Goldman’s rivals ram home advantage as US regulators lurk
JP Morgan, Citi and BAML have gained most from industry tailwinds during the first quarter, while Goldman Sachs lagged behind. But the spectre of regulatory reform threatens the universal model just as it is gathering real momentum, writes David Rothnie.
The main talking point from Wall Street’s first quarter reporting season was whether the shock earnings miss at Goldman Sachs constituted a one-off blip, as management claimed on the call, or whether it marks the start of a new era of dominance by the other US majors.
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