Seeking Alpha

Goldman not ready to give ROE target yet

No one should get off this call thinking we're not "exquisitely focused" on the best possible way to deploy our capital, says Goldman (GS -1.4%) CFO Harvey Schwartz, responding to Mike Mayo's request for a target ROE. However, adds Schwartz, when we put a target out, we want it to be both credible and achievable, and at this point management isn't ready to do so.

Goldman's ROE in 2013 was 11% vs. 10.7% in 2012.

As for the Volcker rule's impact on revenue, Schwartz says there won't be any of note. Instead, it will be more an expense item: "There’s a pretty extensive compliance regime.”

Earlier call and earnings coverage

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