Untidy Goldman Results Suggest Solomon’s Pivot Still Work In Progress
I think it's fair to suggest that some observers believe Goldman has lost its way under David Solomon.
I also think it's fair to suggest the firm's Q1 results won't do much to win over anyone who feels that way.
In a quarter during which JPMorgan, Citi and BofA all managed to deliver FICC beats amid a tumultuous environment for rates, Goldman's traders fell short.
FICC revenue of $3.93 billion dropped 17% YoY, missing estimates in the process. That's a bitter pill for the firm given big beats
“On Monday, Apple launched a savings account product in partnership with Goldman.”
Not mentioned: the interest rate on deposits will start at 4.1%. with no outstanding loan book, Apple can offer rates that no Bank can compete with. If this gains traction, it could reverberate throughout the industry.
Only thing Marcus has going for it is that it has good interest rates…not quite as good as 4.1% though
DJ Sol is the Steve Ballmer of GS.