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