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.
