'The firm is not yet in serious trouble, but it is trapped by its own mythology,' the Economist writes
This week’s Economist magazine featured a melting blue Goldman Sachs Group Inc. logo with the name “Goldman Sags” inside it, as the tough month for the marquee investment bank continues.
This week’s Economist magazine featured a melting blue Goldman Sachs Group Inc. logo with the name “Goldman Sags” inside it, as the tough month for the marquee investment bank continues. Ahead is its Feb. 28 investor day, when CEO David Solomon will lay out a case that his plans for the bank laid out three years ago remain mostly on track.The Economist’s article entitled “The Humbling of Goldman Sachs” depicted the bank’s challenge of reinventing itself after being outshined in 2022 by JPMorgan Chase & Co. JPM and Morgan Stanley MS — and trapped within the confines of Wall Street’s traditional investment banking businesses.
“The firm is not yet in serious trouble, but it is trapped by its own mythology,” the article said. “Its recent struggles show how hard it will be to reform—and illuminate a new balance of power in global finance.”
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