Goldman Sachs 高盛 SWOT 2010

Goldman Sachs GroupCompany ProfilePublication Date: 9 Apr 2010AmericasEurope, Middle East & AfricaAsia Pacific245 5th Avenue119 Farringdon RoadLevel 46London4th Floor2 Park StreetEC1R 3DASydney, NSW 2000New Y ork, NY 10016United KingdomUSAAustraliat: +1 212 686 7400t: +44 20 7551 9000t: +61 2 8705 6900f: +1 212 686 2626f: +44 20 7551 9090f: +61 2 8088 7405e: euroinfo@e: apinfo@e: usinfo@ABOUT DATAMONITORDatamonitor is a leading business information company specializing in industry analysis.Through its proprietary databases and wealth of expertise, Datamonitor provides clients with unbiased expert analysis and in depth forecasts for six industry sectors: Healthcare, Technology, Automotive, Energy, Consumer Markets, and Financial Services.The company also advises clients on the impact that new technology and eCommerce will have on their businesses. 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Please note that the findings, conclusions and recommendations that Datamonitor delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect. Goldman Sachs Group Page 2TABLE OF CONTENTSCompany Overview (4)Key Facts (4)SWOT Analysis (5)Goldman Sachs GroupPage 3T ABLE OF CONTENTSCOMPANY OVERVIEWThe Goldman Sachs Group (Goldman Sachs or ‘the company ’) is a leading financial services companythat specializes in investment banking, asset management, and trading and securities transactionservices.The company primarily operates in the US, Europe and Asia. It is headquartered in NewY ork City, New Y ork and employs 32,500 people.The group recorded revenues of $45,173 million in the financial year (FY) ended December FY2009,compared to $22,222 million in FY2008*.The operating profit was $19,829 million in FY2009,compared to $2,336 million in FY2008.The net profit was $12,192 million in FY2009, compared toa net profit of $2,041 million in FY2008.KEY FACTSGoldman Sachs GroupHead Office The Goldman Sachs Group, Inc85 Broad StreetNew Y ork CityNew Y ork 10004USA1 212 902 1000PhoneFaxWeb Address 45,173.0Revenue / turnover (USD Mn)December Financial Year End32,500EmployeesGSNew York Ticker Goldman Sachs GroupPage 4Company OverviewSWOT ANAL YSISGoldman Sachs is one of the leading providers of investment banking services.The company offersa wide range of investment banking and asset management services to corporate and governmentclients, as well as institutional and individual investors. Goldman Sachs specializes in large, complexmergers and acquisition transactions.The company uses its investment banking operations to crosssell its other products and services. However, declining investment banking industry prospects and increased regulatory scrutiny could affect its revenue and profitability.Weaknesses StrengthsManagement ’s inability to control risk profile A strong history of adaptability indicatescapacity to reinvent and sustain operationsLitigation issues leading to reputational damage Diverse revenue streams sustain revenueexpansionIncreasing book value and strengtheningcapital ratiosThreats OpportunitiesIncreased governmental and regulatory scrutiny and negative publicity may affect business prospects Launch of internet banking operations likelyto broaden funding baseFocus on asset management likely topay-offDeclining investment banking prospects Emerging markets likely to drive futuregrowth Increases in FDIC insurance premiums and other proposed fees likely to affect marginsStrengthsA strong history of adaptability indicates capacity to reinvent and sustain operationsThroughout its history Goldman Sachs has been known for its ability to adapt and reinvent itself.When a stable capital base and increased funding diversification became necessary, Goldman Sachsconverted from a private partnership to a publicly traded company.When scale became critical, ittransformed from a relatively small firm to a Fortune 100 company.When its clients demanded amore integrated approach, it realigned and grew to become a comprehensive source of advice,financing and co-investment, providing clients the wherewithal to realize their goals. And, as marketsopened up and growth accelerated around the world, Goldman Sachs expanded from being mainlya US-based firm to a truly global organization. Continuing this track record of responsiveness, in2008, the company became a bank holding company (BHC).This transition allows Goldman Sachsto address market perceptions that placed a premium on the value of oversight by the FederalGoldman Sachs GroupPage 5Reserve Board and enables the company to access a broader set of funding alternatives.The company’s ability to reinvent itself indicates its strength as a going concern.Diverse revenue streams sustain revenue expansionGoldman Sachs’ has a balanced, well-diversified revenue stream across its global franchise, with an emphasis on recurring fee-driven businesses. Goldman Sachs generates revenues through three business divisions: trading and principal investments (76.1% of the total revenues in FY2009), asset management and securities services (13.3 %), and investment banking (10.6%).The company’s net revenues were $45.17 billion in 2009, more than double the amount in 2008, reflecting significantly higher net revenues in T rading and Principal Investments.The increase in Trading and Principal Investments reflected a very strong performance in FICC and significantly improved results in Principal Investments, as well as higher net revenues in Equities.The company’s revenue stream is also diversified by geography. For FY2009, Americas, the company's largest geographic market, accounted for 56% of the total revenues while EMEA*, and Asia accounted for 25.7% and 18.3% respectively. The company’s diverse revenue streams help it sustain revenue expansion.*EMEA - Europe, Middle East and AfricaIncreasing book value and strengthening capital ratios Goldman Sachs recorded increases in book value and capital ratios in 2009. During the twelve months ended December 31, 2009, Goldman Sachs’ book value per common share increased 23% to $117.48 and tangible book value per common share increased 27% to $108.42. During the year 2009, the firm repurchased the preferred stock and associated warrant that were issued to the US Department of the Treasury pursuant to the US T reasury’s T ARP Capital Purchase Program. In addition, in 2009 the firm completed a public offering of common stock for proceeds of $5.75 billion. Consequently, its Tier 1 capital ratio under Basel I was 15.0% as of December 31, 2009 and Tier 1 common ratio under Basel I (3) was 12.2% as of December 31, 2009. Increasing book value and capital ratios strengthen the company’s financial performance and position.WeaknessesManagement’s inability to control risk profileGoldman Sachs’ risk profile as indicated by average daily VaR increased from $138 million in 2007 to $180 million in 2008.VaR further increased to $218 million in 2009.The increase in VaR was principally due to increases in the interest rate, commodity price and currency rate categories, partially offset by a decrease in the equity price category. Even after substantial deleveraging actions, the company’s risk profile continued to increase in 2008 and 2009. Going forward, the company’s increasing risk profile would require it to infuse additional capital into its businesses. Given the scarcity of capital it would be difficult for the company to maintain a control over its cost of capital. Litigation issues leading to reputational damageGoldman Sachs Group Page 6Goldman Sachs was involved in legal proceedings. In May 2008, a lawsuit was filed against Goldman Sachs for sharing materially false information or withholding certain facts concerning its auction-rate securities, resulting in the artificial inflation of those securities' value. A suit was filed by purchasers and repurchasers of auction-rate securities offered by Goldman Sachs and its broker-dealer, Goldman Sachs between March 25, 2003, and February 13, 2008.There was an allegation against Goldman Sachs that the company misrepresented the securities as cash alternatives, which turned out to be liquid solely because of artificial manipulation of the auction market.The company was involved in short sales related litigations in 2006.The company was among numerous financial services companies that received poor publicity for their involvement in short selling litigations. Allegedly, Goldman Sachs' customers were charged fees in connection with selected short sales but the applicable securities were not necessarily borrowed to effect delivery, resulting in failed deliveries. The complaint was filed by customers engaged in short-selling transactions in equity securities. Goldman Sachs was accused of conspiring to set a minimum threshold borrowing rate for securities designated as hard to borrow. Such litigations invite poor publicity and could damage the company's reputation.OpportunitiesLaunch of internet banking operations likely to broaden funding baseGoldman Sachs is reported to be considering the launch of internet banking operations. If Goldman goes ahead, the new unit will seek deposits that can be used to fund various businesses now that Goldman is a bank-holding company.The company already has about $20 billion in deposits, which are held by its bank subsidiaries. Attracting even more deposits, typically a low-margin business, will give Goldman a more-stable funding base amid tumultuous market conditions.The Internet push would be a small but important part of the firm's emerging strategy as it tries to find its way on the new Wall Street. In addition to an Internet bank, Goldman executives are weighing the possibility of seeking deposits through the firm's vast wealth-management operation and from large corporate clients. Such corporate and institutional deposits are closer to the core of Goldman's overall banking strategy than retail deposits. But with the future looking so uncertain, building a viable online banking business fits with Goldman's wider push to diversify its funding base.Focus on asset management likely to pay-offGoldman Sachs intends not just to hold on to its asset management business, but to actively grow it going forward. Its plans stand in contrast to the global trend of large universal banks exiting, dividing or reducing their asset management businesses. Goldman Sachs' stance in keeping and growing its asset management business stands in contrast to those of many other large universal banks, which are electing to exit, separate or downscale their asset management businesses. Besides the industry-transforming sale by Barclays of Barclays Global Investors to BlackRock, there has been the sale of Societe Generale Asset Management to Credit Agricole, and most recently Bank of America has announced the sale of its long-term asset management business to Ameriprise Financial. In contrast, Goldman Sachs launched its onshore private wealth management, or PWM, business in Brazil later in October 2009. Goldman Sachs Asset Management launched Dynamic Allocation Goldman Sachs Group Page 7Fund in February 2010.The company’s focus on asset management industry is likely to help it benefit from the market expansion opportunities in the global asset management industry which is expected to exceed $120 trillion by 2013.Emerging markets likely to drive future growthIn line with its prediction for the BRIC economies, Goldman Sachs is strengthening its operations in these countries. In China, overseas companies need a license to underwrite stock and bond sales to operate as an investment bank. Goldman Sachs is among only three overseas companies that have an underwriting license. In addition, Goldman Sachs also has an operating brokerage license. In 2006, Goldman Sachs made a strategic investment in Industrial and Commercial Bank of China Limited (ICBC), China's largest commercial bank.This investment is likely to assist the company to identify new clients and opportunities in the Chinese market. In India, Goldman Sachs intends to establish stronger investment banking and securities business through Goldman Sachs India.The company is likely to invest in private equity, real estate, private wealth management, and other businesses in India for its institutional clients. In Russia, Goldman Sachs intends to penetrate the regional investment banking, sales and trading and private banking sectors. Recently Goldman Sachs established an office in Russia to aid its strategy for the emerging Russian market. Goldman Sachs has also strengthened operations in Brazil.The company's focus on the BRIC economies is likely to drive growth in the medium term.ThreatsIncreased governmental and regulatory scrutiny and negative publicity may affect business prospects Governmental scrutiny from regulators, legislative bodies and law enforcement agencies with respect to matters relating to compensation, business practices, past actions and other matters has increased dramatically in the past several years.The financial crisis and the current political and public sentiment regarding financial institutions has resulted in a significant amount of adverse press coverage, as well as adverse statements or charges by regulators or elected officials. Press coverage and other public statements that assert some form of wrongdoing often results in some type of investigation by regulators, legislators and law enforcement officials or in lawsuits. Responding to these investigations and lawsuits, regardless of the ultimate outcome of the proceeding, is time consuming and expensive and can divert the time and effort of the company’s senior management from its business. Penalties and fines sought by regulatory authorities have increased substantially over the last several years, and certain regulators have been more likely in recent years to commence enforcement actions or to advance or support legislation targeted at the financial services industry. Adverse publicity, governmental scrutiny and legal and enforcement proceedings can also have a negative impact on the company’s reputation and on the morale and performance of its employees, which could adversely affect its businesses and results of operations.Declining investment banking prospectsGoldman Sachs Group Page 8In 2008 and 2009, investment banking industry faced challenging environment with contraction in revenue and huge losses. In line with the industry trends, the company’s investment banking division revenues declined by 7.5% in 2009 when compared to 2008. Going forward, investment banking prospects especially opportunities related to mergers and acquisitions would decline.The company’s clients engaging in mergers and acquisitions often rely on access to the secured and unsecured credit markets to finance their transactions.The lack of available credit and the increased cost of credit can adversely affect the size, volume and timing of the company’s clients’ merger and acquisition transactions — particularly large transactions. Because significant portions of the company’s investment banking revenues are derived from its participation in large transactions, a decline in the number of large transactions would adversely affect its investment banking business.Increases in FDIC insurance premiums and other proposed fees likely to affect marginsFederal Deposit Insurance Corporation (FDIC) insurance premiums increased in the last twelve to eighteen months as higher levels of bank failures in 2008 and 2009 have dramatically increased resolution costs of the FDIC and depleted the deposit insurance fund. In order to maintain a strong funding position and restore reserve ratios of the deposit insurance fund, the FDIC has increased, and may further increase in the future, assessment rates of insured institutions. In November 2009, the FDIC adopted a rule requiring banks to prepay three years of estimated premiums to replenish the depleted insurance fund.There have also been proposals to change the basis on which these assessment rates are determined. Moreover, the Obama Administration has suggested the imposition of other fees on banking institutions. If there are additional bank or financial institution failures, Goldman Sachs may be required to pay even higher FDIC premiums than the recently increased levels.These announced increases and prepayments, and any future increases or other required fees, could adversely impact Goldman Sachs’ earnings.Goldman Sachs Group Page 9Copyright of Goldman Sachs Group SWOT Analysis is the property of Datamonitor Plc and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.。