The profit miss recently reported by Goldman Sachs is quite instructive.It shows how conservative Goldman has become in the wake of the financial crisis.Not only is Goldman averse to monetary losses;it also doesn't want any more egg on its face.The company took quite a drubbing in Congress and in the media for its business practices leading up to the crisis.
As well,the decrease in compensation for its employees reflects this new conservatism on the part of the iconic Wall Street firm.The luster may be off this storied company to a certain extent,but it can only gain in the long run with these new practices leading to a more secure and stable future.
Goldman Sachs(GS)
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