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Goldman to Hedge its Relationship with Hedge Funds - Blankfein
[Photo: Goldman Trading Floor - by Stephen Wilkes / Fortune]
Goldman Sachs CEO Lloyd Blankfein would like to see his firm expand its roster of trading partners, saying that they’ve been spending too much time with hedge fund traders. Speaking on Bloomberg TV, Blankfein believes the 40% decline in revenues from trading bonds, currencies and commodities can, in part, be attributed to the bank being “disproportionately involved in trading kind of clients” - something that needs to be fixed.
Blankfein, however, prefaced his remarks with this observation: “In my 35 years doing this, there have been periods a lot longer than this period where we’ve underperformed only to outperform.” So, while analysts on the Street seem to be lining up against Goldman and CEO Blankfein, few will argue that the firm has a long history of findings solutions for ‘righting the ship’.
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