But which is which?
Goldman Sachs is taken aback by the loathing it has stoked up by so quickly running up bumper profits raising equity for companies and banks to de-lever. Goldman is the best-managed firm on the Street. But its returns might never regain their former peaks, while its fiercest rival, JPMorgan, pushes its own higher than they were before the crisis. It will be interesting to see how Goldman’s fabled risk management copes when interest rates inevitably rise.
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