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Goldman Sachs has promoted 95 executives to its partnership, marking the largest increase since David Solomon became CEO in 2018. This surpasses the previous high of 80 promotions in 2022, as the firm continues its biennial tradition of elevating select individuals to its top ranks.
Joerg Kukies, a former Goldman Sachs executive, has been appointed as Germany's new finance minister, continuing a trend of Goldman alumni in top economic roles across G7 nations since early 2006. This appointment reinforces the influence of the investment bank in global economic policymaking.
Donald Trump's election victory has temporarily eased the path for new European stock sales, yet uncertainties regarding tariffs and policies pose risks for the region's future. Spanish utility Cox Abg Group SA and Croatian grocery chain Studenac Group SA are moving forward with initial public offerings, aiming to list before the year-end. Meanwhile, Goldman Sachs is marketing shares in CVC Capital Partners Plc following its inclusion in a global index.
The re-election of Donald Trump has led to a historic surge in US bank stock prices, with Morgan Stanley, Goldman Sachs, and JP Morgan seeing significant gains. The prospect of tax cuts and reduced regulations, alongside Republican control of Congress, has fueled optimism on Wall Street, resulting in the S&P 500's largest post-election jump in a century. UBS and other Swiss banks also benefited, as the potential for relaxed regulations in the US may influence capital adequacy rules in Switzerland.
Stefan Bollinger has been appointed as the new CEO of Julius Baer, succeeding Philipp Rickenbacher, who stepped down in February. Bollinger, previously co-head of private wealth management at Goldman Sachs, brings three decades of international experience in financial markets. His leadership aims to position Julius Baer as a leading private bank, focusing on sustainable growth and enhanced risk management.
Asia-Pacific markets showed mixed results following Donald Trump's election victory, with Taiwan's economy minister indicating support for companies relocating production from China due to anticipated tariffs. The Philippines' GDP growth slowed to 5.2% in Q3, while China's exports surged 12.7% in October, despite a decline in imports. Electric vehicle stocks faced pressure, particularly after Trump's win, with analysts noting potential benefits for traditional automakers like Ford and GM under a less stringent regulatory environment.
Markets reacted to Donald Trump's victory in the 2024 election, with analysts skeptical about the implementation of his aggressive economic policies, particularly regarding tariffs and immigration. While Trump proposed a 10% tax on all imports and a 60% duty on Chinese goods, experts believe these measures may not fully materialize, with a gradual phase-in expected. European analysts warned that renewed trade tensions could negatively impact GDP growth across the Euro area, though the anticipated economic effects of tariffs might be limited.
Financial stocks surged following Donald Trump's victory in the 2024 U.S. presidential race, with JPMorgan Chase rising over 8%, Goldman Sachs up more than 9%, and Bank of America increasing by over 7%. Credit-card companies also saw significant gains, with Discover, Capital One, and Synchrony jumping 14% or more. The overall market reflected optimism, as the Dow, Nasdaq, and S&P 500 posted substantial morning gains, alongside a rise in cryptocurrency prices.
Shares of major US banks, including Citigroup, JPMorgan Chase, and Goldman Sachs, surged in premarket trading amid optimism that Donald Trump would fulfill his campaign promises to lower corporate taxes and reduce regulations. Trump proposed cutting the corporate tax rate to 15% and eliminating 10 regulations for every new one, contrasting sharply with rival Kamala Harris's plans to raise corporate taxes.
UBS has launched the first-ever tokenized money market fund, the "UBS USD Money Market Investment Fund Token" (uMINT), on the Ethereum blockchain, catering to rising investor interest in tokenized assets. This initiative aligns with UBS's Distributed Ledger Technology strategy and reflects a broader trend among major banks, including Goldman Sachs and Deutsche Bank, to embrace tokenization in finance. As tokenization gains traction, Ethereum's dominance in real-world asset (RWA) tokenization, valued at $3 billion, positions it as a key player in the evolving financial landscape.
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