We may be exaggerating just a touch with that headline but after Goldman's "muted" quarterly earnings call with CEO (a/k/a DJ "DSol") David Solomon on Monday, it was revealed that the firm's revenue was off year over year in every segment other than investment banking. Even so, the firm continues to invest heavily in fintech and its Marcus division remains a darling of the fintech community. Once touted as "the show" the bank now is now turning its guns to consumer driven business, and fintech will continue to lead the way as the firm continues to plow investments into the sector. Goldman is TOUGH and won't go down without a fight, so look to them to be a fierce competitor in the retail segment - through their fintech offerings - in the coming months and years.
Cindy Taylor/Publisher
"The price of Goldman shares tumbled on the results and were joined by Citigroup, which dipped after reporting a slight increase in first-quarter profits.
Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping trading activity, the investment bank said.
A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell.
There were no major announcements about the scandal involving Malaysian fund 1MDB, which has prompted a series of government probes.
"Nobody wants to get to a resolution on this faster than we do," Chief Executive David Solomon told analysts. "And we are absolutely committed to doing everything that we can to move the process along as quickly as possible."
Executives outlined a number of growth initiatives, including its expansion of its "Marcus" online consumer lending and banking venture that has been touted as a means to diversify the firm beyond Wall Street..."
Full Story at France24.com