Banking returns were superior at the time of its IPO 25 years ago
It is 25 years since Goldman Sachs’ groundbreaking 1999 IPO. Current chief executive David Solomon joined the US bank that year, a fact he was keen to remind analysts of on Monday when discussing its second-quarter results. Investment banking revenues rallied sharply in the past three months as expected, and so far are up 27 per cent year over year for 2024. But some observers were at least mildly disappointed.
Like at the turn of the century, Goldman remains dominant in investment banking and sales and trading, though the latter has been deadened by capital and regulatory constraints. Goldman itself is also now protesting the results of its recent Fed “stress test”, the results of which may require it to retain more capital and thus reduce the opportunity for buybacks and dividends.
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