, Columnist
Goldman’s Big Hedge Fund Bet Was Perfectly Timed
The bank has strengthened its position with its biggest trading clients to deliver stellar results.
It’s looking good.
Photographer: Jeenah Moon/Bloomberg
Where are all of David Solomon’s critics now? Those who haven’t left Goldman Sachs Group Inc. for other firms are getting on with their jobs with gusto. The investment bank’s chief executive officer had a torrid time cleaning up his strategic misstep into consumer banking, but two years after ending that project, its core businesses are on fire.
Goldman reported record equity trading revenue in second-quarter earnings on Wednesday and trounced its peers with a rebound in investment banking revenue that was fueled by a 70% jump in deal-making fees versus the same period last year.