For months, the watercooler chatter around big Wall Street banks focused on whet...
), which all executed major transactions during or after the crisis, Goldman looks much the same, analysts say.
Goldman was among a litany of financial firms that were rumored as suitors of E*Trade over the past year or so, as the retail trading firm looked for an acquirer. Analysts who follow Goldman and sources inside the bank have told Reuters it would not be a good deal for a variety of reasons, including technology, culture and price.
“Morgan Stanley is better positioned to acquire E*Trade because of its higher stock valuation and more significant cross-over into its network of brokers and workplace assets than Goldman Sachs,” said Hendler. But none of those deals gave Goldman a big pool of retail deposits or other kinds of businesses that could offset a sharp decline in trading revenue.
A longtime dealmaker, Solomon became CEO in 2018 and was instrumental in a turnaround plan that preceded his elevation. At Goldman’s first-ever investor day in late January, his management team set ambitious targets to grow the bank’s consumer division over the next five years.
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