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Banking

Goldman Sachs: special focus

Euromoney's recent coverage of the US investment bank.

Coronavirus and investment banking: Dimon shines while Solomon stumbles

April 2020 

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JPMorgan chief executive Jamie Dimon has had a good start to the Covid-19 crisis, while his Goldman Sachs counterpart David Solomon is faltering.

The evolution of investment banks 

April 2020 

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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.


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We've done it before: Goldman tells investors why they should trust its ambitions

February 2020

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?

Goldman and IB: Where do you go from number one?

February 2020

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.

Goldman hunts better returns from challenged markets business

February 2020

In its global markets division, the bank faces its toughest task in its quest to deliver greater shareholder value.

Goldman reveals it’s no longer special

January 2020

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For all the detail, the firm's long-awaited investor day doesn't end the questions about its strategy.

Goldman held an investor day and there were jokes

January 2020

The 150-year old bank looked inspired by Apple.

Responsible finance: Goldman pushes change

January 2020

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The investment bank will no longer IPO firms without diverse directors.

Goldman’s Lemkau: The cat who got the cream

January 2020

The investment banking co-head is proud of his RoE, while the securities team seems subdued about the task ahead.

Goldman files for ETF that will keep holdings secret

January 2020

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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.

Class of 2019: Goldman Sachs

January 2020

The investment bank’s move into new business lines is proving tougher and more expensive than expected.

Malaysia’s message to Goldman Sachs… and to the world

December 2019

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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.

Goldman Sachs: A grand day out

December 2019

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Excitement at the prospect of Goldman’s first investor day is mounting.

How much will make Goldman’s 1MDB problems go away?

November 2019

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.

What they said about CIB in Q3 '19: a guide to bank results

November 2019

Investment banks quarterly heatmaps

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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.

Goldman defends spending as CEO Solomon says he is looking long-term

October 2019

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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.

Direct listings: the future according to Goldman Sachs

October 2019

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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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Sideways: Goldman’s Varadhan looks lonely
  

September 2019

The retirement of Goldman Sachs securities co-head Marty Chavez leaves trading veteran Ashok Varadhan looking isolated.




What they said about CIB in 2019: a quick guide to bank results 

August 2019

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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.

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Where is Goldman Sachs heading?

July 2019

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

July 2019 

World's best bank for financing 2019: Goldman Sachs

The firm is a driving force behind some of the most important financing trends emerging across the world.

Asia's best bank for advisory 2019

Country awards: Asia – China best investment bank

Country awards: Asia – India best investment bank

Country awards: Asia – New Zealand best investment bank

Latin America's best bank for advisory 2019

Country awards: Latin America – Argentina best investment bank

Middle East's best bank for advisory 2019 

North America's best bank for advisory 2019

North America's best bank for sustainable finance 2019

 

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Jim Esposito: Steady under fire

April 2019

As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.





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Eric Dobkin: The father of the IPO

April 2019

As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.




Latin America investment banking – the brittle relationship

March 2019

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Profile: Gonzalo Garcia, co-head of Latin America, Goldman Sachs: The comeback kid

What they said about CIB in 2018

February 2019

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The biggest dozen global investment banks have now reported their results: here's what their execs said about each of your businesses 

Goldman Sachs’ cash business could completely change the game

February 2019 

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Even though this business is notoriously sticky, Goldman Sachs’ entry into cash management business could shake up the industry. 

Investment banking: Foreign firms make their moves in China

February 2019

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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. 

The Euromoney 25: Class of 2018

January 2019

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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 Sachs: New worlds to conquer

January 2019 

Goldman aims to grow in consumer banking and corporate cash management.




CLS payment netting service goes live with Goldman Sachs and Morgan Stanley

December 2018

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CLSNet – a new payments netting service for FX trades – aims to reduce costs and increase liquidity for market participants. 

Goldman stock is on the ropes, but should it be below book?

November 2018

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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. 

Goldman back in the 1MDB swamp after Leissner and Ng charges

November 2018

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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.

3Q18 results: US bank chiefs focus on structure and costs
October 2018

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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. 

Blankfein on social media: ‘One thing I look forward to is unrestrained tweeting’

October 2018 

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Ex-Goldman CEO off the leash as he hands over to Solomon.

Macaskill on markets: The self-driving market arrives on Wall Street

October 2018

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Wall Street is turning into a self-driving market, long before automation transforms the physical experience of transportation.



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Impact banking champion: Margaret Anadu, Goldman Sachs

September 2018

Managing director, Goldman Sachs Urban Investment Group 






Investment banks in 2Q18 August 2018

Part 1: group and CIB

Part 2: DCM, ECM and advisory

Part 3: FICC and equities


Sustainable finance: Do we have to reinvent the wheel?

August 2018

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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.


Latin America's bulge-bracket banks: Staying power

July 2018

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The bulge-bracket firms are back in Latin America – and their resolve will surely be tested over the next 12 months.


Sideways: Fed stress tests – prizes for all (US banks at least)

July 2018

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

July 2018


World's best bank for advisory 2018: Goldman Sachs

When it comes to big, transformative cross-border M&A deals, no firm matches Goldman.


Asia's best bank for advisory 2018 Country Awards: Asia – Japan best investment bank

Latin America's best bank for advisory 2018

Country Awards: Western Europe – Austria best investment bank


 

Goldman signals Brazilian focus

July 2018

Investment bank steps in as BNDES stops crowding out; an important first in local-denominated financing of large project puts down marker.






Macaskill on markets: Goldman takes pole position for Volcker Rule 2.0

June 2018

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Goldman Sachs delivered strong first-quarter trading results that were followed by a reorganization of the management of its securities division.


Sideways: Wall Street’s Washington takeover

June 2018

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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.


Mahathir’s return puts the fear into Malaysian finance

June 2018

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Watching things closely will be foreign banks involved in 1MDB, none more so than Goldman Sachs, by far the most closely involved.



Sideways: The ties between Wall Street, regulators and White House

May 2018

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.


Goldman's debt to Solomon helps him get the top job

March 2018

New sole president’s success in building non-traditional strengths put him ahead of rival Schwartz.


Nine things Gary Cohn might do after the White House

March 2018

We review the options...


Resourceful Blankfein puts a positive spin on Goldman’s FICC fix

February 2018

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Goldman CEO Lloyd Blankfein wants to remind everyone of the importance of non-static resource commitments – and how they can move in both directions.


Sideways: Goldman’s hidden losses

February 2018

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.

 
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Euromoney’s Private Banking and Wealth Management Survey 2018: Press release

February 2018

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. 


Results Index
Global results: investment banking capabilities


 

US banks face more taxing issues than meets the eye

January 2018

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%.


Goldman hopes to put grim FICC year behind it

January 2018

Converting boardroom dialogue into a corporate FICC franchise is not as easy as it sounds – even for Goldman Sachs.

Alternative awards of the year 2017

December 2017

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Least innovative innovation lab of the year: Goldman Sachs' 'Innovation Lab'

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Social media influencer of the year: Lloyd Blankfein


Goldman Sachs: Aiming for top Marcus

December 2017

Blankfein still needs to fix FICC, but the firm has other challenges.

NZ to record traders after regulators disagree on Goldman probe

November 2017

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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.


Lloyd Blankfein is Twitter’s anti-Trump

November 2017

The Goldman Sachs chief shows how less can be much, much more.


Foreign partners consider next steps for Chinese securities JVs

November 2017

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When it finally came, it took the market – and bankers who had been hoping for the news for many years – by surprise, but China’s decision to allow foreign partners in domestic securities joint ventures to take majority stakes raises as many questions as answers.


Banking: What Asia league tables tell us as the year draws to a close

November 2017

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Several trends emerge from the year-to-date league tables, and not everyone will like them.


Diversity and inclusion: Thomson Reuters reveals Q3 bank rankings for D&I

November 2017

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.


Retail banking: Goldman pockets UK risk

October 2017

US bank enters UK retail just as BoE raises alarm on consumer credit.


Add $5 billion: How Goldman hopes to be better at (nearly) everything

September 2017

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Goldman Sachs has laid out a three year revenue growth plan that is nothing short of extraordinary.


Fixing FICC: decision time for Goldman

September 2017

An appearance by a senior Goldman executive at a forthcoming conference could herald a new strategy for its fixed income franchise.


What’s happened to Goldman’s Midas touch?

August 2017

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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


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World's best bank for financing 2017: Goldman Sachs

July 2017


Goldman’s creativity and ability to commit capital have paid off this year. 


World’s best bank for financial institutions 2017: Goldman Sachs

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.


Awards for Excellence: Flipping investment banking

Lines are being blurred as advisers get better at financing, and firms that used to lead through balance sheet up their game in advisory.


Western Europe's best investment bank 2017: Goldman Sachs


North America's best bank for advisory 2017: Goldman Sachs




For country results, see full results





 

Macaskill on markets: Trump’s top banks set off Volcker rule alarms

May 2017

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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.


Macaskill on markets: Making competitors fail again

April 2017

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Goldman's new incentive scheme for its top management has some curious quirks.


Sideways: Cashing in and cashing out

April 2017

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.


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Goldman Sachs: Don’t call us, we’ll call you

April 2017

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 has left the building

January 2017

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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.


Post-truth personal loans

December 2016

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.


Leissner's loss is not necessarily Goldman's gain

December 2016

Singapore's investigations into the 1MDB scandal continue to claim more big-name scalps.


Sideways: Trump’s tangled ties to Wall Street

December 2016

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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.


Libya: LIA loses the Goldman case

October 2016

Libyan Investment Authority fails to convince court US bank duped it; Société Générale case even bigger but LIA is rudderless.


Investment banking: Asia beyond the headlines 

October 2016 

Goldman Sachs is cutting and Citic is hiring – but is all as it seems?


Sideways: Goldman Sachs – investing in people

September 2016

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Goldman Sachs almost certainly made a good investment when it paid Hillary Clinton $675,000 for three speeches.


The DoJ 1MDB complaint analysed: how the named banks fare

July 2016

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



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North America's best bank for financing


Western Europe's best bank for financing




US retail banking: Main Street’s memory test  June 2016 

Vampire squid or bank of the people? Goldman Sachs wants to win over middle America.


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Macaskill on markets: Goldman’s Game of Marketing gets desperate

April 2016

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.


Sideways: Goldman’s new cast members aren’t contenders for the top

April 2016

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.

US banks: Goldman Sachs the biggest loser on Wall Street

April 2016

Trading the weakest link; firm ‘needs restructuring’.

Sideways: China can learn from Goldman

September 2015

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Goldman can only be commended for its move to turn a perceived weakness into a strength.


Morgan Stanley vs Goldman: mind the revenue gap

July 2015

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.


GSElevator crashes into Hong Kong financial markets

July 2015

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.


Bank earnings: Haves and have-nots

May 2015

Diversification and macro trading gave Goldman Sachs the edge over the credit and mortgage focused organizations in the first quarter.


Goldman Sachs private bank – lender to the $40m-plus club

January 2015

Global head of private wealth management Tucker York talks to Euromoney about the $40 million-plus client offering it is focusing on.


Private banking CIO outlook 2015: Goldman Sachs PWM

January 2015

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.


Libya: Goldman must open its LIA books

January 2015 



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Judge rules profits must be explained; 28 people to have their email searched.

Macaskill on markets: Sideways – 'No comment' from Goldman and Metro

December 2014

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.

Goldman mounts LIA defence

October 2014

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LIA ‘not financially illiterate’; relationship was ‘arm’s length’.


Libya vs Goldman — The secret memo: Statement from Palladyne

May 2014

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.


Libya vs Goldman Sachs – the secret memo

April 2014

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.


Libyan plot thickens for Goldman with Palladyne ‘money-laundering’ suit

March 2014

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.


Lift off for John Lefevre, aka @GSElevator

March 2014

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.


@GSElevator gossip reaches Fevre pitch

February 2014

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.


New details emerge of Libya's claim against Goldman Sachs

February 2014

Investment authority says bank implemented trades that it didn't understand, costing it $1 billion.


Macaskill on markets: FICC downturn drives bonus woes at Goldman Sachs


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.


The world against Goldman Sachs

May 2010

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.

Lloyd Blankfein: Goldman pays the price of success

December 2009

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.












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