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MarketScreener Homepage  >  Equities  >  Nyse  >  The Goldman Sachs Group, Inc.    GS

THE GOLDMAN SACHS GROUP, INC.

(GS)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 05/27 11:23:51 am
203.445 USD   +3.77%
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Shedding 2008 Stigma, Biggest U.S. Banks Borrow Straight From the Fed

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03/16/2020 | 09:49pm EDT

By Liz Hoffman and David Benoit

The country's biggest banks said they borrowed from the Federal Reserve's emergency-lending fund, not out of panic but to remove the public stigma of doing so in case the economic fallout of the coronavirus gets worse.

JPMorgan Chase & Co., Bank of America Corp. and six other big banks said late Monday they had tapped the Federal Reserve's pool, known as the discount window. People briefed on the move said the borrowings were relatively small and weren't used to address any critical funding shortfalls.

Banks relied heavily on the Fed window during the 2008 financial crisis, when they struggled to stay solvent as markets cratered. They all but abandoned it in recent years, even though the Fed offers some of the cheapest funding available, out of concern that it would paint them as weak.

By acting as a group now, the banks have strength in numbers. The same eight firms used each other for air cover on Sunday when they announced they would suspend their stock buybacks -- another move that, at a single firm, could have signaled severe stress.

Last month, before the coronavirus outbreak wreaked havoc on the markets, JPMorgan Chief Executive James Dimon said the bank would start using the window again. "We think it's time," he said at the bank's investor day. "We think it's a good idea and will help remove the stigma."

In a statement, the group -- which also includes Wells Fargo & Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, Bank of New York Mellon Corp. and State Street -- said they had "substantial liquidity and multiple sources of funding."

But cracks have shown in parts of the money market, the short-term funding that keeps the lights on overnight at financial institutions and other companies. Bank stocks have tumbled over the past week on fears that they aren't prepared for what could be a sustained period of market tumult, followed by a lengthy recession.

The Federal Reserve has offered cheap funds to keep banks liquid and avoid panic. And on Sunday it said it would purchase $700 billion of government bonds, another salve for a choppy market.

Fed officials have pressed banks to use the window more regularly, concerned that their unwillingness to use it was disrupting the movement of money around the financial system. On Sunday, the Fed slashed the interest rate on discount-window loans to further encourage banks to use it.

 

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON CORPORATION (THE) 3.23% 38.01 Delayed Quote.-31.45%
CITIGROUP INC. 5.09% 50.53 Delayed Quote.-39.70%
JPMORGAN CHASE & CO. 4.27% 99.73 Delayed Quote.-31.26%
MORGAN STANLEY 4.72% 45.75 Delayed Quote.-14.53%
STATE STREET CORPORATION 4.04% 63.24 Delayed Quote.-30.06%
THE GOLDMAN SACHS GROUP, INC. 3.60% 202.88 Delayed Quote.-14.73%
WELLS FARGO & COMPANY 3.58% 27.27 Delayed Quote.-51.19%
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Financials (USD)
Sales 2020 33 314 M
EBIT 2020 8 355 M
Net income 2020 4 714 M
Debt 2020 279 B
Yield 2020 2,57%
P/E ratio 2020 14,9x
P/E ratio 2021 9,37x
EV / Sales2020 10,5x
EV / Sales2021 9,92x
Capitalization 70 304 M
Chart THE GOLDMAN SACHS GROUP, INC.
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Technical analysis trends THE GOLDMAN SACHS GROUP, I
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 215,40 $
Last Close Price 196,06 $
Spread / Highest target 53,5%
Spread / Average Target 9,86%
Spread / Lowest Target -18,4%
EPS Revisions
Managers
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
Atte Lahtiranta Chief Technology Officer
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