Goldman’s Gary Cohn has good news for nervous emerging markets bankers
In a rather banal interview with Bloomberg Television last week on Federal stimulus planing, Goldman Sachs President Gary Cohn had a suggestion for big banks, including his own: despite the slowdown, don’t pull out of emerging markets.
Growth in emerging nations has slowed considerably this year, highlighted by the near 10% drop in the MSCI Emerging Markets Index in the second quarter. The Organization for Economic Cooperation and Development issued a report in September noting that developing economies are set to cool off in the coming months, leading some to suggest banks may further reduce their presence there. Cohn said not so fast.
“If the industry has made a mistake, or we at Goldman have made a mistake in emerging markets, it’s that we’ve tended to contract our business at the bottom of the cycle,” Cohn told Bloomberg. “You need to invest at the bottom of the cycle to be ready for the top.”
As long as that sentiment is shared throughout board rooms on Wall Street, emerging markets bankers can rest a bit easier. So can the companies they’re investing in.
As for Goldman, it has one big hire to make in that very unit. J. Michael Evans, a vice chairman who leads Goldman’s emerging-markets businesses, announced last week that he is retiring at the end of the year. Cohn said the firm is actively looking for his replacement. If you’ve got 20 years of experience, feel free to drop off your resume.
Recruiters are sometimes faced with situations where it’s in their best interest to advise you to move in one – and only one – direction. In these situations, there is simply no upside in involving them in the conversation.
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Buzz Around the Office
A local California police officer dressed up as a chicken to help nab drivers who don’t yield to pedestrians who are crossing the street. A total of 31 drivers received citations. Maybe, just maybe, they didn’t slow down because they were afraid of the lunatic running around wearing a chicken costume.
List of the Day: Negotiating Tips
When negotiating a pay raise, do this.
- Remember your boss is a partner, not an opponent.
- Check salary websites to know what you’re worth.
- Never be the first to utter a number.