GS News & Events

Goldman Sachs plans to remove race, gender identity, sexual orientation and other DEI factors from its board diversity criteria, The Wall Street Journal's AnnaMaria Andriotis reports. The decision follows a request from the National Legal and Policy Center, which submitted a proposal to remove DEI criteria, according to people familiar with the matter. Goldman last year retooled its One Million Black Women program and ended diverse board requirements for IPO clients.

Kathryn Ruemmler, a former top Obama administration lawyer, has resigned from Goldman Sachs after emails showed she had a friendship with Jeffrey Epstein, the sex offender, spanning many years, The New York Times' Rob Copeland, Maureen Farrell, Lauren Hirsch, and Duy Nguyen report. Ruemmler has served as Goldman's general counsel since 2021 and was a partner and vice chair of its reputational risk committee. "My responsibility is to put Goldman Sachs's interests first," Ruemmler said in a statement confirming the resignation.

The Federal Reserve has signaled that it plans to abandon some of the confidential warnings it previously sent to banks to improve operations, people familiar with the matter told Bloomberg's Katanga Johnson, Hannah Levitt and Evan Weinberger. The Fed's supervision staff told banks around the nation earlier this month that examiners would begin reviews of the outstanding private orders to fix deficiencies, the report noted. Publicly traded large cap banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).

Robinhood shares falter on a revenue miss despite optimistic analyst coverage, while miner Canaan sees stock struggles amid strong earnings. Elsewhere, institutional giants like Goldman Sachs and Franklin Templeton adjust their strategies in the evolving digital asset landscape. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.ROBINHOOD SHARES DIP ON REVENUE MISS WHILE BERNSTEIN SEES UPSIDE:Shares of Robinhoodfell approximately 8% in after-hours trading Tuesday following a fourth-quarter revenue miss. The trading platform reported record net revenues of $1.28B, which fell short of Wall Street's $1.34B expectation. The shortfall was driven largely by a 38% year-over-year decline in crypto transaction revenue to $221M, as trading volumes on the core app dropped 52%. Despite the immediate sell-off, analysts at Bernstein maintained an Outperform rating with a $160 price target, characterizing the weakness as temporary "crypto jitters." The analysts highlighted that Robinhood's prediction markets reached new records and noted the company's planned expansion into tokenization. Separately,that Robinhood general manager Johann Kerbrat criticized the traditional T+1 stock settlement cycle as an "antiquated relic," advocating for instant settlement and confirming the company's push toward 24/7 trading via its new Ethereum Layer 2 blockchain.CANAAN STOCK SINKS DESPITE STRONG Q4 EARNINGS:Mining manufacturer Canaansaw it's shares drop roughly 7% on Tuesday, even. Revenue surged 121% year-over-year to $196.3M, driven by a 60% increase in computing power sales and a 98.5% jump in mining revenue. The company now holds a record 1,750 bitcoinin its treasury. However, the stock price slid to 56c, exacerbating fears regarding a potential Nasdaq delisting. The exchange has warned Canaan that it must raise its share price above $1 by July 13 to remain compliant with minimum bid rules.INSTITUTIONAL ADOPTION SHIFTS WITH GOLDMAN SACHS AND FRANKLIN TEMPLETON:Major financial institutions are recalibrating their approach to digital assets., Goldman Sachsreduced its bitcoin ETF holdings by 40% in the Q4. Conversely, asset managers continue to deepen their blockchain integration., executives from Franklin Templetonand SWIFT stated at a recent conference that the future of banking is "24/7 and natively on-chain," with Franklin Templeton focusing on tokenizing money market funds to reduce operational costs. In Europe, Ripple. Furthermore,to bitcoin and etherETFs from BlackRockand WisdomTreefor its clients, marking a pivot from its previous restrictive stance.LEGISLATIVE STALEMATES AND MACROECONOMIC DATA:Regulatory discussions in Washington remain intense following a high-profile White House meeting regarding stablecoin yields and market structure., sources from both banking and crypto sectors termed the session "productive," though no compromise was reached by the end. While the, industry executives expressed varying views on the path forward. Ripple chief legal officer Stuart Alderotythat "compromise is in the air" and urged lawmakers to seize the momentum to deliver a win for consumers. However, BitGo CEO Mike Belshe took a firmer stance,that both sides must stop "re-litigating GENIUS" and instead focus on passing "CLARITY" to ensure market structure is not delayed by stablecoin debates. On the macro front, the U.S. added a stronger-than-expected 130,000 jobs in January, sending the unemployment rate down to 4.3%. Following the data, bitcoin pared earlier losses to trade modestly higher.PRICE ACTION:As of time of writing, bitcoin was trading at $66,317.99, while ether was trading at $1,926.60,.