Goldman Sachs still wants to be number one. So far, so typical for the bank, which likes to trumpet its top ranking in global league tables in each earnings update.
But the ambition here relates to Asia’s equity capital markets — a market increasingly dominated by Chinese business the US bank cannot get. Is this brash overconfidence, or a shrewd bet on the long-term future of what has become the world’s biggest equity capital-raising region?
Goldman’s decision to maintain its top spot target follows a shocker of a year in 2016, where the bank failed to even make the top 10 in Asia-Pacific, according to Dealogic, after two decades in which it had never dropped lower than fourth.
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