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The Federal Reserve is investigating Goldman Sachs Group Inc.’s GS -3.08% consumer business to determine whether the bank had appropriate safeguards in place as it ramped up lending, according to people familiar with the matter.  The regulator has concerns that the bank didn’t have proper monitoring and control systems inside the consumer business, known as Marcus, especially as it grew larger, the people said.  The Fed is…

Goldman Sachs Group Inc. GS -0.60% said a big chunk of its consumer lending business lost slightly more than $3 billion since 2020, revealing for the first time the costly toll of the Wall Street giant’s Main Street push.  Ahead of fourth-quarter earnings, scheduled to publish next week, Goldman released financial information that reflects its new reporting structure. The bank in October announced a sweeping reorganization that…

Several U.S. companies are slashing staff at the beginning of 2023, continuing the downsizing that took place last year as businesses recalibrate after growing rapidly at the start of the Covid-19 pandemic. Waning demand and weaker revenue forced many major employers to scale back payrolls and institute hiring freezes in 2022. That hangover has spilled over into the New Year.  The job cuts have been concentrated in the tech industry and have included Facebook parent Meta…

Executives considering downsizing are currently grappling with the same problem: finding the most effective way to let employees go. Is it better to get layoffs over with all at once even at the risk of cutting too deep? Is firing over Zoom more humane than making an employee come into the office to lose their job? How much severance pay is fair?  As well-known employers including Amazon.com Inc., Salesforce.com Inc., CRM 2.57% Goldman Sachs…

Employers are losing their patience with empty desks in the office. Companies including investment giant Vanguard Group, workplace technology company Paycom Software Inc. and others have sent directives to employees in recent weeks, urging workers to follow existing hybrid schedules or to come into the office on additional days in 2023, according to internal memos viewed by The Wall Street Journal and interviews with employees. In some cases, bosses have told those who fail to comply that they could…

The labor market proved to be a resilient stabilizer in 2022 for a U.S. economy facing the highest inflation in four decades.With the Federal Reserve having raised interest rates at the fastest pace since the early 1980s to fight inflation, however, the economy has slowed, and effects of that are filtering into hiring and wages. The unemployment rate was 3.7% in November, according to the Labor Department, just above half-century lows matched earlier in 2022. Fed officials forecast the rate to rise to 4.6% in the fourth…

Now, a growing crowd is betting on exactly that happening. Mutual funds and hedge funds managing roughly $4.8 trillion in assets have been putting money into stocks that stand to benefit from inflation cooling, interest rates going down and the U.S. economy avoiding a recession, according to an analysis by Goldman Sachs Group Inc. The investors have larger-than-average positions in shares of industrial, materials and energy companies, Goldman’s analysis found. All three groups…

Goldman Sachs Group Inc. GS -2.31% plans to fold its biggest businesses into three divisions, undertaking one of biggest reshuffles in the Wall Street firm’s history. Goldman will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and…

Procter & Gamble Co. , Netflix Inc. and Tesla Inc. highlight a busy coming week of earnings as persistent inflation and climbing interest rates stoke talk of a recession. About 66 companies in the S&P 500 are scheduled to report earnings in the coming week, according to FactSet. Eight members of the Dow Jones Industrial Average, including American Express Co. and Verizon Communications Inc.,…

The accounts available to Apple Card users are expected to roll out in the coming months. Illustration: David Paul Morris/Bloomberg News…