On Monday, shares of Goldman Sachs Group hiked in the latest trading session as it received regulatory approval to control all its Chinese joint ventures.
Accordingly, the American investment banking company edged up 3.80% or 14.87 points to $406.07 per share.
Currently, Goldman Sachs Group stands with a market capitalization of $130.70 billion and shares outstanding of $321.87 million.
In addition, it holds a revenue of $61.91 billion and earnings per share of $54.67.
Moreover, the green light from the Chinese regulators allowed the firm to expand in the world’s second-largest economy.
Then, the firm mentioned that it would rename its Goldman Sachs Gao Hua Securities Company as Goldman Sachs (China) Securities Company.
At the same time, the approval would allow the business to inject more capital, workforce, and technology into its operations.
Prior to the consent, Goldman Sachs Group possessed 51.00% of its 17-year joint venture.
Additionally, the approval came about ten months after the firm signed an agreement to take full control of its venture last year.
Subsequently, the decision came after Beijing permitted investment banks to own local operations.
Also, the government gradually opened its financial system to leading markets as it looked forward to billions of dollars in potential profits.
Goldman Sachs Group is the second US company to get full ownership approval of its securities business.
Correspondingly, the move came after JPMorgan Chase & Co.’s approval last August.
Similarly, its shares increased 1.92% or 3.14 points to $166.61 per share.
Then, Morgan Stanley currently owned 90.00% of its securities joint venture with its partner Shanghai Chinafortune Co. Ltd.
Likewise, it increased 1.12% or 1.13 points to $102.14 per share.
US Futures Fell as Goldman Sachs Group Hiked
Meanwhile, US stock index futures fell on Monday trading.
For instance, the Dow futures lowered 0.05% or 17.00 points to $35,154.00 per share.
Correspondingly, the contracts in the Nasdaq futures curtailed 0.30% or 46.00 points to 15,088.00 per share.
Consequently, the S&P futures diminished 0.14% or 6.00 points to $4,456.50 per share.
The plunge came after the advance of Wall Street last Friday.
Accordingly, the benchmark Dow Jones Industrial Average elevated 1.09% or 382.20 points to 35,294.76 per share.
Then, the Nasdaq Composite index improved 0.50% or 73.91 points to $14,897.34 per share.
Likewise, the S&P 500 index rose 0.75% or 33.11 points to $4,471.37 per share.
Furthermore, rivals of Goldman Sachs Group also posted gains.
In particular, Wells Fargo surged 6.70% or 3.04 points to $48.38 per share.
Similarly, Bank of America boosted 2.88% or 1.30 points to $46.37 per share.
