Goldman Sachs shares close lower on Monday, Todd Leland to head group’s investment banking unit in Asia Pacific

According to a Monday report by Reuters, citing an internal memo sent to Goldman Sachs staff, Todd Leland has been appointed as head of the financial groups investment banking unit in the Asia Pacific region excluding Japan.

Goldman Sachs shares closed lower for the second time in the past seven trading sessions in New York on Monday. It has also been the steepest daily loss since October 10th. The stock went down 2.36% ($5.36) to $221.60, after touching an intraday low at $221.52, or a price level not seen since October 17th ($220.05).

Shares of Goldman Sachs Group Inc have retreated 13.02% so far in 2018 compared with a 3.08% gain for the benchmark index, S&P 500 (SPX).

In 2017, Goldman Sachs’s stock rose 6.39%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

Having joined Goldman Sachs in 1992, Leland is to replace Kate Richdale and Andrea Vella who became co-heads of Goldmans investment banking unit in 2015. The memo revealed that Richdale and Vella would now assume the role of co-chairs of Goldmans investment banking division in the region.

Being fluent in Mandarin, Kate Richdale, became part of Goldmans team in March 2013.

Prior to his appointment as co-head of Goldman Sachss unit in the Asia Pacific region, Andrea Vella served as head of credit capital markets in Asia excluding Japan.

Meanwhile, Todd Leland became co-president of Goldman Sachs Group for Asia Pacific excluding Japan in September 2017 and, according to the memo, he will retain that designation.

According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $276.50, with a high estimate of $337.00 and a low estimate of $200.00. The median estimate represents a 24.77% upside compared to the closing price of $221.60 on October 22nd.

The same media also reported that 14 out of 30 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

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 – $222.97
R1 – $232.89
R2 – $238.82
R3 – $248.74
R4 – $258.66

S1 – $217.04
S2 – $207.12
S3 – $201.19
S4 – $195.26