Goldman Sachs: market leader’s cyclicality makes it market laggard | 引领者高盛集团因市场周期性落后? - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT英语电台

Goldman Sachs: market leader’s cyclicality makes it market laggard
引领者高盛集团因市场周期性落后?

Bank’s core business remains inexorably tied to market cycles
00:00

Tuesday was not the celebration that David Solomon was hoping for. Analysts wished the Goldman Sachs chief executive happy birthday on the bank’s earnings call. There was little to celebrate after that.

A deal dearth and Goldman’s disappointing foray into consumer banking could be distilled into a single figure: a measly 4.4 per cent annualised return on equity in the fourth quarter. That smacked of the tough times it was going through before the pandemic-related surge in trading and dealmaking.

Even Solomon, 61, was forced to concede the performance of the US investment bank was “disappointing”. On the same day, arch-rival Morgan Stanley reported that 2022 wealth management revenues hit nearly $25bn. Its return on equity of 9.2 per cent added to Goldman’s anguish.

Goldman’s franchise remains towering, but its core business remains inexorably tied to market cycles. That left the birthday boy simply hoping that sharp cost cuts and a “soft landing” for the economy would spark an eventual turnround.

In the first quarter of 2021, Goldman’s ROE hit a remarkable 31 per cent, a level more associated with its highly leveraged pre-2008 financial crisis days. As Solomon tried to explain, both 2021 and 2022 were polar opposites. In the opening quarter of 2021, Goldman generated $7bn of profits. For all of 2022, the firm mustered just $11bn.

The $3bn in losses that Goldman disclosed last week largely tied to investments in consumer finance can no longer be obscured by Goldman’s strength in institutional securities.

Goldman said the axing last week of 6 per cent of its workforce came after boosting headcount by a tenth in the previous period. On Tuesday, Solomon admitted that the company had been overconfident in its expectations for new businesses. Goldman is left hoping it can extract stable earnings from asset management fees as well as wringing more from corporate clients for new products.

Solomon noted that even amid all the flux, Goldman had still been able to grow book value steadily in recent years. After falling nearly 10 per cent on Tuesday its stock price is down nearly a fifth from its 2021 peak and trades at a price to book value ratio of 1.1 times.

A lot can happen in a year. Solomon will hope that the worst is over for Goldman by the time he is 62. If not, the world’s most famous investment bank may be back in the doldrums for good.

undefined

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

字节跳动的人工智能雄心

TikTok背后的中国公司正大举投资AI,希望成为横跨AI各个领域的领先集团。一些人认为这是一场豪赌。

“我的人生完蛋了”:AI泡沫破裂后,韩国投资者压力陡增

三星电子和SK海力士股价暴跌后,数百万人遭受“前所未有”的损失。

AI投资集中风险并不只存在于股票市场

库珀:债券市场与其他资产类别一样,正越来越被同一套AI投资逻辑主导。

普京的炼油厂梦想如何成为乌克兰的靶子

遭袭数月后,俄罗斯多家主要炼油厂的损毁在太空中仍清晰可见。

Lex专栏:英伟达的芯片或许新颖,但其“循环融资”并不新鲜

这家芯片制造商实际上是在开支票,帮助客户购买超出其原本支付能力的更多产品。

Lex专栏:现实冲击韩国存储芯片明星股

即便是最坚定的芯片繁荣论信徒,如今也必须正视其中的复杂性。
设置字号×
最小
较小
默认
较大
最大
分享×