U-turns seem to be in vogue at the moment – along with the tendency of those doing the U-turning to pitch any reversals as logical evolutions of what came before. So it is at Goldman Sachs, whose chief executive David Solomon this week cast his latest reorganization of the firm as “the next phase of our growth”.
It might still turn out to be just that. For all the commentary that the latest moves mark a backward step in Solomon’s ambitions for Goldman to broaden its appeal beyond investment banking, there is in fact very little being unwound here.
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