This morning, Goldman Sachs Group, Inc. [[GS]] caught a downgrade from Wall Street peer Credit Suisse Group AG (ADR) [[CS]] . Asset price declines and the widening of credit spreads were cited for more mark-to-market writedowns in store for the egregiously high-brow firm.
No doubt investment banking business is down for GS, as it is for the whole greedy group. Goldman Sachs Group, Inc. [[GS]] fixed income underwriting is down 44% in subprime issues (no surprise), but investment grade underwritings are down 11%.
Equity underwriting fees are down 32% and M&A down 9% from last year.
Still, if you had to own the top investment banker/asset manager, this would be the name. Just not now.
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