Paul J. Davies, Columnist

Why Goldman Sachs Is Far, Far Behind Morgan Stanley

Its faltering attempts to develop a stream of steady, repeatable revenue stand in stark contrast to its rival’s resilience in asset management.

January 17, 2023 at 6:25 PM UTC

By Paul J. Davies

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Investors no longer value big wins in trading. That's trouble for Goldman Sachs.
Photographers: JB Reed (Morgan Stanley); Daniel Acker (Goldman Sachs)/Bloomberg

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Morgan Stanley is showing Goldman Sachs the way to go, but the latter has a lot of catching up to do.

Both banks reported 2022 results on Tuesday: Investors cheered one and jeered the other. Morgan Stanley’s shares jumped more than 6% in morning trading while Goldman’s dropped more than 7%.