Goldman Sachs’ business model is not as precious as it used to be. CEO Lloyd Blankfein, back after a bout with cancer, is embarking on a cost cutting effort. At the same time the bank is changing its long-held focus on the top tiers of corporate America, and the 1%. It recently announced a plan to start an internet bank that caters to middle income Americans. Goldman also in early 2016 bought a company that manages 401(k) plans for small businesses. All of those moves will hopefully boost Goldman’s profitability, which is still way below where it was before the financial crisis.
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Leaving the firm with slightly more than 200 bankers across Asia outside Japan.
His position on Chinese investment may have played a role.
The top 5 in the table are all U.S. banks.
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Stemming from the 2008 financial crisis