Lloyd Blankfein delivered a presentation about Goldman Sachs last week in which he explained what Goldman Sachs is and what its plans for expansion are. His comments were made at the Bank of America Merrill Lynch banking and financial services conference in New York City.
The presentation basically made three points:
- Goldman, despite its reputation as mostly a prop trading outfit with lots of conflicts of interest between its own profits and those of its clients, is mostly a client oriented firm.
- Goldman is focused on expanding in the BRIC countries, Brazil, Russia, India and China.
- Goldman is not only one of the most financially healthy financial institutions in the world, it delivers the best return to investors while also managing to pay its people more than just about anyone else on Wall Street.
In short, the presentation was about why Goldman is totally awesome.
As an aside, you'll notice that this chart shows Goldman with six tentacles stretching out into the world. That's the same amount of tentacles as Squidward, the Sponge Bob Squarepants character. Real squids have 10 tentacles, even vampire squids.
In short, Goldman Sachs CEO Blankfein took the Merrill Lynch conference as an opportunity to defend the firm aganst public criticism. His main line of defence was to explain how most of the bank's risk is not taken on to facilitate prop trading. It has been taken at the request of clients and shareholders are reaping the rewards of this focus on client service.
'We are not lounging around in our sunglasses, basking in our certain future,' he said. 'We stay very close to our clients.'