Yup great earnings. I think someone on this board predicted GS would retest 50 bucks, ouch!
No way, I think its pretty clear they junked the quarter…all the bad stuff is out the door now…
I believe that was me. Great earnings? A -$4.97 EPS loss is a pretty heavy hit. Net Rev -$1.58Bn. Moody’s just downgraded their long term senior debt as well. Goldman can finally breathe after the last 3 months of hell. Here’s a pat on the back Goldman Sachs for surviving the last 90 days, now how are you going to make handfuls of cash again?
3,250 more to let go form GS Bye bye Goldman Sachs, Dubai
closing the shop at dubai???
dinesh are you in dubai? so am i. are you taking any CFA exams there?
NYC and re-taking L2 in 09
Chad, I d be interested in how you managed to secure a job in Dubai? Did you move internally?
Joey, apologies for any misunderstanding, but i am not working in dubai. i’ve just graduated from university and am looking for jobs at the moment. i do live in dubai though. things in dubai are pretty bad though, the real estate market that was driving the city forward has more or less come to a standstill. developers dont have the money for new projects, and banks aren’t lending money for people to buy new houses. speculative buying of Real estate has stopped and house prices are tumbling.
chad17 Wrote: . things in dubai are > pretty bad though, the real estate market that was > driving the city forward has more or less come to > a standstill. developers dont have the money for > new projects, and banks aren’t lending money for > people to buy new houses. speculative buying of > Real estate has stopped and house prices are > tumbling. Well the good thing about Dubai and the rest of the Gulf countries is the Government is rich enough to take care of everything. Real Estate might be still for now but as soon as things go back up, RE will start moving too. Dubai is not out of natural resources yet, there are many years left in that. You haven’t witnessed whats going on over here in the US. Don’t look at the unemployment figures, things are much worst than that!
dinesh.sundrani Wrote: ------------------------------------------------------- > 3,250 more to let go form GS > > Bye bye Goldman Sachs, Dubai Why the heck did you say Dubai in the first place??? when you have nothing to do with it?
It was in the news today morning that they are going to cut jobs from Dubai office.
Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million (Update1) By Christine Harper Dec. 16 (Bloomberg) – Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007. The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits. Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said. The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC. “I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.” U.S. Representative Lloyd Doggett, a Texas Democrat who serves on the tax-writing House Ways and Means Committee, said steps by Goldman Sachs and other banks shifting income to countries with lower taxes is cause for concern. “This problem is larger than Goldman Sachs,” Doggett said. “With the right hand out begging for bailout money, the left is hiding it offshore.” In the first nine months of the fiscal year, Goldman had planned to pay taxes at a 25.1 percent rate, the company said today. A fourth-quarter tax credit of $1.48 billion was 41 percent of the company’s pretax loss in the period, higher than many analysts expected. David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller, expected the fourth-quarter tax credit to be 28 percent. The tax-rate decline may raise some eyebrows because of the support the U.S. government has provided to Goldman Sachs and other companies this year, Willens said. “It’s not very good public relations,” he said. http://www.bloomberg.com/apps/news?pid=20601087&sid=aznONFlyupOI&refer=home
dinesh.sundrani Wrote: ------------------------------------------------------- > It was in the news today morning that they are > going to cut jobs from Dubai office. so 10-15 jobs will be lost. The largest investment bank in UAE has fewer than 250 employees.