{"id":277,"date":"2022-08-24T09:53:52","date_gmt":"2022-08-24T07:53:52","guid":{"rendered":"http:\/\/ivangavriloff.com\/?p=277"},"modified":"2022-08-24T09:53:53","modified_gmt":"2022-08-24T07:53:53","slug":"piece-38","status":"publish","type":"post","link":"https:\/\/ivangavriloff.com\/index.php\/2022\/08\/24\/piece-38\/","title":{"rendered":"Pi\u00e8ce #38"},"content":{"rendered":"\n

Goldman Sachs, la banque des puissants, en plein trou d’air<\/a><\/h4>\n\n\n\n

\u2013 L\u2019express 2017 \u2013<\/em><\/p>\n\n\n\n

New York – Goldman Sachs, ic\u00f4ne de la finance am\u00e9ricaine, conna\u00eet un trou d’air marqu\u00e9 par la plus mauvaise performance trimestrielle de l’histoire de ses traders, soulevant des interrogations sur sa puissance au moment o\u00f9 les algorithmes bouleversent la finance.<\/p>\n\n\n\n

Elle est \u00ab\u00a0\u00e0 bout de souffle\u00a0\u00bb, estime Richard Bove, expert chez Vertical Research. \u00ab\u00a0Elle a besoin d’inspiration, d’une nouvelle \u00e9quipe dirigeante, de nouvelles activit\u00e9s\u00a0\u00bb, tandis que Gregori Volokhine chez Meeschaert estime que la firme \u00ab\u00a0doit se r\u00e9inventer\u00a0\u00bb.<\/p>\n\n\n\n

Signe des difficult\u00e9s actuelles, l’unit\u00e9 regroupant le courtage du p\u00e9trole, du gaz naturel, des devises, des m\u00e9taux et autres mati\u00e8res premi\u00e8res (FICC) a accus\u00e9 un plongeon de 40% de ses recettes au deuxi\u00e8me trimestre, du jamais-vu en 148 ans d’existence. <\/p>\n\n\n\n

Cette division a \u00e9t\u00e9, pendant de nombreuses ann\u00e9es, la locomotive des b\u00e9n\u00e9fices et pourvoyeuse des futurs dirigeants. Le PDG Lloyd Blankfein, le num\u00e9ro 2 Harvey Schwartz et le directeur financier Martin Chavez y ont fait leurs classes.<\/p>\n\n\n\n

Mais depuis la crise financi\u00e8re le r\u00f4le des interm\u00e9diaires financiers n’a cess\u00e9 de diminuer face \u00e0 l’explosion des fonds de placement cot\u00e9s (ETF) permettant de minimiser les risques et aussi des algorithmes permettant de passer des milliers d’ordres de ventes et d’achats en milli\u00e8mes de secondes. Environ 70% des volumes d’\u00e9changes sur le New York Stock-Exchange (NYSE) sont automatis\u00e9s, d’apr\u00e8s Gregori Volokhine.<\/p>\n\n\n\n

A ceci se sont ajout\u00e9s un durcissement de la r\u00e8glementation, notamment la r\u00e8gle Volcker limitant la capacit\u00e9 des banques \u00e0 sp\u00e9culer pour leur compte propre, et le fait que de plus en plus d’entreprises vont directement voir des fonds d’investissement pour financer leur d\u00e9veloppement.<\/p>\n\n\n\n

– \u00ab\u00a0Quelque chose \u00e0 prouver\u00a0\u00bb –<\/p>\n\n\n\n

Dans ce contexte, l’intervention pr\u00e9vue mardi 12 septembre de M. Schwartz, lors d’un grand raout de la finance, sera suivie de pr\u00e8s par les milieux d’affaires.<\/p>\n\n\n\n

D’apr\u00e8s une source proche du dossier, le num\u00e9ro 2 de l’\u00e9tablissement pourrait lever les doutes naissants. Contact\u00e9e par l’AFP, Goldman Sachs n’a pas souhait\u00e9 commenter.<\/p>\n\n\n\n

Simple co\u00efncidence ou signal avant-coureur ? Gregory Agran, patron des mati\u00e8res premi\u00e8res, quittera la firme fin novembre apr\u00e8s 26 ans, selon un document interne consult\u00e9 vendredi par l’AFP. <\/p>\n\n\n\n

\u00ab\u00a0Goldman Sachs a quelque chose \u00e0 prouver\u00a0\u00bb, indique Gregori Volokhine.<\/p>\n\n\n\n

Banque des nantis et des puissants, Goldman Sachs a b\u00e2ti sa r\u00e9putation sur des paris audacieux mais payants et en concevant des produits financiers complexes souvent controvers\u00e9s. Elle a l’un des r\u00e9seaux les plus influents au monde avec des anciens salari\u00e9s quasiment dans toutes les sph\u00e8res du pouvoir \u00e0 travers le globe. Deux de ses anciens dirigeants, Gary Cohn, actuellement conseiller \u00e9conomique \u00e0 la Maison Blanche, et Steven Mnuchin, le secr\u00e9taire au Tr\u00e9sor, pilotent la tr\u00e8s attendue r\u00e9forme fiscale promise par Donald Trump.<\/p>\n\n\n\n

\u00ab\u00a0Je ne peux pas dire que nous avons raison tout le temps parce qu’\u00e9videmment ce n’est pas le cas mais je peux dire que nous avons la r\u00e9putation d’\u00eatre r\u00e9silient et d’avoir une bonne capacit\u00e9 d’adaptation\u00a0\u00bb\u00a0\u00bb, a d\u00e9clar\u00e9 r\u00e9cemment Lloyd Blankfein \u00e0 l’agence financi\u00e8re Bloomberg.<\/p>\n\n\n\n

Goldman Sachs est persuad\u00e9e que le courtage a encore de beaux jours et que ses difficult\u00e9s conjoncturelles vont se dissiper avec le retour de la volatilit\u00e9 sur les march\u00e9s financiers et la d\u00e9r\u00e9gulation promise par l’administration Trump.<\/p>\n\n\n\n

– Pr\u00eats –<\/p>\n\n\n\n

En attendant, l’\u00e9tablissement va d\u00e9marcher les grandes entreprises, qui souhaitent, d’apr\u00e8s lui, se couvrir contre les fluctuations des devises et des prix des mati\u00e8res premi\u00e8res.<\/p>\n\n\n\n

Le mod\u00e8le \u00e9conomique de Goldman Sachs \u00ab\u00a0n’est pas cass\u00e9\u00a0\u00bb, veut croire Kian Abouhossein, analyste chez JPMorgan, alors que d’autres font valoir que Morgan Stanley, une rivale, a, elle, r\u00e9duit de 25% la taille de sa salle de march\u00e9s r\u00e9serv\u00e9e aux mati\u00e8res premi\u00e8res, en y supprimant 1.200 emplois fin 2015. Ce faisant Morgan Stanley s’est consacr\u00e9e \u00e0 la gestion de grosses fortunes, activit\u00e9 moins risqu\u00e9e. Cons\u00e9quence : la rentabilit\u00e9 a suivi car le +ROE+ — ce que gagne un actionnaire pour chaque dollar investi — est pass\u00e9 de 6,2% d\u00e9but 2016 \u00e0 9,1% fin juillet.<\/p>\n\n\n\n

S’il ne conseille pas \u00e0 Goldman Sachs d’emprunter le m\u00eame chemin, M. Bove estime que l’avenir passe par un d\u00e9veloppement dans l’activit\u00e9 classique de pr\u00eats. La firme a lanc\u00e9 il y a peu GS Bank, qui permet d’ouvrir en ligne un compte d’\u00e9pargne, et Marcus, une plateforme de cr\u00e9dits. Elle ne dispose toutefois d’aucune agence et ne propose ni comptes courants ni pr\u00eats \u00e9tudiants.<\/p>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs, la banque des puissants, en plein trou d’air \u2013 L\u2019express 2017 \u2013 New York – Goldman Sachs, ic\u00f4ne de la finance am\u00e9ricaine, conna\u00eet un trou d’air marqu\u00e9 par la plus mauvaise performance trimestrielle de l’histoire de ses traders, soulevant des interrogations sur sa puissance au moment o\u00f9 les algorithmes bouleversent la finance. Elle… Lire la suite »Pi\u00e8ce #38<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-277","post","type-post","status-publish","format-standard","hentry","category-non-classe"],"yoast_head":"\nPi\u00e8ce #38 - Ivan Gavriloff<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ivangavriloff.com\/index.php\/2022\/08\/24\/piece-38\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pi\u00e8ce #38 - Ivan Gavriloff\" \/>\n<meta property=\"og:description\" content=\"Goldman Sachs, la banque des puissants, en plein trou d’air \u2013 L\u2019express 2017 \u2013 New York – Goldman Sachs, ic\u00f4ne de la finance am\u00e9ricaine, conna\u00eet un trou d’air marqu\u00e9 par la plus mauvaise performance trimestrielle de l’histoire de ses traders, soulevant des interrogations sur sa puissance au moment o\u00f9 les algorithmes bouleversent la finance. 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