Listen: Goldman, Goldman Sachs, United States discussed on FT Banking Weekly
"As we've discussed on the podcast before this all comes ahead of the January invest today for Goldman I ever for them is zero-risk that with all these initiatives especially the ones that go died Malka. It looks as if Goldman has lost. Its way it used to be a very specialized high end. Investment National Banking Group onikan claim to be anymore exclusively. I think account it doesn't want is the biggest thing I hear. Investor Day that there's combat thanks Goldman Sachs is adopting a really scattergun approach. Trying all these different things that are trying as well as Marcus as well as apple cart. They're getting into the customer's business they're also targeting. Their resting lender you this into a mini blackstone attracting more funds nightside than. They're also doing these kind of things into space and the concern. Some investors raise in gold. Money's going down market on the day with a more fundamental concern is instead of having a focused strategy to really target one thing and do Elena's as we've seen buying Klay Credit Suisse. UBS DO Goldman Sachs rise. They argue isn't so much a strategy. It's basically ten different bets in the hope that would've paid off now the counterargument Bass despite the Goldman Sachs buyers and by analysts who support the firm leadership is us. We should be thinking about as part of holistic platform on the this is basically golden trying to leverage its problems unbelievers technology was part of a bigger clients become integral to the financial life of US weight of the US and also Overseas markets so. They argue that we shouldn't be thinking of all these things separately. Wish we thinking of them as one holistic plan in fairness people who are critics love is approach go Hasn't done on a terrible job of explaining all these pieces fit together so while people are really looking for after January. Twenty Ninth Investor Day. Is David Solomon who executive on his leaders to really explain how all this together to sell unless investors. Hi this actually forms a cohesive Goldman Sachs with a feature. I mean the idea that it's not going to beat need is really elite trading powerhouse. Most people I think is pretty much boarding to that and they think that that's probably leaker thing because the areas go excelled in in the past have become. Structurally actually more difficult in the last decades. I think the reason we're hopping investor day. The reason doing all these different things is basically a recognition of the fact that if Goldman just stuck to its own the businesses than it would just be instructional declined. The question mark is whether it's trying to many different things a final question in terms of the Eh acquisition model because as you said this Robo advisors wealth adviser that is facilitating this new low end. Wealth management service walls aborting business. People are speculating that Goldman might try as it spreads into lots of other areas to do more acquisitions in a word. You think they all going to do it. Probably in several words what Might Bay by do you think said mostly speculations around Goma buying some kind of retailed by presence. It's not obvious to me that they're going to do that. Because go because he wants to be bigger and retail retaliates alongside but he finds his extinct binds that has the brand just that has to be cost economy. Remove I love the edge. Goldman housego months of selling point. Remarks is where we're cheap because we can build it from a Greenfield site so that's one of the areas. People talk about a lot of the idea of Goldman and buying a regional US bank. I'm not totally sold on it myself. They might also buys kind of online trading platforms dot. I can see that more easily than you could see expeditions nations indiscreet markets so. They may decide that they want to be figuring geographic markets I make acquisitions. They're given the investment banking division. They can trying to target this science switching smaller deals. You might even by mid market boutique in some of the market that they think are structurally enforcement somewhere like Germany somewhere like the U. Hey maybe more more in Asia or maybe even some of these Martinez.."