Goldman Sachs Reaches a Share-Price Record

The stock’s climb is a sign of how much the bank has profited from the financial chaos of the past year

Billions of dollars that went missing from Malaysia's 1MDB has become one of the biggest financial scandals ever, with Goldman Sachs agreeing to pay the U.S. government more for its involvement than it did after the 2008 crisis. Here’s how the alleged fraud happened and then fell apart. Photo Composite: Adam Falk (Originally Published October 20, 2020)

The pandemic recession has thrown up roadblocks for most of the nation’s largest banks. Not so for Goldman Sachs Group Inc.

The Wall Street giant’s share price closed at a record for the first time in nearly three years, a sign of how much the bank has profited from the financial chaos of the past year. Its stock has risen about 19% over the past month, far more than any of its five big-bank peers.

Goldman shares had been static for years, a perpetual concern for Chief Executive David Solomon and one that led him to peel back some of the bank’s famous secrecy a year ago. At the time, its trading business was languishing amid efforts to build a consumer bank香蕉视频苹果下载 and grow its wealth-management business.

The pandemic pushed many of those challenges aside. It spurred roller-coaster markets that lifted its traditional sales-and-trading business. Then, as markets bounced back, its bankers made money helping corporate clients sell debt and equity.

The investment-banking business probably stayed strong in the last three months of the year. Jefferies Financial Group Inc. said late Monday that its investment-banking revenue hit a record in the fourth quarter, which analysts see as a favorable sign for larger competitors such as Goldman.

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