Goldman Sachs looks to grow in more territories, Blankfein says

18 November 2010

Goldman Sachs will grow by working in a greater number of markets and taking up more business opportunities, the bank’s chief executive officer (CEO) has said.

Lloyd Blankfein, chairman and CEO of the bank, made the comments during the Bank of America Merrill Lynch Banking and Financial Services Conference.

He said: “The biggest opportunity for us is not necessarily to do more things, but to be Goldman Sachs in more places.”

The growth of the bank’s business in emerging markets such as Brazil, India and the Middle East should prove to be a future focus for the firm, Mr Blankfein explained.

Figures quoted by the bank’s CEO during his speech showed that it has hired staff at a compound rate of 33 per cent since 2003.

Since 2006, 12 per cent of Goldman Sachs’ revenue has been created within these growth markets.

Responding to the bank’s perception of the impact of incoming regulation, the CEO said that “embracing change early is fundamental to the company's success”.

Earlier in the week, Paulson & Co, the hedge fund managed by John Paulson, sold its entire position in Goldman Sachs.

The fund was named in an investigation by the Securities and Exchange Commission (SEC) into the bank allegedly misleading investors over a product connected to the subprime mortgage market.

By Jim Ottewill

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