Chanticleer
Are Goldman Sachs’ most powerful bankers being too hopeful?
The three global heads of its investment banking franchise say conditions for deal makers should improve in 2024 as interest rates fall. But is their view wrongly tied up in a soft landing?
A few months ago, Dan Dees, one of the three co-heads of Goldman Sachs’ global banking and markets business, was speaking at a CEO dinner. It just happened to be taking place on the 25th anniversary of the collapse of Long Term Capital Management, the ill-fated hedge fund whose demise triggered a crisis on global markets.
The questions Dees received that night were eerily similar to the ones he remembers being asked in 1998. What would be the next domino to fall? Was there too much leverage in the system? Would markets even find their balance?
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