For some time now, Goldman Sachs has been throwing things at the wall, looking for something—anything—to reclaim its rightful place in the world of finance, which of course is better than everyone else and lording it over them. Leveraged loans. Robots. Ridiculously stupid rallying cries. DJing. Being… nice. Cross-selling. And now online lending and cut-rate ETFs.
This week, Goldman did a fantastically un-Goldman thing and even put a number on what all of the trial-and-error is aiming to achieve: A $5 billion boost to the bottom line. This has led to some even more unthinkable thoughts, such as a Goldman Sachs led by someone other than Lloyd Blankfein.
Whether it succeeds or not, one thing is clear: Lloyd Blankfein‘s feet are to the fire….
The strategy’s three-year time frame is yet another hint that Mr. Blankfein plans to stick around for a few more years. The growth plan sketches out a new, and perhaps final, act for the long-serving CEO and a report card by which to judge him.
Goldman Sachs Sets a Bar [WSJ]
Goldman’s New Obsession: Adding $5 Billion in Revenue [WSJ]
Goldman Nabs Fintech Group in Push to Boost Online Lending [WSJ]
Goldman Cuts Smart-Beta Fees to a New Level [Bloomberg]