I・バンカー必読！

ゴールドマンの栄光と課題（エコノミスト誌）

Goldman Sachs
On top of the world

Apr 27th 2006
From The Economist print edition
In its taste for risk, the world's leading investment bank epitomises the modern financial system

皮肉屋のエコノミスト誌ですら、ゴールドマンの実績には非のつけようがないようです。それでも、３つの問題を提起しています。

BY ANY measure, Goldman Sachs is a formidable company. The bank knocks the spots off its competitors, whether in pure “investment banking”, the traditional craft of underwriting and mergers and acquisitions in which it made its name, or in its new focus, trading for customers and its own account. Even compared with leaders in other industries, Goldman makes spectacular returns. Among its latest record-busting yardsticks was a 40% quarterly return on equity. The average pay-packet of its 24,000 staff last year was $520,000—and that includes a lot of assistants and secretaries.

（中略）

Yet the sheer size of the numbers involved does mean it is worth raising three questions. How exactly has Goldman and its industry achieved this? Can it be sustained? And what should happen if something goes wrong?

Like most of its rivals, Goldman is a difficult institution for outsiders to understand. Until 1999 it was a private partnership. With public ownership came greater reporting responsibilities, but precisely what Goldman is up to remains obscure. The bank likes to say that it still relies a lot on traditional investment banking, but Goldman's accounts show that its profits come increasingly from trading. The sharp-suited investment bankers act as a sales force for less-well-dressed colleagues who work out how to make money from swaps, options and direct investments.

　(後略)

独断的コメント：

余りにも成功し続けてきた企業には、持続可能性という課題が付きまといます。それが金融業者として、PEが低く評価されている理由なのでしょう。俺までは、金融革命の流れを美味く利用し、M&Aからディーリング、デリバティブ、アセット・マネジメント、プロップ・トレーディング、プリン氏パル・インベストメントと収益源を拡大してきましたが、今後のビジネス・モデルと競争優位は不透明なようです。

更に興味のある方は、　　　　　　↓

http://www.economist.com/opinion/PrinterFriendly.cfm?story_id=6855910

Fair use notice 

This Blog News contains copyrighted material the use of which

has not always been specifically authorized by the copyright

owner.

The material is being made available for purposes of education

and discussion in order to better understand the complex

nature of businesses in today's world.

We believe this constitutes a "fair use" of any such copyrighted

material as provided for in relevant national laws.

The material is distributed without profit to those who have

expressed an interest in receiving the included information for

research and educational purposes.

If you wish to use copyrighted material from this site for purposes

of your own that go beyond "fair use", you must obtain permission

from the copyright owner.

We cannot guarantee that the information contained in this Blog

News is complete and correct or be liable for any loss incurred

as a result of its use.

Nor can we be responsible for any subsequent use of the material.