Goldman’s Blankfein Says Largest Rivals Face Cost of Complexity

Nov. 13 (Bloomberg) -- Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein said Wall Street competitors with large retail businesses face increasing pressure from new global capital rules.

“For the first time it’s clear that size and complexity come at a cost,” Blankfein, 58, said today at the Bank of America Merrill Lynch 2012 Banking and Financial Services Conference in New York.

The biggest banks will have to balance the “synergies” of having retail and institutional businesses with the burden of higher capital surcharges that are being imposed on systemically important firms, he said.

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To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net