Goldman Sachs (GS) Stock Closed Up, Hiring Former EU Chief Barroso
NEW YORK (TheStreet) -- Shares of Goldman Sachs (GS) - Get Report closed up 2.3% to $150.38 today after the company announced it had hired former European Commission President Jose Manuel Barroso as an adviser and non-executive chairman for the financial bank's international business.
Goldman Sachs, like other large global banks, is still struggling in the wake of the Brexit vote in June.
Goldman Sachs International is headquartered in London and Barroso will become head of its approximate 6,000 staff.
Barroso is credited with establishing a financial rescue fund and enacting tighter budget rules and financial regulation in the 2009-2013 debt crisis, helping the European Union survive the tumult.
Goldman Sachs International's co-chiefs Michael Sherwood and Richard Gnodde said in a statement that Barroso will help the firm deal with the "challenging and uncertain economic and market environment," Reuters reported.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
Among the primary strengths of the company is its expanding profit margins over time. At the same time, TheStreet Ratings finds weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: GS
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.