Reuters Select: Goldman techies bounce old-timers, then take their jobs
Reuters photo of the day
Winded It was windy in New York City on Monday. REUTERS/Lucas Jackson
Goldman techies bounce old-timers, then take their jobs
A team of programmers who helped Goldman Sachs eliminate hundreds of trading jobs over the past few years are venturing into the bank's M&A business, making some junior bankers uneasy. These programmers – known internally as "strats" – now support those handling equity underwriting, leveraged buyouts and deals within the financial services and real estate sectors. They are also analyzing client data to offer better advice on deal targets. Conventional wisdom holds that investment banking relies on personal relationships forged over years of business lunches, rounds of golf and boardroom presentations, but Reuters' Olivia Oran reports on why that might not be all there is to it.
A long, hard and confusing day at Toshiba
Tuesday was a day of last-minute delays and confusion for Toshiba. The company missed its earnings deadline, only to then release unaudited numbers, say its chairman will step down and announce plans to pull out of overseas nuclear construction. And the bankers have begun to circle over the company. Reuters presents the calamitous timeline.
Uber robberies spike in Brazil
From Sao Paulo: A Reuters analysis of crime data showed a spike in robberies involving Uber drivers since July, when the company started accepting cash payments in the city. Demand took off, but so did crime. In Sao Paulo, robberies involving Uber drivers rose ten-fold. While the danger has always existed for Uber and taxi drivers, the cash option raises questions about how Uber plans to handle the situation. Reuters' Stephen Eisenhammer and Brad Haynes report.
U.S. insurers sense opportunity in unwanted pension plans
U.S. insurers are buying corporate pension plans at a record clip as rising interest rates and all-time high stock-market values give companies the perfect excuse to offload them. Reuters' Suzanne Barlyn explains why.
No good options for Trump on North Korea
Despite his campaign vows to take a tougher line with North Korea, President Donald Trump's restrained public reaction to Pyongyang's first ballistic missile launch on his watch underscores that he has few good options to curb its missile and nuclear programs.