How Goldman punished its FICC failures
After being pulled down by lacklustre fixed income trading results in 2017, Goldman Sachs has been in recovery mode, delivering two solid quarters of revenues, led by its underwriting and advisory business. That chimes with the retirement of CEO and trading veteran Lloyd Blankfein and his replacement by David Solomon, whose background is in the advisory side.
The bank has rejigged its trading business and replaced a number of senior staff, notably securities division co-heads Pablo Salame and Isabelle Ealet. Others left of their own accord. Six months after the year-end, we now have a window into how that process may have played out at bonus time, at least in London. Risky Finance has created a bonus disclosure visualisation tool for subscribers, which we have tried out on Goldman Sachs.