Portfolio Manager On Goldman Sachs: “We’re One Headline Away From This Stock Getting Clobbered”

Lloyd Blankfein Gary Cohn

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Today is Goldman Sachs’ annual shareholder meeting in Jersey City.(Click here for highlights of today’s shareholder meeting.)

A senior portfolio manager at $14.8 billion Huntington Asset Advisors, Peter Sorrentino, which owns about 135,000 Goldman Sachs shares — worth about $20.3 million — hasn’t been thrilled about what he’s seen of the bank in the last year.

The stock price is down about 10% this year — and shareholders aren’t going go easy on Blankfein and the other bank execs when they have the opportunity to question them over issues from banker pay to the future of the firm.

Sorrentino is convinced that all it’s going to take is one more scandalous story to send the company crashing.

He told Bloomberg:

They really do have to reshape the firm and get the message out there that ‘Look, here’s what we’re going to look like going forward. I still think we’re one headline away from this stock getting clobbered.

Even though the bank released a huge report from its business-standards committee, the portfolio manager said, “that does not absolve you from the sins of the past.”

Click here for highlights of today’s shareholder meeting.

Click here to see the story of the downfall of Goldman’s asset management >