Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.
The former Goldman CEO is said to be the unnamed executive at a meeting with Asian financier; the bank faces multibillion-dollar penalties in two countries.
The appointment of David Solomon, who will take over for retiring CEO Lloyd Blankfein, has not altered the bank's aggressive plan to build a mobile phone-based bank for consumers in the U.S. and beyond.
After he takes over as CEO Oct. 1, Solomon has some key executive appointments to make, and observers will keep a close eye on the resources he devotes to help the bank accomplish its target of $5 billion in new revenue opportunities by 2020.
Banks feeling the pressure in commerical lending from lightly-regulated, cash-flush competitors; financial institutions take "an increasingly militarized approach" to fighting cybercrime.
Lloyd Blankfein will probably step down as Goldman Sachs' chief executive officer in December, according to a published report. David Solomon has been seen as the heir apparent, but the timing of the changeover had been unclear.
Today's senior leaders seem more willing than their predecessors to take bold stands on controversial topics, in part because employees and investors expect them to.
Goldman Sachs CEO Lloyd Blankfein is reportedly considering leaving by the end of this year; American Express plans to reduce its merchant fees to stay competitive.
