Goldman seeks capital relief, Intel delays launch of next generation chips, US jobs recovery stalls
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 24 July 2020
⏱️ 9 minutes
🧾️ Download transcript
Summary
Goldman Sachs is pointing to its strong second quarter results in a pitch to the Federal Reserve for relief on its capital requirements, Intel shares dropped after the company said it was pushing back the launch of its next generation of chips, and as US lawmakers wrangle over the next economic stimulus package the US jobs recovery appears to be stalling. Plus, the search for oil can cost hundreds of millions of dollars. The FT’s senior energy correspondent, Anjli Raval, explains why the industry is scaling back.
Goldman touts ‘countercyclical’ trading in pitch for capital relief
ft.com/content/91b19416-6f3b-4e67-a309-857a61c6d494?
US labour market recovery appears to stall amid stimulus talks
https://www.ft.com/content/c9290574-ceef-4638-baf1-d27323992129
Intel warns of delays to next generation chips
ft.com/content/29e02e4f-df7f-49d7-8f94-00a5af481909?
The last frontier: oil industry scales back exploration
https://www.ft.com/content/85afd43a-cb3d-4e82-88b7-1f3a77dc2acb
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Friday, July 24th. |
| 0:04.0 | And this is your FT News briefing. |
| 0:07.0 | Goldman Sachs tells the Federal Reserve, |
| 0:11.0 | it's not like other banks. |
| 0:12.0 | Intel struggles to regain its manufacturing. Federal Reserve, it's not like other banks. |
| 0:13.0 | Intel struggles to regain its manufacturing edge, and as U.S. lawmakers wrangle over the next round |
| 0:18.7 | of stimulus, the jobs recovery appears to be stalling. Plus the search for oil has always been an expensive effort, |
| 0:26.0 | so why are companies scaling back now? |
| 0:29.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:33.0 | When the Federal Reserve ran its annual bank stress tests last month, |
| 0:39.0 | Goldman was told to increase the amount of capital it keeps on hand for a possible downturn. |
| 0:44.4 | The Fed assumed that Goldman would have significant trading losses during a rough economic |
| 0:49.4 | patch. |
| 0:50.4 | And so the Central Bank handed Goldman the highest capital requirement of any large bank in the U.S. |
| 0:56.0 | But now Goldman is arguing that the real life stress test of operating during the coronavirus pandemic proves its trading business is actually |
| 1:05.4 | countercyclical. |
| 1:06.9 | That's according to a person familiar with its position. |
| 1:10.2 | In the second quarter, unemployment levels rose and global economy swung into recession, |
| 1:14.8 | but Goldman had a standout performance thanks to a surge in fixed income and equities trading revenue. |
| 1:21.6 | But there are some holes in Goldman's argument. |
| 1:24.4 | Wall Street analysts and some of the industry's most senior executives say banks won't be |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.