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At Goldman Sachs’ much-awaited investor day yesterday, chief executive David Solomon made the starkest admission so far that the Wall Street institution has stumbled in its attempt to build a consumer business.
We also have a scoop on how Shell had actually considered moving out of Europe to the US, which would have dealt a big blow to the City of London.
Here’s what to keep tabs on today:
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Today’s top news
1. Goldman Sachs’ chief David Solomon admitted mistakes in an ill-fated foray into consumer banking and raised the possibility of selling parts of the business at an investor day that failed to lift the cloud over the US bank. Read the full story on the “strategic alternatives” Solomon is exploring.
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Opinion: The bank whose dominance was once so assured it gained notoriety as the “Vampire Squid” is now more of a damp squib, writes our editorial board.
2. Chipmakers must agree not to expand capacity in China for a decade if they are to receive money from a $39bn US federal fund designed to build a leading-edge US semiconductor industry, according to new commerce department rules.
3. Six Japanese companies have been indicted over bid-rigging allegations related to the 2020 Tokyo Olympics. The move by Japanese prosecutors marks an escalation in authorities’ efforts to unravel a complex web of suspected impropriety ahead of the Games
4. Chinese factory owners and exporters are launching a charm offensive to woo back buyers as they face sluggish global demand that has stymied their recovery from three years of isolation under Beijing’s zero-Covid policy. Here’s how China plans to fight decoupling.
5. EXCLUSIVE: Shell explored quitting Europe and moving to US, with new chief executive Wael Sawan among top managers who in 2021 discussed the advantages of doing so. But the Anglo-Dutch energy group said Sawan “did not advocate for a move”. Find out why.
The Big Read
For two months, Israel has been gripped by an increasingly bitter fight over judicial reform, but much more is at stake in what many describe as a battle for the soul of the nation. It is a crisis that has underscored the deep polarisation in society as the country has lurched to the right during Netanyahu’s more than two-decade dominance of politics.
We’re also reading . . .
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‘Dumbest deal’: Occidental Petroleum’s epic corporate battle to acquire Anadarko Petroleum was once called “the dumbest deal in history.” FT’s Myles McCormick and Eric Platt share the inside story of how Occidental came back from the dead.
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Death trap: The FT investigates how a luxury development collapsed sideways, killing at least 750 people in the earthquake that hit Turkey. Its massive, fractured skeleton has become a notorious monument to what went wrong.
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‘Biocomputing’ breakthrough: Scientists propose to develop a biological computer powered by millions of human brain cells that they say could outperform silicon-based machines while consuming far less energy.
Graphic of the day
The Windsor framework, totalling more than 100 pages, sets out ways to smooth the working of the so-called Northern Ireland protocol, which has soured EU-UK relations and destabilised the politics of the region. Our explainer breaks down what you need to know about the agreement.
Take a break from the news
Are you bored with all your clothes? Do you feel rudderless when it comes to describing what your “style” is? Stylist Anna Berkeley offers advice on how to get out of a style rut. For more, sign up to our Fashion Matters newsletter.
Additional reporting by Gordon Smith and Tee Zhuo
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