FT.com / Global Economy – Goldman chief hits at ‘useless’ banking

Lloyd Blankfein, chief executive of Goldman Sachs, has attacked some investment banking products as socially useless and said that the controversy over bankers’ pay was both understandable and appropriate.

In a speech to the Handelsblatt banking conference in Frankfurt on Wednesday, Mr Blankfein said: “The industry let the growth and complexity in new instruments outstrip their economic and social utility as well as the operational capacity to manage them.”

via FT.com / Global Economy – Goldman chief hits at ‘useless’ banking.

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