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Goldman’s Lemkau: The cat who got the cream

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

Gregg Lemkau landscape 960px.jpg
Gregg Lemkau
/ Stephen Zipp

Goldman Sachs admitted to problems in its global markets unit during the bank’s inaugural investor day on Wednesday. This left investment banking co-head Gregg Lemkau looking the happiest presenter on stage.

Global markets had a return on equity (RoE) of just 7% last year at Goldman, which was a drag on overall performance, given that the division still consumes just over half of all capital – or $40 billion of the $79 billion total for 2019.

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