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<ul><li>The Enforcement Directorate is currently investigating <keyword id="1702687" type="ORGANIZATION" weightage="20" keywordseo="YES-Bank-founder">Yes Bank founder</keyword> <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>They suspect that he's responsible for ₹30,000 crore worth loans at Yes Bank that went bad.</li><li>Here's the full story of everything that the ED's investigation has revealed so far about how Rana Kapoor gave out those loans and pocketed the kickbacks.</li></ul>Yes Bank founder Rana Kapoor shunned the family jewellery businesses to break into the tough world of private banking in India. However, his choice of loans, heady risks and illegal practices of lending against kickbacks brought the country’s fourth-largest lender under the lens of investigative agencies. A year after he entered the billionaire club, Kapoor’s world <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">started to crumble</a> when the Reserve Bank of India (RBI) asked Kapoor to step down from his position as CEO of Yes Bank by January 2019. By July, Yes Bank’s share price had dropped by 78% leaving Kapoor with a net worth of $377 million. 
 
 
 <div type="image" title="rana6" msid="74645019" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor addresses his first press conference after taking charge as ASSOCHAM President in New Delhi on 26 July 2013&amp;lt;/p&amp;gt;"></div>







 But the bank had lost much more as ₹30,000 crore worth loans went bad, and the Enforcement Directorate (ED) held him responsible. After the <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">ED arrested him</a>, it has identified 78 shell corporations that are suspected of receiving kickbacks in exchange for loans that no other bank would touch. According to the investigation, as his depositors lost money, he became richer by ₹5,000 crore only in kickbacks. With funds routed through shell companies and benami accounts, Kapoor <a href="https://www.businessinsider.in/business/news/a-reported-list-of-rana-kapoors-assets-include-a-30-million-investment-in-uk-a-yacht-and-five-properties-in-delhi/articleshow/74594273.cms">bought hotels in New York</a> and London, bungalows in Delhi, flats in Mumbai and expensive paintings. The ED's investigation also revealed that, Kapoor who played fast and hard with rules, also failed to insulate his family from harm. His wife Bindu and <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">three daughters</a> — Roshini, Radha and Rakhee — are at the helm of most of these shell companies, and CBI has its claws around them too. The case of money laundering The saga of crony capitalism started to come to light last week when Kapoor was booked under the Prevention of Money Laundering Act (PMLA) on March 6 to look into the connection between him and Yes Bank’s bad loans. 
 
 
 <div type="image" title="rana7" msid="74645029" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor arrested at his residence in Mumbai by the ED&amp;lt;/p&amp;gt;"></div>







 The ED <a href="https://www.businessinsider.in/business/news/yes-bank-founder-rana-kapoor-questioned-on-money-laundering-case-house-raided-by-ed/articleshow/74522297.cms">raided his residence</a> at Samudra Mahal in Worli to search for evidence and grilled him for hours. The following day, <a href="https://www.businessinsider.in/business/news/ed-continues-questioning-yes-bank-founder-rana-kapoor/articleshow/74525680.cms">officials took Kapoor</a> back to ED’s Ballard Pier office in Mumbai. During the course of the interrogation, the agency expanded its probe to include his daughters. They allegedly own multiple companies that received kickbacks from different corporates who received loans from Yes Bank. 
 
 
 <div type="image" title="rana9" msid="74645036" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor reprimanded into ED Custody until March 16&amp;lt;/p&amp;gt;"></div>







 The ₹600 crore kickback from DHFL One of the companies suspected by the ED of giving kickbacks to Kapoor’s companies is DHFL — <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">accused of misappropriating funds</a> worth ₹25,000 crore, which ultimately led to its downfall. Yes Bank had doled out a loan of ₹3,750 crore directly to DHFL and another loan worth ₹750 crore to RKW Developers, a subsidiary of DHFL. However, when the real estate company defaulted on its loan, Kapoor did not initiate any action. 
 
 
 <div type="image" title="rana4" msid="74645060" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor (C) with wife Bindu Kapoor (L) and daughter Roshni Kapoor (R)&amp;lt;/p&amp;gt;"></div>







 The ED now suspects that his restraint was a result of <a href="https://www.businessinsider.in/business/news/ed-questions-yes-bank-founder-rana-kapoor-for-second-day-expands-raids/articleshow/74530525.cms">kickbacks to the tune of ₹600 crore</a> to Doit Urban Ventures — a dummy corporation owned by Kapoor and two of his daughters. Nearly 80 shell companies set up to receive bribes and buy bungalows Two days into the interrogation Kapoor was arrested for not cooperating with the authorities. Meanwhile, 10 teams of the CBI were involved in its <a href="https://www.businessinsider.in/business/news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-in-mumbai-loc-issued/articleshow/74554915.cms">search operations</a> spread across the south Mumbai neighbourhood. The ED found that Rana Kapoor and his family had more than <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">78 shell companies </a>set up to receive bribes and invest in properties under the radar. All of these companies were either directly under Kapoor’s control or under the control of his wife and daughters. His wife, Bindu, was the director of at least 42 companies. 
 
 
 <div type="image" title="25110ed6046e3eb4597f509f58f1c4eb_edited" msid="74645069" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor&amp;#39;s property at Amrita Shergil Marg&amp;lt;/p&amp;gt;"></div>







 The companies allegedly invested in properties with a net worth of over ₹2,000 crore. An official told PTI that the current market value of those properties could be <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">well above ₹5,000 crore.</a> His shady overseas properties include two luxury hotels — one in New York worth over $20 million and one in London worth nearly £30 million — two residential apartments in London valued at £15 million apiece, and a yacht. In India, Kapoor owns six bungalows in Delhi’s upscale neighbourhoods, including Jor Bagh, Hauz Khas and Kautilya Marg. Two were bought by a company called Bliss Adobe, which had Bindu as its director. The property on Amrita Shergil Marg was auctioned off by Avantha Realty when Bliss Abode picked it off the market. Coincidentally, Yes Bank’s exposure to Avantha Realty was ₹500 crore. The other house on Sardar Patel Marg was bought by the Kapoor’s shell corporation Bliss Home. ED’s investigation noted that the house was formerly owned by Vijay Mallya. ED also found that Kapoor owns six flats and a parcel of land in Mumbai and its suburbs. Priyanka Gandhi Vadhra and the painting by MF Hussain During the search of his Mumbai residence, the ED seized nearly 50 pieces of art from his home. One of the paintings — <a href="https://www.businessinsider.in/politics/india/news/congress-raises-question-over-rana-kapoors-links-with-bjp/articleshow/74544228.cms">a portrait of former prime minister Rajiv Gandhi by MF Hussain</a> — belonged to Congress leader Priyanka Gandhi Vadra. The Congress party says that the deal between Vadra and Kapoor was a transparent transaction of ₹2 crore. The payment was made through cheque and was reflected in income tax returns. However, the ED is still looking into whether the painting was Vadra’s to sell or belonged to the All India Congress Committee (AICC). It’s also looking into whether the provenance certificate — which authenticates the artwork — was signed by Vadra and under what circumstances. Can’t leave the country Kapoor and his family currently can’t leave the country. A look-out notice was also issued in their names on March 12 along with DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan. Roshini, Kapoor’s youngest daughter, was stopped at the CSM International Airport in Mumbai trying to catch a flight to London. Kapoor’s arrest has been extended to March 16 during which he will be in the custody of the ED. The Central Bureau of Investigation (CBI) is also loading its guns. It has begun a probe into the Yes Bank affairs but has not elaborated on the nature of the probe. The Income Tax Department is next in line to initiate action against Kapoor and others for tax evasion and possession of alleged undeclared foreign assets. Meanwhile, the Odisha unit of the Bharatiya Janata Party (BJP) has asked for a separate probe to look into the alleged conspiracy behind the deposits of ₹545 crore of the <a href="https://www.businessinsider.in/business/news/concern-over-lord-jagannaths-rs-545-crore-in-yes-bank/articleshow/74514318.cms">Shree Jagannath Temple</a>. Money laundering, tax evasion, fraud and insider trading— the founder of India’s fourth-largest private sector bank Rana Kapoor has been accused of it all. And, the evidence against him is piling up. While depositors are all set to get <a href="https://www.businessinsider.in/india/news/yes-bank-withdrawal-limit-to-be-lifted-in-three-working-days/articleshow/74624128.cms">relief this week</a> as moratorium lifts, Kapoor who claims he has “no clue” why RBI restricted withdrawals - will stay with the authorities trying to explain how he sunk crores into companies that can best be described as money pits. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation</a> <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">The three Kapoor sisters who said ‘no’ to banking are now in the dock with Yes Bank crisis</a>

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

<ul><li><keyword id="8883506" type="UNKNOWN" weightage="20" keywordseo="yes-bank-founder-rana-kapoor">Yes Bank founder Rana Kapoor</keyword> was arrested by the Enforcement Directorate (ED) early today, March 8.</li><li>He has been arrested under the provision of the <keyword id="6355007" type="UNKNOWN" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act">Prevention of Money Laundering Act</keyword> (PMLA).</li><li>Authorities claim he was not cooperating with the probe.</li></ul> The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. According to officials, Kapoor's wife Bindu and daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. PTI NES AD 03080721 NNNN

Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

Mumbai, Mar 7 () The Enforcement Directorate questioned Yes Bank founder Rana Kapoor for the second day on Saturday in connection with a money laundering probe against him and others and raided some more locations in Delhi and Mumbai, officials said.They said Kapoor was brought to the agency's office in Ballard Estate area after noon.He has been questioned for over seven hours and his statement recorded by the agency under the Prevention of Money Laundering Act (PMLA), the officials said.The premises of Kapoor's three daughters in Delhi and Mumbai were also searched on Saturday to gather more information and evidence, they added.The ED had searched Rana's residence in the upscale 'Samudra Mahal' building in the Worli area on Friday night and grilled him there too.The questioning of Kapoor is continuing, the officials said.The case against Kapoor is linked to the scam-hit Dewan Housing Finance Corporation (DHFL) as the loans given by the bank to the company allegedly turned non-performing assets (NPAs), they said.A Rs 600-crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, they added.Action against Kapoor is being conducted under the PMLA.According to the officials, the central agency is also probing the Yes Bank founder's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.Other alleged irregularities are also under the agency's scanner, including the one related to the alleged Employees' Provident Fund (EPF) fraud in Uttar Pradesh Power Corporation Limited (UPPCL), they said.The CBI recently took over the investigation into the Rs 2,267-crore EPF fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in DHFL.The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. NES DIVDIV

ED questions Yes Bank founder Rana Kapoor for second day; expands raids

<ul><li>Leaving behind 18 year old ties with the Indian National Congress, <keyword id="29632" type="PERSON" weightage="20" keywordseo="Jyotiraditya-Scindia">Jyotiraditya Scindia</keyword> joined the ruling <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (BJP) on Wednesday (March 11). </li><li>Scindia owns properties worth ₹297 crore — including the ancestral <keyword id="8073664" type="LOCATION" weightage="20" keywordseo="Jai-Vilas-Mahal">Jai Vilas Mahal</keyword> in Gwalior and duplex in <keyword id="136034" type="LOCATION" weightage="20" keywordseo="Samudra-Mahal">Samudra Mahal</keyword>, Mumbai. </li><li>Built in 1874, the palace was valued at ₹1 crore back then — and costs over ₹4,000 crore today. </li><li>The Scindia family own two properties in Samudra Mahal, one of which is rented out to the <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>. The two highrises of 27-storeys each are valued at ₹125,000 per square feet.</li></ul>Leaving behind 18 year old ties with the Indian National Congress, Jyotiraditya Scindia joined the ruling Bharatiya Janata Party (BJP) on Wednesday (March 11). His resignation turned out to be a turbulence in the Congress government — triggering resignations from 22 other MLAs in Madhya Pradesh. 
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 Scindia who hails from a family of royals is not a stranger to riches. He owns properties worth ₹297 crore — including the ancestral Jai Vilas Mahal in Gwalior and duplex in Samudra Mahal, Mumbai. The Jai Vilas Palace, which was built by the last maharaja of <keyword id="4447396" type="LOCATION" weightage="20" keywordseo="gwalior-jivajirao-scindia">Gwalior Jivajirao Scindia</keyword> spans across 40 acres. The mahal has over 400 rooms and a museum wing as well. 
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 Built in 1874, the palace was valued at ₹1 crore back then — and costs over ₹4,000 crore today. The mahal has a dining room fitted with a train track on the table, which serves brandy and cigars in a silver train. In fact, the Darbar Hall, which is the main attraction of the Palace, has two chandeliers weighing 3,500 kgs each — making it the largest in the world. 
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 The two chandeliers lighten up the hall with over 250 bulbs. It is also said that eight elephants were suspended from the roof embellished with gold to check if it was capable of bearing the weight of these chandeliers. <div type="image" title="darbar hall" msid="74604172" hostid="261"></div>

 But, that is not all. The Scindia family own two properties in Samudra Mahal in Mumbai including a terrace flat, one of which was rented out to the Yes Bank founder Rana Kapoor. The two highrises of 27-storeys each are valued at ₹125,000 per square feet — among the highest in the world and offering all possible luxuries. 
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 Because of its unique design, each of the duplex offers an eyeful of the vast Arabian Sea outside. Other residents of the posh complex include Akshata Narayan of Infosys, Nandan Nilekani, Vedanta Group head Prateek Agarwal, Motilal Oswal Group's joint-MD Raamdeo Agrawal, The Xander Group founder-chairman Siddharth Yog, Famous Studios chief A K Roongta. Scindia’s family has been into politics ever since his grandmother, Vijayaraje Scindia joined politics in 1957 — winning a seat from the <keyword id="1571" type="COMPANY" weightage="20" keywordseo="Congress-party">Congress Party</keyword>. See also: <a href="https://www.businessinsider.in/india/news/jyotiraditya-scindia-joining-bjp-news-and-updates/articleshow/74572946.cms">Jyotiraditya Scindia joins BJP and says his dreams were shattered in Congress</a>

BJP's Jyotiraditya Scindia’s palaces, museums and posh complexes have a royal history

<keyword id="6357861" type="General" weightage="50" keywordseo="ranbir-kapoor" source="Orion">Ranbir Kapoor</keyword> and Shraddha Kapoor-starrer romantic-comedy "Tu Jhoothi <keyword id="15975342" type="General" weightage="100" keywordseo="main-makkaar" source="Orion">Main Makkaar</keyword>" has crossed Rs 200 crore mark at the global box office, the makers said on Friday. In a post on Twitter, <keyword id="3815339" type="General" weightage="80" keywordseo="luv-films" source="Orion">Luv Films</keyword> said the Luv Ranjan-directed movie has raised a total of Rs 201 crore worldwide since its release on March 8. "#TuJhoothiMainMakkaar crosses a love worth more than 200 Crore! Thank you for your immense support," the studio tweeted. In a press note, the makers said the film's net domestic collection stood at Rs 161 crore. "Tu Jhoothi Main Makkaar" is produced by Luv Films and Ankur Garg and presented by <keyword id="17091" type="General" weightage="50" keywordseo="gulshan-kumar" source="Orion">Gulshan Kumar</keyword> and <keyword id="24468" type="General" weightage="50" keywordseo="bhushan-kumar" source="Orion">Bhushan Kumar</keyword> of T-Series. The movie also features Dimple Kapadia, Boney Kapoor and stand-up artist Anubhav Singh Bassi. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/apple-music-classical-app-offers-five-million-high-brow-tunes-for-classical-music-enthusiasts/articleshow/99088948.cms">Apple Music Classical app offers five million high-brow tunes for classical music enthusiasts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetah-translocated-to-india-from-namibia-gives-birth-to-four-cubs/articleshow/99088665.cms">Cheetah translocated to India from Namibia gives birth to four cubs</a>

Ranbir Kapoor's film Tu Jhoothi Main Makkaar collects over ₹200 crore worldwide

<ul><li>The central bank signed off on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>’s financial statements for the year ended March 2018 in its latest <keyword id="7324747" type="UNKNOWN" weightage="20" keywordseo="Risk-Review">risk review</keyword>.</li><li>The clean chit from the RBI will reassure investors as the bank attempts a phase of recovery under new CEO Ravneet Gill.</li><li>Yes Bank's shares surged nearly 30% in the first session of trading today. </li></ul>Late last evening, Yes Bank, one of India’s largest private sector lenders, <a href="https://www.yesbank.in/media/press-releases/divergence-in-asset-classification-and-provisioning-for-position-as-on-march31-2018">declared </a>that the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> had cleared it of under-reporting <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword>. The central bank signed off on Yes Bank’s financial statements for the year ended March 2018 in its latest risk review, indicating the lender’s compliance with reporting and asset provisioning norms. As a result, Yes Bank's share price soared by nearly 30% in the first session of trading today amid a renewed sense of confidence in the lender. The news is welcome for Yes Bank. The lender had a rather tumultuous 2018, losing more than <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">half its market share</a> in less than 1.5 months between August and September as a result of two things - the RBI’s discovery that it had under-reported tens of billions of non-performing loans and its subsequent refusal to grant CEO <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> an extension to his term. In 2015-16, the RBI found a net divergence of <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-clears-yes-bank-of-divergence/articleshow/67982541.cms">₹42 billion</a> in its assessment of Yes Bank’s bad loans, which subsequently ballooned to ₹64 billion the following year. While it might be too late to reinstate Rana Kapoor, the clean chit from the RBI will reassure investors as the bank attempts a phase of recovery <a href="https://www.businessinsider.in/yes-bank-stock-jumps-on-new-ceo-appointment/articleshow/67685861.cms">under new CEO Ravneet Gill</a>. It will pave the way for the bank to raise capital from the market and prevent a downgrade from ratings agencies. For the quarter ended December 2018, Yes Bank posted <a href="https://www.yesbank.in/pdf/q3fy2018_19_press_release_mn_pdf">a 7% decline</a> in net profit to ₹10 billion while net provisions stood at ₹50.8 billion - more than 90% of which were taken for exposure to IL&amp;FS or a “stressed infrastructure conglomerate” . More importantly, the growth in its gross non-performing assets was curtailed, as the bad loan ratio rose to 2.1% from 1.72% in the year-ago quarter. SEE ALSO: <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 days</a> <a href="https://www.businessinsider.in/yes-bank-stock-jumps-on-new-ceo-appointment/articleshow/67685861.cms">Yes Bank's 15-month journey from regulatory crackdown to finding a new CEO</a> <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe</a>

India’s central bank says that Yes Bank is no longer lying about its bad loans

<keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> has finally named a successor for its current <keyword id="115930" type="POSITION" weightage="20" keywordseo="Chief-Executive-Officer">chief executive officer</keyword> (CEO), <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, putting to rest any further uncertainty over the succession process at one of India’s largest private banks. <keyword id="788579" type="PERSON" weightage="20" keywordseo="Ravneet-Gill">Ravneet Gill</keyword> - the head of Deutsche Bank’s Indian operations - is set to take over from Kapoor, who also founded the bank in 2004. Kapoor’s tenure is set to end on 31st January following the Reserve Bank of India’s refusal to extend his term. 
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 Gill’s appointment caps a tumultuous period for Yes Bank, following a clampdown by India’s central bank. Gill is expected to step into the role on March 1st for a three-year term. The move was greeted favourably by equity investors, with the bank’s shares <a href="https://www.google.com/search?q=yes+bank+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=yes+bank+share+price&amp;aqs=chrome..69i57j0j69i60l3j0.2433j0j4&amp;sourceid=chrome&amp;ie=UTF-8">surging 16%</a> in the last session of trading on Thursday. Here all the events leading up to the announcement:- October 23rd, 2017 The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> levied <a href="https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=42050">a ₹60 million fine</a> on Yes Bank after a sector-wide risk review found that the private lender had under-reported a series of non-performing loans in its financial statements for the year ended March 2016. The fine followed a notice issued to the bank the preceding July for its failure to report a cybersecurity attack at its ATM network. According to the RBI, this amounted to a refusal to accept liability for the loss of customers’ information. June 12th, 2018 At an annual shareholders’ meeting, Yes Bank’s shareholders voted to give Rana Kapoor <a href="https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/6/f8d7297d-dbbc-4a80-b910-bd0be88b546f.pdf">another three-year term</a> as the bank’s CEO starting September 1st. Kapoor’s re-appointment did, however, depend upon a greenlight from the central bank. 
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 August 30th, 2018 After deliberating <a href="https://www.thehindubusinessline.com/money-and-banking/yes-bank-awaits-rbi-approval-to-reappoint-rana-kapoor-as-ceo/article24803656.ece">for more time than was initially expected</a>, the RBI approved Yes Bank’s decision to have Kapoor continue in his role as Managing Director and CEO a day before his term was set to expire. The approval came with a slightly suspicious caveat: Rana Kapoor was allowed to continue as CEO <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/4b4b2947-7e80-4013-878d-6c3330117be5.pdf">‘till further notice</a>’. September 19th, 2018 In a glaring about-turn, the RBI refused to extend Rana Kapoor’s tenure as CEO of Yes Bank, giving him four months (until January 31st, 2019) to vacate the position. The move had precedence. Earlier in the year, the central bank refused to clear a three-year extension of the tenure of Shikha Sharma, the CEO of Axis Bank, as the bank dealt with its own host of bad loan calculation problems. September 20th, 2018 Yes Bank’s share price plummeted by over 29% on the first day of trading since the RBI’s decision was announced - a loss of nearly $3 billion worth of market capitalisation. The price drop exacerbated a freefall in Yes Bank’s share price since August, which culminated in the loss of <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">half the bank’s market value.</a> September 25th, 2018 The board of directors of Yes Bank met to assess the situation. At <a href="https://www.yesbank.in/media/press-releases/outcome-of-board-meeting-25-sep-2018">the meeting</a>, they decided to request the RBI to reconsider its decision. They wrote to the RBI asking for an extension for Kapoor’s tenure till at least the end of April 2019 to finalise the bank’s year-end financial statements. The board also set up a search committee to find a replacement for Kapoor. October 1st, 2018 CARE Ratings, a credit ratings agency, placed Yes Bank’s debt on <a href="https://www.yesbank.in/media/press-releases/developing-implications-by-care-ratings">‘credit watch with developing implications’</a>, causing further investor jitters. October 17th, 2018 The RBI rejects the request submitted by Yes Bank’s board of directors seeking a minor extension for Kapoor. To allay investor fears, Yes Bank says that it should conclude the CEO search process by mid-December 2018. October 19th, 2018 Rana Kapoor <a href="https://www.livemint.com/Companies/SVfWpr650CG79vvcqXlydL/Yes-Bank-CEO-Rana-Kapoor-meets-rival-promoter-Madhu-Kapur-s.html">met with another Yes Bank promoter Madhu Kapur</a>, the wife of Yes Bank’s co-founder - the now-deceased Ashok Kapur, to discuss a possible formation of a single promoter group, ending a decade-long dispute and paving the way for a smooth succession plan for the bank. October 25th, 2018 Yes Bank posted <a href="https://www.yesbank.in/pdf/q2fy2018_19_press_release_cr_pdf">a 4% drop</a> in net profit for the quarter ended September 2018 owing to higher provisions for loan losses. Gross <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> also rose by 37% on a sequential basis, resulting in a bad loan ratio of 1.6% as opposed to 1.3% the previous quarter. To make matters worse, the lender also disclosed a ₹26 billion to the near-bankrupt IL&amp;FS. November 14th, 2018 The bank’s non-executive chairman, Ashok Chawla, <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">submitted his resignation</a> owing to the fact that he was the <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">subject of a corruption probe</a>. In July 2018, Chawla, who was also the chairman of the National Stock Exchange of India (NSE), was named in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. In its announcement, Yes Bank said that it needed a chairman that could devote more attention to the bank as it navigated the management transition period. November 27th, 2018 Following a number of resignations from Yes Bank’s board, Moody’s Investors Service <a href="https://www.moodys.com/research/Moodys-downgrades-Yes-Banks-ratings-changes-outlook-to-negative--PR_392036">downgraded </a>Yes Bank’s credit rating to non-investment grade and changed the bank’s outlook to negative from stable. November 29th, 2018 News reports emerged that Rana Kapoor was seeking to maintain control of Yes Bank by <a href="https://www.livemint.com/Companies/FAMv2Atixphj1fprI0DYpI/Rana-Kapoor-eyes-Yes-Bank-chairman-seat-after-exit-as-CEO.html">taking over the chairmanship</a> of the company. The move, however, never came to fruition. December 3rd, 2018 T S Vijayan, was appointed to Yes Bank’s board as an independent director for five years. The move was expected, given that former chief of LIC and the Insurance Regulatory and Development Authority (IRDAI) was also on the CEO search and selection committee. January 10th, 2019 The board of directors of Yes Bank submits a list of potential CEO candidates to the RBI for the latter’s approval. The board highlights Gill as their most preferred candidate to take over the role. January 12th, 2019 Yes Bank named Brahm Dutt as its new non-executive chairman on a part time basis. A board member since 2013, Dutt’s tenure is capped till July 2020, when he is scheduled to turn 70 years old. SEE ALSO: <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe</a> <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 day</a>s

Yes Bank's 15-month journey from regulatory crackdown to finding a new CEO

<ul><li><keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, which is India’s third-largest private sector lender, has lost more than half its <keyword id="6463972" type="UNKNOWN" weightage="20" keywordseo="market-value">market value</keyword> since 20 August as it deals with succession and compliance issues. </li><li>On 20 September, the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> refused to extend the tenure of Yes Bank <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>’s term, which precipitated a dramatic <keyword id="5683" type="ENTERTAINMENT" weightage="20" keywordseo="Crash">crash</keyword> in the bank’s share price. </li><li>Following a risk review by the RBI last year, it came to light that Yes Bank had underreported ₹63.6 billion worth of non-performing loans. </li></ul>As a central banking regulator, the Reserve Bank of India can usually be counted on to support the banking sector and ensure the health of the institutions it oversees. However, in the wake of its attempts to clean up a system riddled by bad loans, it might have facilitated the downfall of some banks. Yes Bank, which is India’s third-largest private sector lender, has lost <a href="https://www.google.co.in/search?q=yes+bank+share+price&amp;oq=yes+bank+share+price&amp;aqs=chrome.0.0l6.4046j0j7&amp;sourceid=chrome&amp;ie=UTF-8">more than half</a> its market value since 20 August - from ₹910 billion to ₹438 billion-, as its share price has been in a freefall. Investors feared that the RBI would not approve the extension of the CEO Rana Kapoor’s tenure, which was set to expire on 31 August. Those fears were confirmed last week, when the RBI <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-allows-rana-kapoor-continue-as-yes-bank-md-ceo-till-january-end/articleshow/65875341.cms">refused to extend</a> Kapoor’s term, capping it at 31 January 2019, which precipitated a dramatic crash in the bank’s share price. On 20 September, when the decision was announced, the bank’s stock fell by a whopping 29% as the fears and uncertainty over its future leadership became compounded. That marks a loss of over $3 billion in market value on one day alone. Rana Kapoor founded the bank in 2004, steering it towards a dramatic rise in the ensuing decade. However, in his quest to expand the bank’s operations and loan book at a rapid pace, a number of issues were overlooked. Following a risk review by the RBI in October last year, it came to light that Yes Bank had underreported ₹63.6 billion worth of non-performing loans. There were also allegations that the bank had direct dealings with a trust run by Kapoor’s family and that it had window-dressed some of its large corporations to look financially stronger than it actually was. As the country grappled with a bad loan crisis, the RBI wasn’t in a forgiving mood. Since then, the future of Kapoor has been under intense speculation. Earlier this year, the RBI also refused to clear a three-year extension of the tenure of Shikha Sharma, the CEO of Axis Bank, as the bank dealt with its own host of bad loan calculation problems. To reassure investors and stabilise its share price, Yes Bank could have announced a successor for Kapoor this week. However, on 25 September, it wrote to the RBI again asking the regulator to reconsider its decision to trim Kapoor’s tenure, asking for an extension till September 2019. The RBI is expected to decline the bank’s request. That being said, the bank has set up a search committee to find a replacement for Kapoor. In addition to this, their immediate priority should be to draw up an effective turnaround plan in order to limit any further damage to their market cap.

One of India’s largest private banks has lost more than half its market value in 37 days

Against the backdrop of India’s promising growth story, compared to a flat global landscape, the Budget 2016-17 underscores the Government’s commitment to provide further impetus by way of a clear action plan for sustainable growth of India’s <keyword id="17408" type="PERSON" weightage="20" keywordseo="infrastructure">infrastructure</keyword> – the single largest investment opportunity in the world. 
	 
	In order to address a pressing backlog of infrastructure needs amid weak private sector appetite and global headwinds, the government takes the baton in its hand. Critically, sectors such as roads, shipping, power, renewable energy, ports have seen marked increases in allocations. 
	 Additionally, in a bid to encourage private sector participation, provisions for renegotiation of <keyword id="6361580" type="COMPANY" weightage="20" keywordseo="PPP">PPP</keyword> contracts have been spelt out and a Public Utility Resolution of Disputes Bill is also sought to be passed to solve problems in infrastructure contracts, PPP and public utilities. 
	 
	By continuing to maintain the delicate balance between the priorities for India and Bharat, Budget has created growth impulses for infrastructure sector and farmers alike. India’s extensive infrastructure needs are well known. Decades of underinvestment have created deficits in critical areas such roads, highways and railways. A combined budgetary allocation of Rs2.8 lakh crores for Roads and Railways will have an extremely positive impact on ensuring sustainable development of India’s infrastructure and encourage private participation. 
	 
	In particular, along with Pradhan Mantri Gram Sadak Yojana, the Road Sector continues to be a focus sector, with a dedicated budget allocation of Rs97,000 crores for development of roads and highways. 85% of projects are now back on track. Increase of more than 30% over planned expenditure, with a target to build 10,000 km of National Highways, has created positive sentiments. In addition, upgradation of 50,000 km of State Highways to National Highways will ensure development of roads in line with NHDP program. 
	 
	Sensing the financing needs of NHAI, the FM has also announced issuance of Rs. 15,000 Crores worth of tax free bonds. The ambitious yet achievable target of building 30 km of road per day will be instrumental in bridging the developmental gap since 2012-14 during which only 5,100 Km of road projects were awarded. 
	 
	Further, abolition of permit-raj and amendments in the Motor vehicles Act to bring in the Private Sector will not only help in more efficient public transport facilities but also drive job creation, entrepreneurship and start ups in the sector as well as push the 55 State Transport Undertakings (STUs) to achieve operational excellence. 
	 
	The step up in budgetary support, coupled with a clearly laid out road map for all round development, supported by programs such as setting up of NHDP, Bharatmala Pariyojna, Special Accelerated Road Development Program in the North East, will send positive signals to investor and lenders who have been cautious in their approach to the infrastructure sector. 
	 
	Infrastructure: The game changer 
	 
	Quality physical infrastructure is vital for business generation and youth employment in an emerging economy such as ours and provides deep impetus to establish industries and nurture the entrepreneurial zeal of a high growth economy. 
	 
	However, multiplicity of departments – roads and highways, railway, waterways and aviation, creates a systemic imbalance, hampering growth and implementation. I strongly believe that establishing a Unified Infrastructure Regulatory Authority with a clear mandate to formulate and implement development strategies in sync with dynamic economic environment is crucial to improve logistics and ensure balanced, long-term development, build consensus with all stakeholder and ensure effective Center-State relationship.

Yes
Bank’s Rana Kapoor feels budget 2016 drives economic growth through
infrastructural development

Mumbai, Mar 26 () Yes Bank founder Rana Kapoor,currently in judicial custody after arrest on money launderingcharges, moved a bail application on Thursday claiming hisprevailing medical condition puts him at the risk ofcontracting coronavirus in jail.In the plea filed through his lawyer Subash Jadhav,Kapoor claimed he was sufferinga chronic immunodeficiencysyndrome, which causes recurrent lung, sinus and skininfections.The 62-year-old banker also claimed to be sufferingfrom severe hypertension, anxiety and depression for the last18 months, which is in large part being treated in hispresence of his family.This, combined with bronchial asthma since childhood,which still requires inhalers, puts him at high risk of asevere lung infection which can lead to death, the bail pleasaid.The plea further stated that the present situation ofcoronavirus can lead to severe lung infection and even deathof the applicant as the disease is more like to infect personsabove 60 years ofage, with low immunity and long-standingrespiratory problem."It is submitted that the aforesaid disease requiresthe applicant to consume carefully monitored and home cookedfood in order to combat and control the said disease. Theapplicant is also required to stay at home," the plea said.The PMLA court, before which the plea was filed,posted the matter for hearing on Monday and directed theofficials of Taloja jail in Navi Mumbai, where Kapoor islodged, to submit his medical records.Kapoor was arrested by the Enforcement Directorate(ED) under the Prevention of Money Laundering Act (PMLA)earlier this month.According to the ED, loans of Rs 30,000 crore weregiven by Yes Bank when Kapoor was at its helm, and of these,advances of Rs 20,000 crore became bad loans.The ED has accused that Kapoor, his family members andothers got benefits worth Rs 4,300 crore through companiescontrolled by his family as kickbacks for sanctioning hugeloans.He is also accused of receiving bribes for going easyon loans given to a few big corporate groups that had turnedinto non-performing assets (NPAs). AVIRSY RSY

I may contract coronavirus in jail, grant me bail: Kapoor

<ul class="summary-list"><li>Anant Ambani and Radhika Merchant held their sangeet, a pre-wedding celebration, on Friday.</li><li>The event featured a star-studded guest list and a performance by Justin Bieber.</li></ul>The wedding of the year has almost arrived.<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Radhika Merchant and Anant Ambani</a>, the youngest son of <a target="_blank" href="https://africa.businessinsider.com/local/markets/indian-billionaire-ambani-targets-african-telecom-market-with-new-venture/vwmsmgn">Asia's richest man</a>, will marry on July 12 at the Jio World Convention Centre in Mumbai. Guests will be treated to a weekend of festivities, with activities on July 13 and the reception on July 14.The couple's upcoming nuptials hit social media in March when videos and photos surfaced of lavish pre-wedding festivities hosted by <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">the Ambani family</a>. The family's patriarch, <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>, chairman of Reliance Industries, has a net worth of $123.4 billion. His wife, <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/nita-ambani-jewelry-at-anant-ambani-pre-wedding-celebration-2024-3">Nita Ambani</a>, is a philanthropist who serves as chairperson of the Reliance Foundation.The pre-wedding celebrations have been extravagant, like hiring <a target="_blank" href="https://www.businessinsider.com/rihanna-concert-ambani-indian-wedding-fee-cost-estimate-2024-3">Rihanna for a private performance</a> in March, and the most recent event — a sangeet ceremony on Friday in Mumbai — was no exception.Anant and Radhika hosted the traditional musical celebration that unites the couple's families. The pair arrived in ensembles designed by Abu Jani and Sandeep Khosla.<div type="image" title="Anant Ambani and Radhika Merchant on July 5 at their sangeet." height="3264" width="2184" msid="111545665" hostid="261" sizebytes="651112"></div>As expected, the Ambanis went above and beyond with the performances and booked Justin Bieber. Paparazzi captured photos of Bieber arriving in Mumbai on Friday, and the singer shared several photos from the event on his Instagram account on Saturday.He posed with <a target="_blank" href="https://www.instagram.com/p/C9GAOBRoO00/?hl=en&amp;img_index=1">Merchant and Anant</a> in several photos.Videos showing Bieber singing "Sorry" and other songs at the party have gained traction on Twitter and TikTok, including the official French outlet <a target="_blank" href="https://www.tiktok.com/@leparisien/video/7388552611810610465?lang=en">Le Parisien account</a>.Representatives for Bieber did not respond to a request for comment from Business Insider.The entire event was a star-studded affair.<h2 id="4f4433fd-260c-468f-8f41-a68c0ad00601">Celebrities and athletes showed off their style</h2>Several celebrities posed for photos at the sangeet, including actors Kiara Advani and Sidharth Malhotra.<div type="image" title="Bollywood actors Kiara Advani (L) and Sidharth Malhotra at Anant Ambani and Radhika on July 5, 2024." height="1382" width="1843" msid="111545659" hostid="261" sizebytes="275604"></div>Actor Varun Dhawan also attended the event with his wife, Natasha Dalal, while Vidya Balan attended with her husband, Siddharth Roy Kapur.<div type="image" title="Bollywood actress Vidya Balan (R) poses for a photo with her husband producer Siddharth Roy Kapur on July 5 at the Ambani's sangeet." height="2397" width="3196" msid="111545663" hostid="261" sizebytes="520314"></div>Other actors included Jaaved Jaaferi, Janhvi Kapoor, Sara Ali Khan, and Khushi Kapoor.<div type="image" title="Actress Janhvi Kapoor on July 5 at Anant Ambani and Radhika Merchant's sangeet ceremony." height="2070" width="2760" msid="111545667" hostid="261" sizebytes="556458"></div>Several athletes posed for photos, too.Cricketer Mahendra Singh Dhoni and his wife, Sakshi Dhoni, attended the event together.<div type="image" title="Indian cricketers Ishan Kishan (L) and Hardik Pandya (R) pose for a photograph during the Sangeet ceremony for Anant Ambani and Radhika Merchant." height="2216" width="2954" msid="111545660" hostid="261" sizebytes="479712"></div>Photos also captured Shreyas Iyer, Ishan Kishan, and Hardik Pandya.The Ambanis are accustomed to hosting high-profile individuals — pre-wedding festivities in March brought out <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-priscilla-chan-loud-luxury-at-ambani-pre-wedding-2024-3">Facebook founder Mark Zuckerberg</a> and <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/bill-gates-mark-zuckerberg-among-expected-attendees-at-indian-wedding-2024-2">Microsoft founder Bill Gates</a>.

Justin Bieber performed at an Ambani pre-wedding party for family and friends. Here's a look at the exclusive guest list.

<ul class="summary-list"><li>Goldman Sachs on Thursday promoted 95 executives to its partnership.</li><li>It's the largest class to be promoted under David Solomon since he took over as CEO in 2018.</li></ul>Goldman Sachs on Thursday dropped the names of its newest partner class, elevating 95 members to its highest designation of leaders outside the C-suite.The 2024 class is the largest since David Solomon took over as CEO in 2018 and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">reflects the bank's growth expectations</a> in dealmaking and asset and wealth management.This year's class is also one of Goldman's most diverse, representing a record 26 females and a record level of Hispanic executive promotions, a company executive said on Thursday."A spirit of partnership has been at the heart of Goldman Sachs' culture for more than 155 years, with the firm's partners exemplifying the best traditions of leadership," Solomon and President and COO John Waldron said in a joint statement on Thursday.The last time Goldman tapped new partners in 2022, it elevated 80 members. In the 2020 cycle, it appointed <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">just 60 new partners</a>, which helped reduce the size of the overall partnership to fewer than 440 members, down from 484 in 2018.While the bank does not break out the size of its partnership at any given time, it has generally hovered around 400 to 450 members, representing less than 1% of Goldman's workforce. As of the end of September, the Wall Street bank employed about 46,000 people, filings show.Since taking the top job in 2018, Solomon has been shrinking <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">the bank's partnership ranks</a> in a bid to increase its exclusivity. The Goldman executive said this year's larger size isn't an about-face from that goal, but rather a reflection of the firm's commitment to its key businesses like <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">investment banking</a> and <a target="_blank" class="" href="https://www.businessinsider.com/tips-ipo-rich-founders-manage-wealth-according-to-goldman-sachs-2024-8">money management</a>. The executive said that the total size of the class has remained largely constant even as the firm has grown under Solomon.The bank has, in recent years, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">adjusted its course back to historic strengths</a> like trading and advising on <a target="_blank" class="" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">mergers</a>, after it fumbled the ball on its <a target="_blank" class="" href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">consumer-banking ambitions</a>. Goldman has also experienced <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-david-solomon-ceo-partners-departures-strategy-2023-9#:~:text=According%20to%20the%20former%20partners,they%20had%20no%20industry%20experience.">a slew of high-profile partner</a><a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"> exits</a> driven, in part, by demand for its executives at high-paying hedge funds and other buy-side firms.The process for becoming a partner is rigorous, requiring months of interviews across the firm in a process known internally as cross-ruffing, as <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-is-about-to-promote-another-round-of-partners-2022-10">Business Insider has reported</a>.The title, which opens the door to special perks and privileges, is a vestige of Goldman's history as a private company run by its partners, who often contributed their own capital to deals. Goldman is now a publicly traded company, but its partners maintain influence over the strategic direction of the 150-year-old firm.After several years of sluggish dealmaking across Wall Street, Goldman's investment-banking fees — from advising on mergers to debt and stock underwriting — shot up 24% at the end of September versus the first nine months of 2023.The bank has also grown its asset- and wealth-management business, with assets under supervision surging to more than $3 trillion for the first time at the end of the third quarter, fueled in part by growth in assets from high-net-worth clients.<div type="image" title="A bald man in a suit smiles" height="1917" width="3000" msid="115063726" hostid="261" sizebytes="224422"></div>Here are some key figures about Goldman's 2024 partner class:<ul><li>42% of the class started at Goldman as campus hires and 29% started as summer interns with the firm.</li><li>The average tenure of the partner class is 16 years at Goldman Sachs.</li><li>26 promotes are women, or 27% of the class.</li><li>The percentage of women promoted is not a record. In 2022, 23 women were promoted, representing 27% of the total class. (Goldman Sachs has seen a number of high-profile female exits in recent months, raising criticisms about the bank's commitment to its female executives in an article published by the Wall Street Journal. Among the exits have been Beth Hammack, the former treasurer and an unsuccessful contender for chief financial officer; Stephanie Cohen, <a target="_blank" class="" href="https://www.businessinsider.com/stephanie-cohen-leaving-goldman-sachs-cloudflare-2024-3">the former chief strategy officer</a> and head of its platform solutions group; and Katie Koch, the former chief investment officer of its public-equity business in asset management. <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-internal-memo-women-leaders-russell-horwitz-2024-3">Executives have vowed to do better.</a>)</li><li>6% of the class is Hispanic, another record.</li><li>18% are Asian.</li><li>4% are Black, down from 7% in 2020. This is an area the Goldman executive acknowledged is a place the firm wants to improve.Here's the full list that Goldman released featuring all of its new partners.</li></ul>Marine Abiad, Global Banking &amp; Markets, ParisBenny Adler, Global Banking &amp; Markets, New YorkShahzad Ali, Controllers, New YorkAsh Ang, Global Banking &amp; Markets, SingaporeLucia Arienti, Global Banking &amp; Markets, LondonMatthew Armas, Asset &amp; Wealth Management, New YorkPatrick Armstrong, Asset &amp; Wealth Management, New YorkSebastian Ayton, Global Banking &amp; Markets, ParisAmitayush Bahri, Asset &amp; Wealth Management, LondonRob Barlick Jr, Asset &amp; Wealth Management, MiamiDavid Bear, Global Banking &amp; Markets, New YorkAmanda Beisel, Controllers, New YorkJeff Bernstein, Asset &amp; Wealth Management, New YorkLyla Bibi, Global Banking &amp; Markets, New YorkAnne Bizien, Global Banking &amp; Markets, ParisTristan Blood, Asset &amp; Wealth Management, LondonBrittany Boals Moeller, Asset &amp; Wealth Management, AtlantaMarc Boheim, Asset &amp; Wealth Management, LondonChris Bonner, Global Banking &amp; Markets, New YorkKevin Boova, Global Banking &amp; Markets, New YorkOonagh Bradley, Compliance, LondonTimothy Braude, Asset &amp; Wealth Management, New YorkSteven Budig, Asset &amp; Wealth Management, New YorkJacqueline Cassidy, Global Banking &amp; Markets, New YorkSorubh Chandani, Asset &amp; Wealth Management, New YorkPamela Codo-Lotti, Global Banking &amp; Markets, New YorkBracha Cohen, Asset &amp; Wealth Management, New YorkShaun Cullinan, Asset &amp; Wealth Management, New YorkMarc d'Andlau, Global Banking &amp; Markets, ParisAdam Davis, Global Banking &amp; Markets, New YorkMatthew Doherty, Asset &amp; Wealth Management, New YorkJason Eisenstadt, Global Banking &amp; Markets, New YorkAshley Everett, Global Banking &amp; Markets, New YorkAlex Finston, Global Banking &amp; Markets, New YorkAlison Flood, Global Banking &amp; Markets, New YorkArvind Giridhar, Global Banking &amp; Markets, New YorkAshwin Gupta, Asset &amp; Wealth Management, New YorkSonia Gupta, Global Banking &amp; Markets, San FranciscoTerry Hagerty, Global Banking &amp; Markets, New YorkRobert Hamilton Kelly, Asset &amp; Wealth Management, West Palm BeachAxel Hoefer, Global Banking &amp; Markets, FrankfurtDylan Hogarty, Global Banking &amp; Markets, New YorkTim Holliday, Corporate Treasury, LondonKazuya Iketani, Global Banking &amp; Markets, TokyoSumedh Jaiswal, Global Banking &amp; Markets, LondonKyle Jessen, Global Banking &amp; Markets, San FranciscoLotfi Karoui, Global Investment Research, New YorkFeroz Khosla, Global Banking &amp; Markets, New YorkLarry Kleinman, Tax, New YorkJared Klyman, Asset &amp; Wealth Management, New YorkDaniel Korich, Global Banking &amp; Markets, New YorkRebecca Kruger, Global Banking &amp; Markets, New YorkKosuke Kurosawa, Global Banking &amp; Markets, TokyoShane Lee, Global Banking &amp; Markets, CalgaryMichael Leister, Global Banking &amp; Markets, New YorkMatthew Leskowitz, Global Banking &amp; Markets, New YorkHilary Lopez, Asset &amp; Wealth Management, LondonCedric Lucas, Asset &amp; Wealth Management, New YorkMazen Makarem, Global Banking &amp; Markets, New YorkMatthew Mason, Global Banking &amp; Markets, Hong KongJans Meckel, Global Banking &amp; Markets, ParisPatrick Moran, Legal, New YorkLeonie Morel, Global Banking &amp; Markets, LondonJohn O'Connor, Global Banking &amp; Markets, New YorkSteve Orr, Global Banking &amp; Markets, New YorkLeke Osinubi, Engineering Division, New YorkElizabeth Overbay, Platform Solutions, New YorkJonathan Perry, Engineering Division, LondonThomas Plank, Global Banking &amp; Markets, SingaporeCaitlin Pollak, Global Banking &amp; Markets, New YorkLing Pong, Asset &amp; Wealth Management, Hong KongJoe Porter, Global Banking &amp; Markets, San FranciscoVishaal Rana, Global Banking &amp; Markets, New YorkAlexandre Reinert, Global Banking &amp; Markets, Hong KongMonique Rollins, Corporate Treasury, New YorkMarcos Rosenberg, Asset &amp; Wealth Management, RichardsonMarc Schaffer, Global Banking &amp; Markets, New YorkJan Scheffel, Global Banking &amp; Markets, LondonRahul Sharma, Engineering Division, Menlo ParkEric Sheridan, Global Investment Research, New YorkSalil Sheth, Global Banking &amp; Markets, New YorkJonathan Shugar, Global Banking &amp; Markets, New YorkAlyson Shupe, Asset &amp; Wealth Management, New YorkAaron Siegel, Global Banking &amp; Markets, New YorkAdam Siegler, Global Banking &amp; Markets, New YorkCraig Smart, Global Banking &amp; Markets, New YorkAndre Souza, Global Banking &amp; Markets, LondonThom Spoto, Asset &amp; Wealth Management, West Palm BeachLesley Steele, Risk, LondonTeppei Takanabe, Global Banking &amp; Markets, TokyoLaura van Alkemade, Global Banking &amp; Markets, LondonDennis Walsh, Asset &amp; Wealth Management, New YorkAlexandra Wilson-Elizondo, Asset &amp; Wealth Management, New YorkSylvia Yeh, Asset &amp; Wealth Management, New YorkPiotr Zurawski, Global Banking &amp; Markets, LondonThis post is breaking and will be updated with additional information.Emmalyse Brownstein contributed reporting.Are you an insider at Goldman Sachs or on Wall Street? Get in touch with this reporter. Reed Alexander can be reached at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a>, or SMS/the encrypted app Signal at <a target="_blank">(561) 247-5758</a>

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