16 August 2017
Stanley Epstein
Stanley Epstein

Stanley Epstein

Stanley Epstein - Citadel Advantage Ltd

44Posts 178,378Views 52Comments
Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Is this just a Bad Dream?

19 October 2009  |  2691 views  |  0

So Goldman Sachs is in the news again. According to a recent article in the New York Times the firm and its employees are enjoying one of the richest periods in the bank's 140-year history. Imagine that? Just a few months after paying back billions of taxpayer dollars given to them as a part of a rescue package, Goldman Sachs has announced that they are set to pay annual bonuses that will equal the record payouts that it made in 2007 before the whole financial crisis that financial community helped engineer, erupted. The news is that the firm is going to pay each of its 31,700 employees close to $700,000 this year. Some top performers are expecting multimillion-dollar payouts.

I re-read the article, twice, just to make sure that I was not dreaming. No, I wasn't.

What really struck me was the fact that Goldman executives are at a loss to understand the resentment directed at their firm and argue this criticism is unjustified.

What really puzzles me is that in this immediate post financial crisis period when the whole financial industry is still mired in despondency and gloom, where turning an honest buck is becoming increasingly more difficult, Goldman Sachs can be turning such profits.  How much of these profits are really genuine or is this just another part of a mysterious new "financial innovation" that got the world into this mess in the first place?  

And the Regulators? Well, as governments and academics debate how to sort the regulation problem out the Regulators seem to be asleep at the wheel, as usual.

Whatever way one looks at it I have a very distinct "Alice in Wonderland" feeling here.

Comments: (0)

Comment on this story (membership required)

Latest posts from Stanley

Getting digital banking right

22 August 2016  |  6867 views  |  0 comments | recomends Recommends 2 TagsMobile & onlineGroupInnovation in Financial Services

Is the fintech industry killing mobile payments?

16 August 2016  |  7921 views  |  2 comments | recomends Recommends 2 TagsMobile & onlineInnovationGroupInnovation in Financial Services

Reflections on the fintech revolution

14 August 2015  |  6191 views  |  0 comments | recomends Recommends 0 TagsInnovationGroupInnovation in Financial Services

Why I am worried about the future of mobile payments

02 March 2015  |  4013 views  |  3 comments | recomends Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Understanding Digital Banking

12 January 2015  |  12910 views  |  0 comments | recomends Recommends 1 TagsMobile & onlineInnovationGroupInnovation in Financial Services

Stanley's profile

job title Director
location Modiin
member since 2008
Summary profile See full profile »
Stanley is a Director and co-founder of Citadel Advantage Ltd., an international consultancy to the financial services industry that provides specialist services and training in the areas of operation...

Stanley's expertise

Member since 2006
44 posts52 comments
What Stanley reads

Who's commenting on Stanley's posts