Goldman Sachs' financial report for the fourth quarter of 2022 was lower than market expectations, and it broke out that the CEO had cut his salary and laid off employees.

(Reuters)

[Financial Channel/Comprehensive Report] Rolling Stone magazine once described Goldman Sachs as "a huge vampire squid occupying the face of a human being, and the sucker penetrates into all the gaps where money smells".

Over the years, Goldman Sachs has gathered top bankers, and the revolving door between Goldman Sachs headquarters and the US Treasury seems to be able to rotate freely. The former Goldman Sachs are in charge of the European Central Bank, the World Bank and other institutions, and now the light seems to be fading.

According to The Economist, Goldman Sachs will earn only US$1.3 billion in the fourth quarter of 2022, lagging behind its Wall Street counterparts. The era of invincibility is over, and "almost no one looks up to them anymore."

Goldman Sachs Group recently announced layoffs of 3,200 employees, with a layoff rate of 6.5%. Most of the affected employees had only 30 minutes to clean up their desks and leave due to temporary notices. Even the supervisor who notified the order admitted that the process was "cruel." of".

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To make things worse, Goldman Sachs was dragged down by the loss of consumer finance business and the decline in the income of the investment banking department. On the 17th, it announced its financial report for the fourth quarter of 2022. billion, well below market expectations.

Goldman Sachs CEO David Solomon was honest and disappointing.

The Economist laughed and said that Goldman Sachs was completely surpassed by its long-running rival Morgan Stanley, and that its performance lagged behind its Wall Street peers was not the worst. Loans are monitored carefully enough.

Goldman has brought together the best and brightest bankers on its trading floor or conference room to build a powerful hedge fund or a large private equity firm, The Economist said.

No matter which party is in power, the revolving door between Goldman Sachs headquarters and the U.S. Treasury Department seems to be able to spin freely. The last three Treasury secretaries and many subordinates are Goldman Sachs alumni.

The Fed and other regulators also have a lot.

The former Goldman runs the European Central Bank, the World Bank and the governments of Australia and Italy.

Goldman Sachs seems to be omnipresent, omniscient, and omnipotent.

Today's Goldman Sachs performance is sluggish. In addition to layoffs, even Goldman Sachs CEO David Solomon's salary in 2022 has been cut by 29%.

The Economist pointed out that standing on the east side of the top floor of Goldman Sachs' headquarters in lower Manhattan, you can still overlook the entire Wall Street. Even after recent setbacks, its employees continue to enjoy a commanding view, but almost no one looks up to them anymore.

Can Goldman Sachs recover its swagger? It is hard to reinvent a firm trapped by its own mythology https://t.co/qWgBwSfaTC pic.twitter.com/jhu4fPkdoC

— The Economist (@TheEconomist) January 26, 2023

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