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Reuters
Goldman outlines $5 billion capital benefit from exiting investments
Goldman Sachs Group has been freeing up about $5 billion of capital that management can use for share buybacks, dividends and business investments, after selling stakes in companies and real estate holdings as valuations soared, management said on Tuesday. Some companies Goldman has invested in, like payments firm Marqeta, have recently pursued traditional IPOs, while others like cryptocurrency operator Circle and renewable energy firm ReNew Power have struck deals to go public through SPAC mergers. Altogether, that has led to gains on initial investments as well as capital relief, Chief Financial Officer Stephen Scherr said while discussing second-quarter results.
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