial Services; Investing/Securities; Financial Performance EN photo-commission wsjfinance-ws Banking Commercial Banking Financial Investment Services Security Brokering/Dealing Banking/Credit Financial Services Investing/Securities Financial Performance N.PAG N.PAG 1 07/21/23 20230720 NES 230720 Bank also took impairments related to real-estate investments, much of it tied to office properties Goldman Sachs GS 0.97% increase; green up pointing triangle on Wednesday posted a 58% drop in second-quarter profit, the latest fallout from the Wall Street firm's ill-fated foray into Main Street lending. [Extracted from the article]

Marcus, Goldman's consumer-banking arm, launched in 2016 to a strong start. Keywords: wsjfinance-ws; Financial Investment Services; Security Brokering/Dealing; Banking/Credit; Financial Services; Investing/Securities; Corporate/Industrial News; SYND; WSJ-PRO-WSJ.com; Bank of America EN wsjfinance-ws Financial Investment Services Security Brokering/Dealing Banking/Credit Financial Services Investing/Securities Corporate/Industrial News SYND WSJ-PRO-WSJ.com Bank of America N.PAG N.PAG 1 01/17/23 20230114 NES 230114 Wall Street firm's push into Main Street businesses has proven costly Graph: The New York headquarters of Goldman Sachs, which released some financial information Friday ahead of fourth-quarter earnings. [Extracted from the article]

Overhaul is meant to make firm less dependent on boom-and-bust Wall Street businesses; investment-banking revenue fell 57%. [Extracted from the article]

The article reports on the sale by Michael Pearson, former chairman and chief executive of Valeant Pharmaceuticals International Inc., of his stock in the company in 2016. Topics covered include the value of his shares, the percentage decline in the company's share price amid questions on drug pricing and business strategy and the decision by short-seller Andrew Left to take a renewed short position in the company.