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Goldman Sachs wins the award for best global investment bank for the strength of its performance across all sectors of the financial markets, and notably in mergers & acquisitions and equity capital markets. Goldman has clearly put behind it the reputational issues that dogged the firm in the wake of the financial crisis.
“Goldman Sachs has had an exceptional year whichever way you look at it,” says Euromoney. “It remains the intermediary and adviser of choice for so many of the world’s biggest companies, and it is still the business that all the other firms concede remains their most formidable competitor.”
Some of those competitors claim Goldman’s broker/dealer model will struggle to survive in the new regulatory environment for banks, but Euromoney says the evidence proves otherwise: “If you could point the finger at what makes Goldman stand out, it is the firm’s ability to adapt quickly to changes in the markets. They are smart business people as well as talented bankers. It has always reallocated resources and assets as the markets change. It empowers the people who run its divisions to do so. For all the talk of banking models, this is the model that works best for Goldman Sachs.”
Goldman was also named best global M&A house and best global prime broker at the Euromoney awards.
Lloyd Blankfein, chairman and CEO of Goldman Sachs, said in a speech accepting the award: “We are delighted to be named best global investment bank as part of Euromoney’s Awards for Excellence 2013. It is a real honour to receive this award and the other recognitions from a publication of Euromoney’s stature. Since we last won this award back in 2008, our industry – including and maybe, especially, our firm – have been under considerable scrutiny and pressure. I believe our industry is stronger since then and I know that Goldman Sachs is a better institution through learning from our own experiences.”
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Best investment bank: Blankfein steers Goldman back to the top Goldman Sachs was under siege two years ago, but its clients have stuck with it. It tops the M&A advisory and ECM league tables, and when its clients want debt deals, it can do those too. Chief executive Lloyd Blankfein expresses pride at the firm’s stability. But although Goldman hasn’t undergone the soul-searching many competitors have endured while seeking out their new, post-crisis, Basle III business models, its universal bank competitors ask if Goldman’s focus is too narrow. Awards for Excellence 2013: Best investment bank Goldman Sachs: Finding extra margin in ECM
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