Goldman Sachs: special focus


Published on:

Euromoney's recent coverage of the US investment bank.

Coronavirus and investment banking: Dimon shines while Solomon stumbles
April 2020 

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 

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.

David Solomon 160x186

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
Goldman-logo-people-R 780px
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
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
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
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
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
3Q19 q heatmap
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
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
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.

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
2Q19 heatmap 1b 780pxDidn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.

David Solomon_2018_160x186
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


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.

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
cliffedge-crumble-istock-780.jpgProfile: Gonzalo Garcia, co-head of Latin America, Goldman Sachs: The comeback kid

What they said about CIB in 2018
February 2019

FY18 vs FY17 % change heatmap
heatmap FY18 680pxThe 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 
KS_banner_cash_780Even 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
Chess_780The 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
EM25 main 780pxWhich 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. 

25logo 160x186
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
on-off-power-button-780CLSNet – 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
suit-business-fall-780Analysts 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
Goldman-Sachs-US-flag-NYSE-R-780The 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

Q318 heatmap2A 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 
Goldman_Solomon_Blankfein_video-grab-780Ex-Goldman CEO off the leash as he hands over to Solomon.

Macaskill on markets: The self-driving market arrives on Wall Street
October 2018
Maca-Driverless-David-Solomon-illo2-780Wall Street is turning into a self-driving market, long before automation transforms the physical experience of transportation.

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

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

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

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

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

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

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
MB banking banner 770px
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.
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
Least innovative innovation lab of the year: Goldman Sachs' 'Innovation Lab'


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

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
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
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
MB banner 660px
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
MB banner 660px
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

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

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

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.

iStock-bill 350x250
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

Gary Cohn-600
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
Steve Bannon-R-600
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

Hillary Clinton Stronger Together-R-600
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

AfE 2016 logo-196 135
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.

Macaskill Tyrion and Varys-350
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

China press-R-600
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 

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

Muammar Gaddafi-envelope
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.