Has the Goldman Sachs “Prestige” Vanished?Posted by in Blog on August 4, 2011
There have been signs of deterioration at Goldman Sachs for several months. Miserable second quarter earnings, decline of its asset management business, and even recruitment has become a challenge for the previously prestigious investment bank.
High-level employees are moving to competitors like JP Morgan and hedge funds. According to an article written by John Carney, “there is a feeling of paranoia and insecurity within the firm.” Something else is going on that’s less empirical: there’s been a change in the aura of Goldman Sachs.
Many of the recent losses at Goldman Sachs were junior traders that were considered “rising stars.”
This is not a good sign for Goldman Sachs.
Is the era of Goldman Sachs over?