Goldman Sachs: special focus
Euromoney's recent coverage of the US investment bank.
JPMorgan chief executive Jamie Dimon has had a good start to the Covid-19 crisis, while his Goldman Sachs counterpart David Solomon is faltering.
Diversify or specialize: that has been the question for all the big global corporate and investment banks since the financial crisis of 2008 – we delve into the data to see who did what.
The bank says it remains committed to excellence, but its biggest pitch seems to be that it doesn’t feel the need to be the leader in everything it does any more. That may give it the flexibility it needs as it develops into new areas, but will it be enough to satisfy shareholders?
The co-head of investment banking wants the firm to 'win by more' in the businesses where it already leads, but ramp up its client coverage overall – and roll out its transaction banking platform.
In its global markets division, the bank faces its toughest task in its quest to deliver greater shareholder value.
For all the detail, the firm's long-awaited investor day doesn't end the questions about its strategy.
The 150-year old bank looked inspired by Apple.
The investment bank will no longer IPO firms without diverse directors.
The investment banking co-head is proud of his RoE, while the securities team seems subdued about the task ahead.
In applying for exemption to the requirement to disclose an ETF’s portfolio, Goldman Sachs joins a small group of firms testing a new approach.
The investment bank’s move into new business lines is proving tougher and more expensive than expected.
The nation has become synonymous with 1MDB, much to its new leadership’s frustration. It needs to close the chapter on this scandal and begin a new narrative with the global financial community. Malaysia’s prime minister-in-waiting tells Euromoney what would help.
Excitement at the prospect of Goldman’s first investor day is mounting.
A new sport in southeast Asia banking circles is guessing how much it will take for Goldman to settle with the Malaysian state over 1MDB.
Investment banks quarterly heatmaps
It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
A mixed third-quarter earnings result showed how Goldman Sachs’ investments in new ventures are dragging on returns, but CEO David Solomon argues they will pay off over time.
A new approach to going public has so far been tested by only two firms, but the people who did those deals see them as the start of something bigger.
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The retirement of Goldman Sachs securities co-head Marty Chavez leaves trading veteran Ashok Varadhan looking isolated.
Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
Sachs' latest results show it changing in two contrasting ways: one makes it look more like a bank than it used to; another less so.
Awards for Excellence 2019
The firm is a driving force behind some of the most important financing trends emerging across the world.
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
Profile: Gonzalo Garcia, co-head of Latin America, Goldman Sachs: The comeback kid
FY18 vs FY17 % change heatmap
The biggest dozen global investment banks have now reported their results: here's what their execs said about each of your businesses
Even though this business is notoriously sticky, Goldman Sachs’ entry into cash management business could shake up the industry.
The pieces are starting to shift on the board of Chinese investment banking. There have been signs of progress, frustration and new strategy since last April’s announcement that foreigners would be allowed to take majority stakes in securities joint ventures on the mainland.
Which bank chief executives are raising a glass to a successful 12 months? How are the newcomers to the party settling in? Who’s hiding in the corner, drowning their sorrows? And will 2019 be a year of feast or famine? Euromoney reveals all in its progress reports for the Class of 2018.
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Goldman aims to grow in consumer banking and corporate cash management.
CLSNet – a new payments netting service for FX trades – aims to reduce costs and increase liquidity for market participants.
Analysts are reflecting uncertainty over the fallout for Goldman Sachs from the 1MDB affair, but with the stock taking a rare tumble below book value, markets seem to be pricing in much more bad news to come.
The charge sheets against former Goldman Sachs employees also appear to identify a senior figure who is still at the bank; they also spell out the circumstances of Goldman’s 1MDB bond mandates in uncomfortable detail.
A strong third quarter from Morgan Stanley was the highlight of a mixed bag of numbers, while Goldman Sachs’ incoming CFO offered more glimpses of the future.
Ex-Goldman CEO off the leash as he hands over to Solomon.
Wall Street is turning into a self-driving market, long before automation transforms the physical experience of transportation.
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Managing director, Goldman Sachs Urban Investment Group
Investment banks in 2Q18 August 2018
Are we missing a trick by not tweaking tried-and-true instruments for sustainable finance? Can we talk more broadly about commercial viability? And then, of course, there’s Goldman Sachs.
The bulge-bracket firms are back in Latin America – and their resolve will surely be tested over the next 12 months.
Deutsche Bank’s failure of the recent Federal Reserve stress tests drew attention, but while the regulator was happy to kick the battered European bank while it is down, this was in stark contrast to its treatment of favoured home-town players Goldman Sachs and Morgan Stanley.
Awards for Excellence 2018
When it comes to big, transformative cross-border M&A deals, no firm matches Goldman.
Investment bank steps in as BNDES stops crowding out; an important first in local-denominated financing of large project puts down marker.
Goldman Sachs delivered strong first-quarter trading results that were followed by a reorganization of the management of its securities division.
The coming move towards a Volcker Rule 2.0 that relaxes monitoring of proprietary risk taking by bank dealing desks has been portrayed as a result of president Donald Trump’s administration finally placing its preferred officials in key regulatory positions.
Watching things closely will be foreign banks involved in 1MDB, none more so than Goldman Sachs, by far the most closely involved.
If the Securities and Exchange Commission (SEC) does decide to weigh in on the issue of whether or not Blackstone’s trading in Hovnanian debt and default swaps constitutes market manipulation, it will revive questions about SEC chairman Jay Clayton’s ties to Goldman Sachs.
New sole president’s success in building non-traditional strengths put him ahead of rival Schwartz.
We review the options...
Goldman CEO Lloyd Blankfein wants to remind everyone of the importance of non-static resource commitments – and how they can move in both directions.
The recent disclosure that rare wine worth more than $1.2 million was stolen from Goldman Sachs co-president David Solomon, allegedly by a personal assistant, raises questions about which other Wall Street titans may have suffered the indignity of losses they would rather not discuss.
Two new names entered the top 10 in this year’s survey. ABN Amro joined the rankings in 10th place and Goldman Sachs moved into ninth place, pushing out Santander and Deutsche Bank. HSBC gained two positions globally, now ranking eighth.
Markets franchises suffered at all five of the big US banks, with large falls in FICC driving double-digit overall declines at Goldman and JPMorgan. Goldman fared worst, down 18%, while Morgan Stanley was down just 2%.
Converting boardroom dialogue into a corporate FICC franchise is not as easy as it sounds – even for Goldman Sachs.
Blankfein still needs to fix FICC, but the firm has other challenges.
New Zealand’s Financial Markets Authority and the country’s stock exchange are working to impose voice recording for traders after market-manipulation investigations highlighted limitations in the regime.
The Goldman Sachs chief shows how less can be much, much more.
Several trends emerge from the year-to-date league tables, and not everyone will like them.
Of the five largest names on Wall Street, Goldman Sachs ranks the lowest for overall D&I (54%), but scores higher than Morgan Stanley, Citi, Bank of America and JPMorgan on cultural diversity at board level.
US bank enters UK retail just as BoE raises alarm on consumer credit.
Goldman Sachs has laid out a three year revenue growth plan that is nothing short of extraordinary.
An appearance by a senior Goldman executive at a forthcoming conference could herald a new strategy for its fixed income franchise.
There was no shine to the firm’s quarterly results, especially in fixed income sales and trading. They came in as the worst of the top five.
Awards for Excellence 2017
Goldman’s creativity and ability to commit capital have paid off this year.
The US firm has a broad franchise in financial institutions, but whatever the sector and no matter what the solution, advice is at the heart of its offering.
Lines are being blurred as advisers get better at financing, and firms that used to lead through balance sheet up their game in advisory.
For country results, see full results
Goldman Sachs badly underperformed other US banks in first-quarter fixed income results, setting off a frenzy of speculation about trading positions that could have led to the disappointment.
Goldman's new incentive scheme for its top management has some curious quirks.
Goldman Sachs CEO Lloyd Blankfein seems to be on a comfortable glide path towards maximizing the value of the performance stock units that will provide most of his future compensation.
Lloyd Blankfein’s swingeing cost cuts at Goldman Sachs really hit bankers where it hurts in March: their phones. No longer will their employer simply pick up the tab for their smartphone usage – Goldman bankers now face the indignity of having to itemise their monthly bills and (good grief!) claim their money back.
Gary Cohn, president and COO of Goldman Sachs, was poised to join president-elect Trump’s new administration at the end of last year, having been appointed director of the National Economic Council.
Anyone hoping they fell through a wormhole on November 8 and are now living in an alternate reality will be encouraged by a new ad campaign in the US.
Singapore's investigations into the 1MDB scandal continue to claim more big-name scalps.
Donald Trump vilified Wall Street during his presidential campaign in stump speeches and an advert that featured an image of Goldman Sachs CEO and chairman Lloyd Blankfein as a symbol of the “corrupt machine” that needed to be overthrown.
Libyan Investment Authority fails to convince court US bank duped it; Société Générale case even bigger but LIA is rudderless.
Goldman Sachs is cutting and Citic is hiring – but is all as it seems?
Goldman Sachs almost certainly made a good investment when it paid Hillary Clinton $675,000 for three speeches.
Who comes out best and worst from the DoJ report into 1MDB? Goldman Sachs is mentioned extensively in the document, but that is no surprise.
Awards for Excellence 2016
Vampire squid or bank of the people? Goldman Sachs wants to win over middle America.
As Goldman Sachs released the worst first quarter results by a leading US dealer in April, it placed a video discussion with Game of Thrones co-creator David Benioff in prime position on its corporate website.
Goldman Sachs had a logical, humdrum reason to acquire $16 billion of deposits from GE Capital to boost its fledgling online retail operation, GS Bank.
Trading the weakest link; firm ‘needs restructuring’.
Goldman can only be commended for its move to turn a perceived weakness into a strength.
Look closely at figures from Dealogic for the first six months of 2015 and there’s a story to be found as to why Goldman Sachs bankers still like to lord it over their counterparts at Morgan Stanley.
John Lefevre’s account of his time as a bond syndicate manager in Asia lifts the lid on some sordid personal and inappropriate professional activities. But beyond the shock factor, it’s the humour in the book that stands out.
Diversification and macro trading gave Goldman Sachs the edge over the credit and mortgage focused organizations in the first quarter.
Global head of private wealth management Tucker York talks to Euromoney about the $40 million-plus client offering it is focusing on.
Monetary policy errors in Europe or Japan, political discord in Europe and geopolitical risk are big risks for 2015, says Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Private Wealth Management, in an interview with Euromoney.
Judge rules profits must be explained; 28 people to have their email searched.
The main charge against Goldman Sachs by the US Senate committee investigating commodity market practices was that the bank effectively controlled actions by its metals warehouse subsidiary, Metro International, that created a bottleneck in aluminum supply, and that Goldman could have profited from associated trades in its securities arm.
LIA ‘not financially illiterate’; relationship was ‘arm’s length’.
As noted in the original story published by Euromoney on May 1, we repeatedly requested the opportunity to interview Palladyne International Asset Management to put the substantive points of the story about their relationship with the Libyan Investment Authority to them. Palladyne declined this request, but offered written denials which were published in the original story.
Last month Goldman Sachs filed papers in the UK courts seeking to have a case for mis-selling brought by the Libyan Investment Authority summarily dismissed. This is not the first attempt by the bank to end the problems caused by its engagement with Gaddafi-era Libya. In a 2010 memo, Goldman proposed a complex structure that would have involved a $52 million payment in exchange for unwinding trades that had cost the Libyan fund almost $1.3 billion. While the US investigates, LIA chairman Abdulmagid Breish is making plans for the sovereign wealth fund’s future – and he wants his country’s money back.
Goldman’s controversial relationship with the Libyan Investment Authority was brought back into focus this week after a former executive of Palladyne International Asset Management brought a claim against the Dutch firm describing it as a ‘money-laundering operation’ for the former Gaddafi regime.
John Lefevre dished the dirt on the cut-throat, unfulfilling, absurdly self-important world of investment banking through his GSElevator Twitter account. But it took a publishing house to shaft him. He is exasperated, but confident his elevator will go back up.
Euromoney recalls meetings with John Lefevre, in his former capacity as an Asian bond executive, who has been outed as the man behind the wildly popular @GSElevator Twitter account, which purports to tweet conversations between Goldman Sachs employees around the world.
Investment authority says bank implemented trades that it didn't understand, costing it $1 billion.
November 2013 Ashok Varadhan might well be the most unpopular man at Goldman Sachs as bonus time approaches. The global head of macro trading at the firm oversaw a third-quarter collapse in revenues in his product lines – which include foreign exchange and rates – that was dramatic enough to threaten lower annual compensation levels for everyone else at Goldman Sachs.
Oh the irony. As Euromoney left the executive offices of one of Goldman’s main hubs this week, the image projected on the plasma screen in the elevator could not have been starker. “The world against Goldman Sachs” was the screaming headline of one financial television news channel.
Assailed on all sides for preparing to pay huge bonuses from a financial market kept alive by systemic government support, Lloyd Blankfein is having to fight Goldman’s corner almost as fiercely as when the crisis was at its worst. He tells Peter Lee that it is not business as usual.