Here's how Goldman Sachs' list of trading clients has changed
Gary Cohn, president and chief operating officer at Goldman Sachs, just spoke at the Deutsche Bank Global Financial Services Investor Conference.
His presentation focused on the bank's institutional client services unit, which houses the bank's equities and fixed income, currencies and commodities sales and trading teams.
Included in the presentation was this slide below, setting out how the bank's client based has changed over time.
In short, there are fewer hedge fund clients, and more asset management and corporate clients.
Speaking earlier this year, Goldman Sachs CFO Harvey Schwartz highlighted this relationship when discussing the bank's performance in the first quarter.
"We've had a big commitment to the hedge fund industry across equities and fixed income for a long time - we're always rooting for their performance," Schwartz said.
"In periods like we went through in the first quarter, obviously they have a tendency to derisk, and it reduces trading velocity over many months, although there may be, for example, an active day from time to time."
- From usernames to secret codes for locked chats, here are the upcoming WhatsApp features
- Coal sector PSUs poised to cross ₹21,030 crore Capex target for 2023-24
- Stock markets snap six-day rally; Sensex slumps over 400 points
- From Lathmar Holi to Jallikattu: India's most unusual festivals
- Orient Technologies files draft papers with Sebi to mop-up funds via IPO