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The Institutional Risk Analyst

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Writer's pictureR. Christopher Whalen

Update: Goldman Sachs + Citigroup; Interest Rates Higher Longer?

August 24, 2023 | Premium Service | Over the past several years, The Institutional Risk Analyst cataloged the credit and operational issues at Goldman Sachs (GS). We’ve noted that the ultra-high net worth customer base at GS was not the same crowd that were causing the alarming credit losses.


Say what you want about the madness of crowds, we think GS deserves to be trading closer to Citigroup (C) at 0.4x book than to JPMorgan (JPM) at 1.5x book value. We published the chart below back in June of 2023 (“Update: GS, MS, SCHW, RJF & SF”). Notice that Charles Schwab (SCHW) is crawling along the bottom of the chart in terms of net credit losses.


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