As Goldman Sachs Group Inc approaches its first-ever investor day on Wednesday, ...
Goldman set up a particular challenge for itself by not opportunistically buying a big retail bank or brokerage firm during the financial crisis when they had the chance, DBRS, Inc analyst Mike McTamney said.
“Goldman Sachs failed to evolve as quickly as it should have,” said Mike Mayo, analyst at Wells Fargo & Co. “They were strategically complacent.” But the central question remains how Goldman will transform itself from a Wall Street bank into something that looks more like universal rivals, especially without performing an acquisition, analysts said.
Goldman’s share price of $238.14 as of Monday’s close means investors value it at less than what it says its stated assets are worth. That “multiple” harms its ability to buy banks that are valued more richly.
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