Goldman’s Blankfein: Growth to ‘Snap Back’

Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank, is preparing for a faster global economic rebound than most forecasters expect, Chairman and Chief Executive Officer Lloyd C. Blankfein said.

“I don’t think that we can conclude that this slowdown is secular rather than cyclical change,” Blankfein, 57, said today at an investor conference in New York hosted by Bank of America Corp. (BAC)’s Merrill Lynch unit. “The world will snap back and it will be a surprise and it will be faster than people think.”

Goldman Sachs, which was the most profitable securities firm in Wall Street history before converting to a bank in 2008, last month reported its second quarterly loss in 12 years as a publicly traded company. The stock dropped 41 percent this year through yesterday to $99.29, below the company’s $120.41 tangible book value per share at the end of September.

Read Full Article from Bloomberg

- Posted: 2011-11-15 12:45:58

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