Surely Confused by the Slope

by Jeffrey P. Snider
Alhambra Partners

Goldman Sachs did not disappoint. The bank’s earnings for Q1 were a disaster slightly worse than what was already anticipated as beyond bad. There was nothing that the firm did that it can say it did well, as Goldman’s CEO admitted there was weakness or “headwinds across virtually every one of our businesses.” For eurodollar or wholesale banks, that has been the constant refrain; it has only gained notice over the past year or so because of the obvious intensification.

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