The core skills of investment banking – marrying up the capital needs of financially stretched issuers and the investment objectives of those with cash still to put to work even after wrenching portfolio losses – have never been more valuable.
So it should not come as a shock or provoke resentment that Goldman Sachs, still the world’s pre-eminent investment bank, pulled in record quarterly equity underwriting revenues between April and June. With banks still reluctant to lend, corporations and financial institutions need to repair their over-leveraged balance sheets and raise funds.
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