Word: goldman
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During three decades as the head of financial-services consulting firm Greenwich Associates, Charley Ellis had a front-row view of Goldman Sachs' rise from also-ran to king of Wall Street. He then spent a decade working on a history of the firm, published last year as The Partnership: The Making of Goldman Sachs. So what is Ellis' explanation for Goldman's spectacular rebound - it turned a $5.2 billion profit in the first half of the year - from the financial crisis...
...most obvious is people," he says. "They recruit the most extraordinarily talented people, the most gifted in leadership." Then, he continues, Goldman brings these talented leaders together in by far the most team-oriented environment on the Street. (See 25 people to blame for the financial crisis...
...days since the bank boasted of its profits, the company's stock has fallen nearly 10%, to a recent $2.80. Shares of rivals Goldman Sachs and JPMorgan - both of which also produced profits in second quarter - have risen in the same time. (See 10 things to buy during the recession...
...compared to rivals, Citi's performance looks even paler. Goldman Sachs and Wells Fargo both reported higher earnings in the second quarter than a year ago. JPMorgan's earnings were down from a year ago, but it still outperformed Citi in many parts of its business. Investment-banking revenues at Citi, for instance, fell 13% in the second quarter from a year ago; JPMorgan's investment-banking revenues rose 29% in the same time, according to Bernstein's McDonald. Then there's the issue of talent loss. As Citigroup's troubles have continued, the bank has begun to lose executives...
...someone in the Obama Administration says something like "We want to reform Wall Street pay," what goes through your head? I hope they can actually follow through with it. But here we have folks in Washington - in the Fed, in the Treasury - who are also investment bankers, especially from Goldman Sachs. So it makes me wary. We're all implicated in this...