Goldman Sachs has long been the most storied banking business on Wall Street and has often found itself ahead of its competitors. Therefore, where it finds itself now is a surprise—last place at its own game. While other banks have pulled back from trading, Goldman has kept it a centerpiece of its business. But despite doing so, the bank’s trading division has been hurting lately, with fixed income trading down 40% in the most recent quarter. In response, the bank is going on a charm offensive, talking to all its major clients to find out how they can do better, and in doing so, improve their image as being more customer-friendly.
FINSUM: Finding out why you are losing market share and how you can improve is a good way to turn around the business. That said, this development makes us wonder if Goldman’s recent trading woes are symptomatic of a larger problem rather than just the ebb and flow of trading volume.