Surveillance: Mayo on Future of GS
Bloomberg Surveillance
Bloomberg
4 • 1.1K Ratings
🗓️ 14 August 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Mike Mayo, Wells Fargo Head of US Large-Cap Bank Research says Goldman Sachs shares would probably go down if David Solomon were fired today. Sebastien Page, T. Rowe Price Chief Investment Officer and Head of Global Multi-Asset says the greatest risk right now is a selloff in stocks. Elsa Lignos, RBC Global head of FX Strategy says the FX market is in a tight range. Henrietta Treyz, Veda Partners Economic Policy Research Director weighs in on the likelihood that President Trump will participate in next weeks GOP debate.
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Transcript
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| 0:00.0 | This is the Bloomberg surveillance podcast I'm Tom Keane along with Jonathan Farrow and Lisa |
| 0:10.2 | Abramowitz join us each day for insight from the best and economics geo politics finance |
| 0:16.0 | and investment subscribe to Bloomberg surveillance on demand on Apple Spotify and anywhere |
| 0:22.6 | you get your podcasts and always I'm Bloomberg dot com the Bloomberg terminal and the Bloomberg |
| 0:29.1 | business app. In 1999 Mike Mayo got his butt fired in a major bank. It was a testament to all |
| 0:39.6 | of us in the racket about independent securities analysis. The combination of that was the forest |
| 0:46.4 | all award. John it's a number one award at the CFA and I can't tell you in 2013 the symbolism of |
| 0:54.6 | Mike Mayo fired one evening for being independent winning the top awards to CFA on ethics. This is a |
| 1:03.0 | guy to speak to. I'm Mr Solomon the star analyst at Wells Fargo now my mayo joins us Mike |
| 1:08.8 | wonderful to catch up with you sir. Let's talk about this story and the criticism around the |
| 1:13.0 | Goldman Sachs leader. Do you get the sense this is strategic or deeply personal. Thanks for having |
| 1:18.3 | you on and thanks for bringing up the CFA which is the preeminent accreditation for a financial |
| 1:23.6 | analyst and I actually go back to those roots to think how should I approach the situation about |
| 1:29.7 | the CEO Goldman Sachs and the differentiation between the external metrics which are good and |
| 1:39.6 | potential internal metrics which might not be so good. The issue here is I'm not seeing these |
| 1:46.8 | metrics I don't have these internal metrics the company said they've not had any unusual turnover |
| 1:52.8 | in the partner ranks. Reled by the numbers so I'd say look what it comes down to is winning cures |
| 2:00.9 | all. Goldman's had recent performance issues they've missed expectations two of the last three |
| 2:06.6 | quarters and when that happens other issues moved more to the four and if I were to summarize |
| 2:12.6 | the three issues it'd be the three C's one is the consumer expansion that was a debacle second |
| 2:19.5 | is the cultural change David Solomon running Goldman more like a public company you know almost |
| 2:26.8 | 25 years actually wouldn't public and the third would be his character and you know some attacks |
... |
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