Welcome back. $4 checking in from NYC and hoping you had a fantastic first night of Hanukkah, for those who celebrate.
All eyes are currently on Elon Musk's Twitter, after the billionaire on Sunday $4 asking users whether he should step down as the company's head. He also said he would abide by its result. The poll has now closed, with $4. This is a developing story and we will be keeping you updated with $4.
Today we've also got stories on $4, the $4, and $4.
But first, the Goldman cuts go deep.
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1. Dark days at Goldman.
The vibes aren't very high at Goldman Sachs these days.
On Friday, news leaked that the bank was planning to $4.
Having to enact such deep cuts is just the latest in what has been a string of bad news for one of Wall Street's top banks.
So how did we get here?
First the M&A and IPO market ground to a halt, two areas that typically generate significant fees for the bank, and which eventually led to $4.
By the summer, insiders were questioning the value of $4, which eventually led to internal conversations about $4. A few months later, CEO David Solomon $4 that was an acknowledgement of the struggles the consumer division had faced.
Meanwhile, $4 and $4 to a female partner over claims of sexism and mistreatment were reported. And Solomon's much-publicized side gig as a DJ is $4.
Even the good news can't catch a break. The announcement of $4, a typically lauded event on social media, was quickly overshadowed by the implosion of crypto exchange FTX, which occurred the same week.
And it really isn't all that bad. Goldman's annual trading revenue is set to beat last year's mark, and the stock price, while down this year, is outperforming the S&P 500 index and the other large US banks. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers.
But it shows that even Wall Street's busiest bankers aren't immune to the slowdown in dealmaking and markets volatility that has made this year so difficult.
And we might not be out of the woods yet. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon.
In other news:
2. Move to the public cloud, they said. You'll save money, they said. Migrating off physical servers came with promises of big savings, but finance firms are finding a switch to the public cloud to still come with its own expenses. $4.
3. Revenge of the "nerds." After a difficult run, Quant hedge funds are having a big 2022 while the rest of Wall Street struggles, Bloomberg reports. $4.
4. Larry Page's super-secret island hideaways. The Google cofounder has a growing collection of tropical islands. $4.
5. Blackstone's real-estate fund for the wealthy is getting a closer look from regulators. Blackstone Real Estate Income Trust has drawn the interest of the SEC after a string of client withdrawals, Bloomberg reports. Starwood Real Estate Income Trust, which also saw clients pull out money, is also getting attention from the SEC, the website reports. $4.
6. PE in space. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley. $4.
7. Wall Street analysts don't think Elon Musk's involvement in Twitter is helping Tesla. Musk has sold $23 billion worth of Tesla stock this year, $4.
8. Fintechs are taking heat for how they handled PPP loans. A new federal investigation points the finger at fintechs for the amount of fraud that occurred with the Paycheck Protection Program. $4.
9. Too much house to handle. Bigger isn't always better for the rich, who are increasingly skewing away from buying mansions. $4.
10. Fear not, we've got gift ideas for procrastinators. Just because you waited until the last minute doesn't mean you're screwed. $4.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet $4, or $4. Edited by Jeffrey Cane (tweet @jeffrey_cane>$4) in New York and Hallam Bullock (tweet @hallam_bullock>$4) in London.