Goldman Sachs’s second quarter was not a stellar one for investment banking – the traditional mainstay of the firm – and the firm might have raised eyebrows by its admission that its transaction backlog had fallen.
This being Goldman, however, there were reasonable explanations for everything. Sponsor financings were down across the industry, hurting debt capital markets (DCM), while recent big IPOs accounted for the backlog fall: in DCM and advisory it actually rose.
Understandably, therefore, the emphasis was more on the ways in which the firm is seeking to change its spots.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
