The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Investors might be wary that gasoline prices will continue to rise, and are looking to take back profits by selling off shares.Retailread more
The Trump administration move on California's auto emissions standards would likely set up a fight between the White House and the state.Politicsread more
"I feel really confident that defense-minded CEOs, when they are on defense, they're going to come to" flexible offices and away from traditional leases, Knotel CEO Amol Sarva...Commercial Real Estateread more
Fanatics has hired Michener Chandlee, Nike's corporate audit and chief risk officer, to become its chief financial officer, succeeding Lauren Cooks Levitan, CNBC has learned.Retailread more
Facebook has partnered with Ray-Ban maker Luxottica to develop augmented-reality glasses, people familiar with the matter told CNBC. The glasses, code-named 'Orion,' are being...Technologyread more
As Netflix's rivals prep for their own streaming service launches, and snatch up content belonging to their own networks, Netflix could soon face a dry well when it comes to...Entertainmentread more
"There's a huge reorganization going on in China regarding fentanyl to try to shut it down," Blackstone co-founder Stephen Schwarzman says.Health and Scienceread more
Goldman Sachs Group will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters.
The move is a break from tradition at Wall Street's pre-eminent bank, which usually gives its investors little information about how it makes money.
Goldman Chief Financial Officer Marty Chavez said Goldman had trouble "navigating" the markets during a conference call to discuss second-quarter results on July 18, but did not offer specifics.
That, and his vagueness over the causes of Goldman's problems, unsettled some investors.
"You were left with reading about what 'navigating the market,' means and that doesn't feel satisfying," said Ian McDonald, a U.S. bank analyst at Janus Henderson, which owns 2.5 million Goldman shares.
"Did they cut too deep on the bench? Are they not in a position to be taking on risk as much as peers?" he asked.
McDonald said he has faith in Goldman's trading prowess and its stock, but wants the bank to do a better job of communicating its strategy.
Goldman Sachs spokeswoman Ida Hoghooghi declined to comment.
The level of investor frustration is testing Goldman's time-tested "black-box" strategy of disclosing little and letting results speak for themselves. The bank does not offer targets or forecasts, and its quarterly disclosures are much sparser than those of its peers.
President and Co-Chief Operating Officer Harvey Schwartz will break that tradition at an industry conference on Sept. 12, the people familiar with the matter told Reuters, and explain what management is doing to turn the bond-trading business around.
That comes after two months of attempts by Goldman to patch up relations with investors.
Executives including securities group co-head Pablo Salame have been meeting privately with investors and analysts to assuage concerns, the sources said.
The executives have explained how Goldman is trying to get investment bankers and traders to generate more revenue by working more closely together, sources familiar with the conversations said.
That attempt to soothe relations has not produced results. Seven investors who oversee a total of $3.3 billion in Goldman shares have told Reuters they are unsatisfied with management's response so far.
The appearance of Schwartz in September may help turn the tide. A former co-head of securities and Chavez's predecessor, Schwartz has developed a reputation for explaining Goldman's approach to complicated issues, like capital rules, in a way that investors understand and appreciate.
In contrast Chavez - who took on his role in April - answered a long-running question about the viability of Goldman's bond trading operation by saying: "It could be secular, it could be cyclical, doesn't matter, who knows?"
The words of the CFO have extra weight at Goldman as CEO Lloyd Blankfein does not participate in quarterly earnings calls.