Rebooting Goldman Sachs
A recent Economist article highlighted the slumps of Goldman Sachs due to declining return on equity and declining top line revenue. What do you think is in Goldman's future?
Since 2009 revenues have dropped by a quarter; they remain below where they stood a decade ago. Even in a good quarter, such as the one just completed, its return on equity barely exceeds single digits. “Principal transactions”, ie, proprietary trading and investments, produced $25bn in revenues in 2009 and $18bn in 2010 but only $5bn in 2015. The decline is a result of new rules that limit these activities—and regulators threaten more.
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