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After years serving CEOs, Goldman’s Ayco also wants other workers

FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange
FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid

April 25, 2019

By Elizabeth Dilts

NEW YORK (Reuters) – Goldman Sachs Group Inc is expanding a financial advisory service for top executives to target millions of other affluent employees at some of the biggest U.S. companies, as it seeks to build its retail and wealth management businesses.

Goldman’s Ayco unit provides high-end tax and wealth advice to top executives at some 400 companies, including 60 Fortune 100 companies. According to the bank’s estimates these firms employ at least 8 million people and Goldman now wants them as clients, too.

Goldman began rolling out a new Ayco personal finance website for rank-and-file workers in October and has so far signed up 70 companies. By the end of 2019, the bank hopes to have signed up around 100 companies, which employ 2 million employees, Larry Restieri, the unit’s chief executive, said in an interview this month.

In recent weeks, it has also started pitching high-yield savings accounts and personal loans from its online bank Marcus through the Ayco website, Restieri added.

The rollout is the latest effort of the Wall Street trading and advisory firm to reposition itself as a traditional bank.

Goldman seeks to reach a wider customer base. Its trading business has been shrinking. In the first quarter, the bank’s corporate clients helped it grow mergers and acquisitions revenue but overall revenue slumped.

Chief Executive David Solomon must deliver on a target of $5 billion in new annual revenue by 2020 or risk getting squeezed by rival behemoths like JPMorgan Chase & Co and Bank of America Corp . [https://tmsnrt.rs/2H81K9a]

The bank took its first step toward that goal with the creation of Marcus in 2016. In March, Goldman announced a co-branded credit card with Apple Inc, which will connect it to hundreds of millions of iPhone users.

Expanding Ayco is the next step into the $9 trillion U.S. mass affluent customer market and offers the bank an opportunity to gain new clients cheaply.

The primary cost to the bank – developing the online platform – will be offset by fees companies will pay to offer the service to their workers, Goldman executives said.

Some investors fret Goldman is expanding into an area where it has little experience. They worry the bank is making $40,000 personal loans and extending credit card debt to iPhone users when the economy is showing signs of slowing.

Goldman thinks otherwise. Executives there say the Ayco expansion is part of a bigger plan, culminating with the launch of a retail wealth management offering later this year.

Restieri said it is too early to put numbers on the contribution the expanded Ayco could make toward Goldman’s $5 billion goal.

In November, the bank said that it was halfway toward meeting that target and that Ayco, along with private wealth management and asset management, had so far contributed $400 million.

ONLINE QUESTIONNAIRE

Ayco’s website, called Financial Wellness, starts with an online questionnaire. Employees of corporate clients such as Google’s parent Alphabet Inc answer questions like, “Do you generally live within your means?” and “Do you have an emergency fund?”

After workers answer questions about their savings, credit card debt, student loans and other finances, Ayco offers what it calls solutions such as Marcus savings accounts, personal loans or products from other financial institutions.

Adoption rates are a question. One company that offered a financial incentive got as much as 60 percent of its employees to use Financial Wellness. Others have seen lower pick-up rates.

But as Ayco rolls out its mass-market offering, Restieri thinks it will benefit from brand cachet of having already served the bosses.

“When this offering is presented to employees, the top C-suite of those companies would have already been using us for 10-15 years,” Restieri said.

(Reporting By Elizabeth Dilts; editing by Neal Templin and Paritosh Bansal)

Source: OANN

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HSBC directors take pension cut after investor pressure

FILE PHOTO: FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London
FILE PHOTO: The HSBC bank logo is seen in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

April 12, 2019

BIRMINGHAM, England (Reuters) – HSBC’s three executive director board members have agreed a reduction in their pension allowance from 30 to 10 percent of base salary, following increasing scrutiny from investors and other stakeholders on overall executive pay.

New directors on the bank’s board will also see a reduction of cash in lieu of pension to 10 percent of salary, the bank announced at its annual shareholder meeting in Birmingham.

The bank’s move follows similar reductions in pension allowances at other major UK banks.

(Reporting By Lawrence White; editing by David Evans)

Source: OANN

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Democrats need to talk less about Russia if they want to win in 2020: former DNC chair Ed Rendell

Democrats now need to shift their focus away from Russia and the 2016 presidential election and spend more time “doing the business of the people” if they want to have a chance of defeating Trump in 2020, former DNC chairman Ed Rendell says.

The comments from the ex-governor of Pennsylvania on "America’s Newsroom" Monday come as his party is grappling with how to proceed following the release of a summary of findings from Robert Mueller’s investigation, which, Attorney General Bill Barr says, could not prove that Trump or his campaign colluded with Russia to influence the outcome of the 2016 race.

“We have to get back to doing the business of the people,” Rendell said. “And that’s legislating on infrastructure, immigration, fixing the Affordable Care Act, things like that. That will be the key to whether we will be successful in 2020.”

Rendell added that it is important to note the summary released by Barr “did exonerate [Trump] on any evidence on collision, but it specifically said… it did not exonerate him on obstruction of justice.

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FILE - In this June 21, 2017, file photo, special counsel Robert Mueller departs after a meeting on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite, File)

FILE - In this June 21, 2017, file photo, special counsel Robert Mueller departs after a meeting on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite, File)

“That has to be looked at by people who are going to look at the report and decide what to do with it,” he added, further suggesting that “I wouldn’t if I were a Republican say that President Trump is out of the woods.

“This was just one of many, many different places that are investigating President Trump,” Rendell said.

But as for the Democratic Party, “we should continue to do investigations when appropriate but we should focus our attention now on legislating, on getting some things done,” Rendell believes.

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“The Democrats should not have made the statements that there was plenty of evidence of collusion,” he said. “There wasn’t – it was at the margins at best.

“Now we should put that behind us and focus on investigating other things that need investigation. But most important, our legislating,” he continued. “We need to pass out of the Democratic House an infrastructure bill to get people back to work to do something about the absolutely pathetic state of our infrastructure. Immigration, we should try to solve the immigration problem.”

Source: Fox News Politics

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Germany indicts suspected rebel over Sri Lanka war crimes

German authorities have indicted a Sri Lankan man suspected of involvement in killing 15 captured government soldiers while fighting for the Tamil Tigers rebel group.

Federal prosecutors said Friday that 37-year-old Sivatheeban B. is accused of membership in a foreign terrorist organization, war crimes, two cases of manslaughter and 11 cases of attempted manslaughter.

The man, whose surname wasn't released due to German privacy rules, was arrested in August.

Prosecutors allege that in 2008 the suspect guarded 15 captured soldiers as they were driven to a site where they were executed, and later helped burn their bodies. In a separate incident a year later, he fired on 13 soldiers, two of whom died.

The rebel group, which fought for a separate state for ethnic minority Tamils, was defeated in 2009.

Source: Fox News World

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The Latest: Dragging death ringleader stoic before execution

The Latest on the execution of ringleader of dragging death of James Byrd Jr. nearly 21 years ago. (all times local):

5:15 p.m.

Prison officials say condemned killer John William King is stoic as he awaits execution for the death of a black East Texas man who was chained to the back of a truck and fatally dragged along a road nearly 21 years ago.

The 44-year-old King, a white avowed racist, arrived midafternoon Wednesday at the prison in Huntsville, Texas, where he's scheduled for lethal injection for James Byrd Jr.'s June 1998 slaying.

Prison agency spokesman Jeremy Desel says King said little following his transfer to Huntsville from death row, at a prison 45 miles (72 kilometers) away. King has declined any counseling from a chaplain and has selected no one to witness his punishment.

Two of Byrd's sisters and a niece are to witness the execution.

____

12 a.m.

A man who orchestrated one of the most gruesome hate crimes in U.S. history faces execution in Texas.

John William King is scheduled for lethal injection Wednesday evening in the June 1998 dragging death of James Byrd Jr., a black man from East Texas.

The 44-year-old King, who is white and an avowed racist, was put on death row for chaining Byrd to the back of a truck and dragging his body along a secluded road outside Jasper, Texas. Prosecutors said Byrd was targeted because he was black.

The hate crime put a national spotlight on Jasper, which was branded with a racist stigma it has tried to shake off ever since.

King would be the second man executed in the case. A third man received a life sentence.

Source: Fox News National

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Coachella stagehand dies during setup, police say

A California man died Saturday while setting up one of the stages for next weekend’s Coachella Music Festival, police said.

Public Information Officer Benjamin Guitron with the Indio Police Department confirmed to Fox News that an unidentified male died Saturday in an “industrial accident” related to the setup of a stage arrangement for the famous music fest, which is set to take place over the weekends of April 12 and 19. The list of performers for this year's iteration of the fest includes Billie Eilish, Ariana Grande, Childish Gambino, Chvrches, Khalid, Gucci Gang, Zedd and Weezer, among many others.

KANYE WEST BRINGING HIS SUNDAY SERVICE TO COACHELLA ON EASTER

Police responded Saturday morning to a report that a stagehand at the Empire Polo Club in Riverside County, Calif., had gotten hurt while working on one of the stage setups. Medical personnel tended to the man on the scene, but he died as a result of his injuries.

Because of the circumstances of the man’s death, officials contacted the Occupational Safety and Health Administration (OSHA) which has taken the lead in the investigation.

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Details surrounding the man’s death remained unknown as of Saturday evening, but a TMZ report cited sources who said the man fell some 60 feet while scaling some scaffolding. He was reportedly attached to a safety harness, the website said.

An autopsy report will be conducted by the Riverside County Sheriff-Coroner’s Office. A victim ID awaits family notifications.

Source: Fox News National

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Trump: 'Hostile, Corrupt' Media Ignores Our Progress

President Donald Trump continued two of his most common mantra's of his presidency via Twitter on Sunday: The media is "hostile and corrupt" because it is failing to recognize the accomplishments of his administration.

"Despite the most hostile and corrupt media in the history of American politics, the Trump Administration has accomplished more in its first two years than any other Administration. Judges, biggest Tax & Regulation Cuts, V.A. Choice, Best Economy, Lowest Unemployment & much more!"

And, because he could not fit all of his boasting of accomplishment in Twitter's 280 characters – which expanded from 140 during his presidency, perhaps to accommodate his trademark tweetstorms – President Trump added an ensuing tweet for historical strong jobs numbers.

"More people are working today in the United States, 158,000,000, than at any time in our Country's history. That is a Big Deal!"

His Sunday morning tweets came one day after WhiteHouse.gov issued clips of positive administrative news, including a 56 percent approval rating on the economy and "public optimism in their personal economy has hit a 16-year high under President Trump," according to the latest Gallup Poll.

Source: NewsMax Politics

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Extraordinary European Union leaders summit in Brussels
FILE PHOTO: Italian Prime Minister Giuseppe Conte arrives at an extraordinary European Union leaders summit to discuss Brexit, in Brussels, Belgium April 10, 2019. REUTERS/Yves Herman

April 26, 2019

(Reuters) – Italian Prime Minister Giuseppe Conte said on Friday he had assured China’s Huawei Technologies that it would not face discrimination in the rollout of Italy’s 5G telecoms network.

Conte was speaking on a visit to China where he said he met Huawei’s chief executive, Ren Zhengfei. The prime minister’s comments were carried in Italy by TV broadcaster Sky Italia.

“I told him that we have adopted some precautions, some measures to protect our interests that demand very high levels of security … not only from Huawei but any company entering into the 5G arena,” he said.

Huawei, the world’s biggest producer of telecoms equipment, is under intense scrutiny after the United States told allies not to use its technology because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

(Writing by by Mark Bendeich; Editing by Angelo Amante)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – President Donald Trump on Friday was expected to announce his intention to revoke the United States’ status as a signatory of the Arms Trade Treaty, which was signed in 2013 by then-President Barack Obama but never ratified by Congress, two U.S. officials said.

Trump was expected to announce the decision in a speech in Indianapolis, to the National Rifle Association, the officials said. The NRA, a powerful gun lobby group, has long been opposed to the treaty, which was negotiated at the United Nations.

(Reporting By Steve Holland; Editing by Bill Trott)

Source: OANN

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A remote controlled robot for the 'Isotopium: Chernobyl' game is seen at the game's location in Brovary
A remote controlled robot for the ‘Isotopium: Chernobyl’ game is seen at the game’s location in Brovary, Ukraine April 25, 2019. REUTERS/Valentyn Ogirenko

April 26, 2019

By Margaryta Chornokondratenko

KIEV (Reuters) – A Ukrainian computer game that brings to life a town abandoned after the Chernobyl nuclear disaster may not sound like everyone’s idea of fun but has attracted 60,000 people globally since its launch in October.

Players of “Isotopium: Chernobyl” drive tanks around the ghost town of Prypyat near Chernobyl, knocking out competitors as they search for an energy source called isotopium and collecting points every time they find some.

While the game takes its theme from the nuclear disaster at Chernobyl in northern Ukraine, which marked its 33rd anniversary on Friday, it was also inspired by the 2009 science fiction film “Avatar”.

Newcomers to the game think they have entered a virtual world when in fact they are controlling a real robot, equipped with a camera and computer, which makes its way around a model of the town rendered down to the tiniest detail.

“When playing our game, for the first 5-10 minutes many players don’t understand that it is not fictional,” said the game’s co-founder Sergey Beskrestnov. “They message us saying: ‘You have cool texture, you have good graphics, your designer is good, well done. You have a cool operating system.’

“People then reply: ‘It is not an operating system, it is real,’ and the player can’t believe it is real,” said Beskrestnov, speaking mid-game from Prypyat city square as he towers over surrounding five-storey buildings.

Kiev-born Beskrestnov was just 12 years old when on April 26, 1986 a botched test at the nuclear plant in the then Soviet Union sent clouds of smoldering nuclear material across large swathes of Europe, forced over 50,000 people, including Beskrestnov’s family, to evacuate and poisoned unknown numbers of workers involved in its clean-up.

Beskrestnov and his partner Alexey Fateyev used Google maps and hundreds of pictures from the Chernobyl area to recreate Prypyat landmarks, including residential buildings, a hotel, concert hall, amusement park and a stadium.

The game’s real-scale model occupies a 180 square meter (1,938 sq. ft) basement of a residential building in the Ukraine city of Brovary, just 150 km (93 miles) from the Chernobyl Exclusion Zone and 30 km east of Kiev.

Miniature radioactivity warning signs, graffiti on the walls of abandoned buildings and tables and chairs left scattered inside a small cafe all add to the creepy atmosphere of a once lively town.

“It’s a really neat concept …,” Shaun Prescott wrote in a review of the game published by PC Gamer magazine in January. “Controlling the tanks is kinda cumbersome, but they are tanks, after all.”

An attentive player will notice at least one inaccuracy – the real Chernobyl nuclear power plant is not located in town as it is in the game.

It costs $9 to immerse in the atmosphere of a post-apocalyptic town for an hour but only 20 people at a time can play simultaneously. Beskrestnov’s company, Remote Games, said 62,615 people around the world have registered to play the game, including around 15,000 in France and 10,000 in the United States.

A camera fixed on top of a moving tank broadcasts high quality signal in real time, allowing players from as far apart as Australia and Canada enjoy the game without facing any time delay in delivering video signals.

Its creators next ambition is to devise a game featuring the colonization of Mars in which 1,000 people will be able to simultaneously control robots on different missions involved in the operation.

“Many people advise us to contact Elon Musk directly because it resonates his dreams and ideas,” Beskrestnov jokes.    

(Editing by Susan Fenton)

Source: OANN

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FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California
FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – Initial optimism over first-quarter results from Starbucks Corp was waning fast on Wall Street on Friday, as analysts questioned the longer-term prospects of its new sales push given subdued overall customer traffic numbers especially in China.

The company on Thursday beat brokerage estimates for quarterly same-store sales on the back of demand for its new Cloud Macchiato, Matcha tea and cold brews in the United States.

However, BTIG’s Peter Saleh was one of a number of sector analysts who said while customers forking out for higher-priced new drinks had helped drive growth in same-store sales, “anemic” traffic at cafes remained a concern.

He and others pointed to a 1 percent decline in footfall at cafes in the Chinese market, viewed as crucial to the chain’s growth for the foreseeable future.

More broadly, transaction numbers, the substitute analysts use for customer traffic, were unchanged in all three of the company’s global regions.

Shares in the company, which hit a record high after the results on Thursday, fell 1 percent in morning trade.

“We remain cautious given near-term headwinds surrounding China, including cannibalization, increasing competition (and) a slowing economy,” Wedbush analyst Nick Setyan said.

Starbucks has also poured money into beefing up its delivery network in China as it battles with local startup Luckin Coffee, whose speedy growth led it to file for an IPO in the United States earlier this week.

New menu items and partnerships with delivery services, the heart of the company’s strategy to win back customers lost to artisanal coffee shops and cheaper fast-food rivals, did help Starbucks’ sales in its home market.

However, analysts said growth in China may continue to be subdued.

Wells Fargo analyst Bonnie Herzog said she expects store expansion in China to take priority over comparable sales growth.

She downgraded her rating on Starbucks’ to “market perform” from “outperform”, arguing that the company facing tough sales comparisons later on in 2019 from last year and the current rich valuation of shares meant the stock had limited room to rise.

“Investors will be hesitant to invest new money in a stock with a topline that, while still strong, is unlikely to meaningfully accelerate,” Herzog said.

Still, the company’s solid same-store growth in the United States, improving profit margins and a lower tax rate for the rest of the year led at least 6 Wall Street brokerages to raise their price targets on the stock to as high as $81.

11 of 29 brokerages rate Starbucks “buy” or higher, 17 “hold” and 1 “sell” or lower. Their median price target is $75.

(Reporting by Uday Sampath in Bengaluru)

Source: OANN

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A man accused of fatally beating a 4-month-old boy after finding out the infant wasn’t his son had been previously deported from the United States five times, most recently in late 2016, immigration officials said.

Carlos Zuniga-Aviles, a 33-year-old Honduran national, has used multiple aliases, including the fake name of Jose Agurcia-Avila he gave police in Memphis, Tennessee, following his arrest in the boy’s death earlier this month, US Immigration and Customs Enforcement officials told WMC-TV.

ICE officials have since filed an immigration detainer against Zuniga-Aviles, who was initially deported back to Honduras in February 2010. He was also returned to the Central American country in 2011, 2012, 2015 and 2016.

CLICK HERE TO READ MORE FROM THE NEW YORK POST

“ICE will seek to take him into custody to reinstate his removal order following the resolution of the criminal charges he currently faces,” the statement reads. “Mr. Zuniga-Aviles has been removed from the US five prior times: his most recent removal by ICE to Honduras took place in December 2016.”

ILLEGAL IMMIGRANT WITH CRIMINAL HISTORY ARRESTED IN CALIFORNIA WOMAN’S MURDER

Zuniga-Aviles later returned to the U.S. following his removal, a felony under federal law, immigration officials said. It’s unclear exactly when he returned, but he was living with his girlfriend and the woman’s 4-month-old son in Memphis at the time of his arrest, WREG reports.

DAD OF MAN KILLED BY ILLEGAL IMMIGRANT BLASTS CALIFORNIA GOV. NEWSOM’S TRIP TO CENTRAL AMERICA: ‘IT’S DISGUSTING’

The infant, Alexander Lizondro-Chacon, was pronounced dead at a hospital from blunt force trauma to the head after his mother, Mercy Lizondro-Chacon, called police on April 12 to report that the boy was having trouble breathing, according to an affidavit of complaint obtained by the Commercial Appeal.

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This article originally appeared in the New York Post. For more from the Post, click here.

Source: Fox News National

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