Aside from the slight embarrassment of having to ask syndicate members on its own secondary offering to return some of the fees, Goldman Sachs’s equity franchise is back on track. Having backed the e-retail sector to the hilt from 1998 to early 2000, Goldman could do nothing but watch as its aftermarket performance figures plummeted in the US, and then Europe and Asia.
Fears that this was the beginning of the end for Goldman’s equity franchise proved unfounded, however, and in a more challenging environment it has once again proved the value of its services.
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