WALL STREET RESULTS
Goldman Sachs dealmakers celebrate impressive quarter
New York — Goldman Sachs Group’s dealmakers celebrated one of their own rising to the top of the firm by delivering an unexpected boost to his first month. Wall Street’s top advisory franchise delivered in a quarter when most of its competitors were beset by a slowdown in completed merger transactions and underwhelming debt-underwriting activity. Goldman Sachs’s investment banking group posted a 10% revenue gain last quarter, vaulting past analysts’ estimates for a drop. David Solomon, who took over as CEO on October 1, spent a decade atop the investment banking unit, helping cement its expansion. A number of senior executives he worked with at the time now form a key part of the team he is putting together to shepherd the entire firm, including President John Waldron and incoming CFO Stephen Scherr. After putting his management team in place, Solomon will have to turn his attention to appeasing shareholders, with the stock down almost 16% this year as of Monday. That compares with ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.