Abigail with attitude: Goldman could come out looking smart on market risk
As London locks up its rioters, isn’t it time that investors stopped bankers acting as wardens of their own institutions? Meanwhile, the results season means the jury remains out for the likes of Blankfein, Gorman and Dougan
The August riots in London were an unwelcome back-drop to the bungee-jumping stock markets.
Cosseted bankers are deluded
Many senior bankers are deluded. They somehow believe that although the world has changed, their life has not.
Goldman reported lower than expected earnings of $1.1 billion and announced 1,000 job cuts. Goldman attributed this under-performance to a reduction in market risk.
Chief executive James Gorman is battling to reinvent Morgan Stanley as a turbo charged Rolls-Royce with resilient trading revenues and a market leading, wealth management business.
Credit Suisse’s chief executive, Brady Dougan, needs to prove he has the right strategy in place for this new era.
How was your week? Please send news and views to Abigail@euromoney.com.