Goldman Sachs News
Goldman Sachs’ profit jumped 45% in monster quarter.
The investment bank made $3 billion of profit on revenue of nearly $13 billion in Q3, it reported yesterday, surpassing even the rosiest of expectations. Bloomberg reported that it was the best quarter ever for Goldman’s stock trading unit, putting the group on track for a record year. And it wasn’t just Goldman: Bank of America, Citigroup, and JPMorgan Chase all beat forecasts, largely thanks to gains in trading revenue. Executives credited optimism around the US economy, along with the Fed’s interest rate cuts being likely to encourage more dealmaking.—AE
US tells Israel to let more aid trucks into Gaza.
In a letter to the Israeli government sent this week, the Biden administration said Israel has to “reverse the downward humanitarian trajectory” in Gaza or risk losing US military aid. US leaders warned of “implications” for future weapons supplied to Israel if the country doesn’t boost aid truck crossings in Gaza and facilitate other aid, including allowing the Red Cross to visit Palestinian detainees in Israel who are reportedly being abused. The US gave Israel 30 days to stop obstructing aid crossings and “demonstrate a sustained commitment” to halting the humanitarian crisis. Following two weeks with no aid truck crossings, some US officials fear that many people in northern Gaza could die of starvation within the week.—ML
Starbucks is scaling back discounts.
The coffee giant’s new head honcho, Brian Niccol, aka “the LeBron James of CEOs,” just blocked your next cheap iced caramel macchiato like he was chasing down Andre Iguodala in Game 7 of the 2016 NBA Finals. Under Niccol, Starbucks is reportedly pivoting from discounts and promotions to refocus on selling premium coffee and seasonal drinks. Starbucks and other food chains began offering discounts earlier this year to attract cash-strapped customers, but with inflation easing, expect many of these promotions to end. Niccol also said the discount cutback will reduce strain on workers, who are often overwhelmed when the company offers coffee and a breakfast sandwich for $6.—AE