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Goldman call: Competitor exits leave opportunity in fixed-income

  • "When you boil it all down, the 2013 environment is just one where the world took two steps forward followed by one step back," says Goldman (GS -1.6%) CFO Harvey Schwartz on the earnings call.
  • Responding to a question about any planned structural changes to the struggling fixed-income unit, Schwartz instead points to the opportunities awaiting Goldman as competitors (like Morgan Stanley) pull back. "We’ve been building a lot of operating leverage into our fixed-income franchise over the last couple of years."
  • Offered the opportunity to talk about client engagement thus far in the new year, Schwartz says its way too early to extrapolate anything.
  • As to the Volcker rule, Schwartz says Goldman's been prepping for it since Dodd-Frank passed in 2010. Once the final rule came to light, the company immediately established a "Volcker implementation team."
  • Earlier earnings coverage
  • CC webcast
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