Top bank analyst says it's doubtful this top firm's turnaround plan will work.
The New York Post reports that Goldman Sachs CEO Lloyd Blankfein may be too puny to “muscle in” on new financial markets, according to a top banking analyst.
Wall Street curmudgeon Dick Bove unleashed a blistering report on Goldman Monday, doubting that its execs can pull off a three-year plan to fix the bank’s stubborn trading slump.
Bove likewise raised questions about the extent of Goldman’s involvement in the Venezuelan bond crisis, and predicated that Goldman’s turnaround plans unveiled last week won’t jumpstart the “transformational change” that’s needed.
“Bottom line, Goldman is attempting to use its capital to ‘muscle in’ to highly competitive businesses dominated by companies bigger than Goldman. Usually, this does not work,” Bove, an analyst at Vertical Group, wrote in the Monday report.
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