Goldman Sachs, Banker to the Elite, Turns to the Common Man
ByIt is not just coincidence that after 147 years of serving institutions and the ultra-wealthy, Goldman Sachs has decided that it will start catering to the common man: It is opportunism borne of necessity.
The years since the financial crisis have not been particularly kind to Goldman Sachs’s moneymaking machine – not that anyone is weeping for the company or the people who work there — despite an improving economy and record numbers of corporate financings and mergers and acquisitions. In the last three fiscal years, Goldman has made a cumulative pretax profit of about $33 billion. By contrast, JPMorgan Chase, the nation’s biggest bank by assets, has had cumulative pretax profit of $87 billion, nearly three times more. In 2007, Goldman and JPMorgan were much more evenly matched when it came to profitability. Goldman made $17.6 billion in pretax profit in 2007; JPMorgan made nearly $23 billion…
Goldman Sachs, Banker to the Elite, Turns to the Common Man
