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You May Not Be Able To See How Great Goldman Is Doing, But It Can

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Wall Street’s elect has it on pretty good authority that its lack of revenue growth, re: debt, forex and commodities trading is nothing to be worried about at all.

Goldman Sachs Group President Gary Cohn insisted at a conference last week that his firm was expanding market share in fixed-income, currency and commodities trading. This is even though, as a portion of the aggregate trading revenue reported by big banks, Goldman's revenue has barely budged. Judged by revenue, Citigroup has increased its market share the most since 2011, according to a recent report from Credit Suisse Group. And the biggest gainers last quarter were Deutsche Bank and Morgan Stanley.

Mr. Cohn argued that since the current low-volatility environment depresses trading revenue, the normal way of gauging market share no longer works. Goldman's traders are winning more trades, he said, but "it's tough to see."

Goldman Touts Invisible Victories Over Wall Street Rivals [WSJ]

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Lloyd Blankfein may step down as chief executive of Goldman Sachs as early as this summer; and president and chief operating officer Gary Cohn is the lead candidate to replace him, according to a Goldman executive and a source close to the firm. A Goldman spokesman declined to comment. To be sure, anything can happen over the course of the next few months and the departure of Blankfein, 57, is not certain. It is still up in the air whether Blankfein wants to step down. It would also not be unheard of for Blankfein to share the role of CEO, as so many others at Goldman have in the past. Former co-heads include John Weinberg and John Whitehead; Robert Rubin and Stephen Friedman; and Jon Corzine and Henry Paulson. ... It seems increasingly certain that Gary Cohn would replace Blankfein. [Fortune, earlier, earlier]

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