David Solomon, Chairman and CEO, Goldman Sachs, participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California.
Michael Kovac | Getty Images Entertainment | Getty Images
Goldman Sachs is known as Wall Street’s top brand, a juggernaut employing some of the world’s best traders and investment bankers.
But it’s facing an inflection point: Those high-profile businesses have fallen out of favor with investors since the 2008 financial crisis. Instead, it’s been steady, fee-generating areas like wealth and asset management that are valued far more than boom-or-bust activities like trading or advising on mergers.
Goldman shares have been stuck at a relatively low price-to-tangible-book value, a key industry metric that measures how the market sizes up a firm compared to the value of its hard assets. Goldman trades for just above one times price to TBV, while rivals including JPMorgan Chase and…
2023-08-05 08:33:53
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