Banks
Goldman Sachs loses more senior bankers with reshuffles
Dozens of senior bankers have been lost at Goldman Sachs, with reshuffles and investment deals dragging. Still leading in both mergers and acquisitions despite the losses, Goldman Sachs has seen a higher rate of departures than usual this year, according to new reporting from Reuters. Leadership changes have included new co-heads and management committee members, with the expectation of low bonuses or being passed over for promotions being cited as some of the reasons for reshuffles. Those who jumped ship this year have headed to rivals of the bank, including JPMorgan Chase, Wells Fargo and Citigroup, and new partners for Goldman Sachs will be announced in 2026. Last year, 95 new partners were appointed at the bank, coming into effect at the start of 2025. "We always look to run our firm in service of our clients and shareholders," a bank spokesperson said in a statement. “Goldman Sachs succeeds because of our exceptional teams and strength of our franchise.”
JPMorgan to invest US$1.5tn into US economic security
JPMorgan Chase will invest US$1.5 trillion (A$2.305 trillion) into industries supporting the United States’ national economic security over the next decade, including direct equity and venture capital investments of up to $10 billion. Under its Security and Resilience Initiative, the company will advise, finance, and invest in businesses in industries like manufacturing, defence, energy, artificial intelligence, and quantum computing. “It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” said JPMorgan Chase CEO and chair Jamie Dimon. “Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment. It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need.” Quantum technology stocks from companies like Arqit Quantum, D-Wave Quantum, and Rigetti Computing all gained at least 20% after JPMorgan Chase announced the initiative. JPMorgan Chase had previously planned to allocate around