When Goldman Sachs went public six years ago, the firm said it planned to seek more earnings stability by focusing on investment banking and asset management. Instead for the past century, the bank has prospered by heading in a very different direction–using more of its own capital to trade and invest, according to the August issue of Bloomberg Markets.
Bloomberg Markets magazine’s cover story entitled “Goldman’s Risky Business” reports that the New York-based firm is betting unprecedented amounts of its own money, “growing far beyond its roots as investment banker to the world’s corporate elite.”
Bloomberg Markets writers Richard Teitelbaum and Adrian Cox address Goldman’s reliance on fixed-income, currencies and commodities and the risk that the firm is taking on the volatile market.