Goldman Sachs CFO Sees Bank ROEs Beating 12% in Long Term
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Goldman Sachs Group Inc. Chief Financial Officer Harvey M. Schwartz said the banking industry’s average return on equity will rise above 12 percent as some firms shrink or exit businesses.
“I think the industry will migrate to higher returns because it will have to,” Schwartz, 48, said today at the Credit Suisse Financial Services Forum in Miami. It might be a “question of excess capacity coming out over a long period of time,” he said.