Goldman Sachs shares close lower on Wednesday, some of the bank’s employees in London put on notice to move to Frankfurt

According to a report by Reuters, citing sources familiar with the situation, over a dozen of Goldman Sachss employees, located in the United Kingdom and engaged in sales and trading, have been put on notice to move to Frankfurt in a matter of weeks.

Goldman Sachs shares closed lower for the first time in the past four trading sessions on Wednesday. The stock went down 0.59% ($1.58) to $265.35, after touching an intraday low at $260.95, or a price level not seen since March 5th ($256.24).

In the week ended on March 4th the shares of the bank holding company lost 3.24% of their market value compared to a week ago, which marked a second consecutive period of decrease. It has also been the worst performance since the week ended on February 11th.

The stock has pared its advance to 0.92% so far during the current month, following a 1.85% slump in February. The latter has been the first monthly retreat since August 2017.

For the entire past year, Goldman Sachs shares rose 6.39% following another 32.86% surge in 2016.

Members of Goldman Sachss derivatives and debt capital markets teams, based in London and working on German accounts, have been notified that their operations are to be moved to Frankfurt and that they have to make all necessary preparations to relocate to the banks office there by the end of June.

According to one of the sources, several of the employees in question have already signed new German employment contracts.

A third person with knowledge of the matter said that Goldman Sachs had been seeking to increase its headcount in Frankfurt to 400 in an attempt to firm up its presence in Europe.

The source also said that Jens Hofmann, managing director of Goldmans Financing Group, would be relocated from London to Frankfurt and assume responsibility for the units operations in Germany, Switzerland and Austria.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $270.00, with a high estimate of $320.00 and a low estimate of $190.00. The median estimate is a 1.75% surge compared to the closing price of $265.35 on March 7th.

The same media also reported that 17 out of 30 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 9 – 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 – $265.84
R2 – $266.33
R3 (Range Resistance – Sell) – $266.82
R4 (Long Breakout) – $268.28
R5 (Breakout Target 1) – $269.99
R6 (Breakout Target 2) – $270.77

S1 – $264.86
S2 – $264.37
S3 (Range Support – Buy) – $263.88
S4 (Short Breakout) – $262.42
S5 (Breakout Target 1) – $260.71
S6 (Breakout Target 2) – $259.93

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 – $261.11
R1 – $270.13
R2 – $282.13
R3 – $291.15
R4 – $300.16

S1 – $249.11
S2 – $240.09
S3 – $228.09
S4 – $216.08