Macaskill on the markets: Goldman’s move to build a more balanced bank signals a shift for whole industry
Jon Macaskill is one of the leading capital markets and derivatives journalists, with over 20 years’ experience covering financial markets from London and New York. Most recently he worked at one of the biggest global investment banks
Goldman Sachs posted weak fourth-quarter results in January and released a code of revised business principles that threatened to slow its legendary speed in closing deals.
The two events can be taken as a sign of a weakened investment banking industry in 2011 and beyond, where lower fixed-income revenues and regulatory constraints undermine profitability.