Skip to content
Subscriber Only
Elisa Martinuzzi

Goldman Sachs and Deutsche Bank Have Something in Common

It’s hard for a former trading powerhouse to show the world it can adapt to the structural decline in its core business. 

A trading habit that’s hard to break.

A trading habit that’s hard to break.

Photographer: Bloomberg

For the first time in more than two decades as a publicly traded company, Goldman Sachs Group Inc. laid out a detailed strategic vision and financial ambitions to investors. Corporate slogans aside, the big reveal is that Goldman will be playing catch-up for some time.

The Wall Street titan on Wednesday presented plans to add $5 billion of revenue and improve profitability by snapping up businesses, targeting a wider array of clients and cutting costs. Pivoting away from an over-reliance on a volatile, shrinking trading business will demand deft maneuvering. It made up 40% of revenue last year.