Finance
Goldman Sachs promotes Carey Halio to global treasurer
Carey Halio, Goldman Sachs’ head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.
Her new role, effective June 1, encompasses authority over the firm’s more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm’s liquidity, funding and capital. She will report to Denis Coleman, Goldman Sachs’ chief financial officer.
Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times.
As part of her new role, Halio will oversee a team of about 900 people, the people familiar said. She will also serve on the management committee.
“As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,” Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. “Carey will continue to oversee our Firmwide Strategy team on an interim basis.”
Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk.
Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations.
Goldman Sachs is slated to report first-quarter earnings Monday.
Katie Stockton thinks she has a viable option for investors trying to withstand wild market swings.
She manages the Fairlead Tactical Sector ETF (TACK), which is designed to be nimble in times of market stress. It’s not tied to an index.
“What we try to do is help investors leverage the upside through sector rotation, but also minimize drawdowns,” the Fairlead Strategies founder told CNBC’s “ETF Edge” this week. “That’s obviously a big advantage longer term when you can just go into a less deep hole to climb out of.”
According to Stockton, her ETF is particularly nimble in this environment because it uses multiple strategies — not just one. Since President Donald Trump announced his “reciprocal” tariffs on April 2, the ETF has fallen just over 4%, while the S&P 500 has lost 6.9%.
Stockton’s ETF rotates monthly between all 11 S&P 500 sectors.
“We don’t own technology anymore,” Stockton said. “Some of the sectors that we like to invest in have fallen out of favor.”
As of April 16, the fund’s top sector holdings included consumer staples, utilities and real estate, according to Fairlead Strategies.
As of Thursday’s close, the Fairlead Tactical Sector ETF is down 4% so far this year.
Meanwhile, ETFs that are centered around specific sectors or strategies are largely under pressure. For example, the Invesco Top QQQ Trust (QBIG), which tracks the top 45% of companies in the Nasdaq-100 index, is down 22% in 2025.
The GraniteShares YieldBoost TSLA ETF (TSYY) is off 48% since the beginning of the year.
BTIG’s Troy Donohue, the firm’s head of Americas portfolio trading, thinks Stockton’s ETF employs a sound strategy – particularly during the recent “dramatic pullback.”
“TACK is a great example of how you can be nimble during these market times,” Donohue said. “It’s great to see it in an ETF product that has performed really well during this recent drawdown.”
Sign at the entrance to a Capital One bank branch in Manhattan.
Erik Mcgregor | Lightrocket | Getty Images
Capital One Financial‘s application to acquire Discover Financial Services in a $35.3 billion all-stock deal has officially been approved by the Federal Reserve and the Office of the Comptroller of the Currency, the regulators announced on Friday.
“The Board evaluated the application under the statutory factors it is required to consider, including the financial and managerial resources of the companies, the convenience and needs of the communities to be served by the combined organization, and the competitive and financial stability impacts of the proposal,” the Fed said in a release.
Capital One first announced it had entered into a definitive agreement to acquire Discover in February 2024. It will also indirectly acquire Discover Bank through the transaction.
Under the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share or about a 26% premium from Discover’s closing price of $110.49 at the time, Capital One said in a release.
Capital One and Discover are among the largest credit card issuers in the U.S., and the merger will expand Capital One’s deposit base and its credit card offerings.
After the deal closes, Capital One shareholders will hold 60% of the combined company, while Discover shareholders own 40%, according to the February 2024 release.
In a joint statement, Capital One and Discover said they expect to close the deal on May 18.
WATCH: Jamie Dimon on Capital One’s $35.3 billion Discover acquisition: ‘Let them compete’
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