Goldman Sachs shares close lower on Thursday, holding may triple or quadruple staff in Frankfurt

According to Wolfgang Fink, Goldman Sachs co-chief in Germany, the financial holding may triple or quadruple its staff in Frankfurt, as Britain prepares to part ways with the European Union.

Goldman Sachs shares closed lower for the second time in the past six trading sessions on Thursday. The stock went down 1.37% ($2.99) to $215.84, after touching an intraday low at $214.64, or a price level not seen since June 8th ($214.63). In the week ended on September 3rd the shares of the bank holding company added 1.53% to their market value compared to a week ago, which marked a second consecutive month of gains and also the strongest performance since the week ended on August 6th. However, the stock has extended its loss to 3.53% so far during the current month, following a 0.71% drop in August. The latter has been the first decrease in the past three months. For the entire past year, Goldman Sachs shares rose 32.86%. The stock has retreated 9.86% so far in 2017.

The majority of the banks European operations are concentrated in Britain, with its current headcount there being approximately 6 000.

At a bank conference in Frankfurt on September 7th, Wolfgang Fink noted that Goldmans working assumption was to double its staff in Frankfurt from 200 at present. However, that number may be tripled or quadrupled under certain scenarios, according to Fink.

Goldmans co-chief in Germany did not provide any specific details regarding the banks hiring intentions.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $240.00, with a high estimate of $265.00 and a low estimate of $185.00. The median estimate is an 11.19% surge compared to the closing price of $215.84 on September 7th.

The same media also reported that 16 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 10 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Goldman Sachs stock are presented as follows:

R1 – $216.21
R2 – $216.57
R3 (Range Resistance – Sell) – $216.94
R4 (Long Breakout) – $218.03
R5 (Breakout Target 1) – $219.32
R6 (Breakout Target 2) – $219.85

S1 – $215.47
S2 – $215.11
S3 (Range Support – Buy) – $214.74
S4 (Short Breakout) – $213.65
S5 (Breakout Target 1) – $212.36
S6 (Breakout Target 2) – $211.83

By using the traditional method of calculation, the weekly levels of importance for Goldman Sachs Group Inc (GS) are presented as follows:

Central Pivot Point – $223.06
R1 – $230.38
R2 – $234.87
R3 – $242.19
R4 – $249.50

S1 – $218.57
S2 – $211.25
S3 – $206.76
S4 – $202.26