Goldman Sachs 2012 Annual Report Download - page 5
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3Goldman Sachs 2012 Annual Report
Our Competitive Position
For Goldman Sachs, the past few years have been a
period of both introspection and deliberate action, including
a comprehensive examination of our business practices,
a disciplined focus on costs and how we allocate capital
and a renewed sense of the importance of identifying the
difference between cyclical and secular trends. This last
area is especially important to our overall strategic
framework.
We never lose sight of the fact that we are stewards
of an industry-leading franchise that was built over
nearly 145 years. This means that while we have an
obligation to meet the near-term demands of the current
environment in which we operate, we need not
completely surrender to them.
Nonetheless, the cyclical pressures facing our industry
are real, and we have responded by reducing costs and
proactively managing our capital. If the environment
deteriorates further, we will take additional action.
At the same time, we will continue our investment in
and commitment to our broad set of institutionally focused
businesses that have a track record of providing higher returns
than many other businesses within financial services.
We believe that providing effective advice, financing
significant transactions and providing liquidity, especially in
difficult markets, will be no less important going forward.
Our focused business model, global footprint and culture
of teamwork-oriented professionals put us in a strong
position to meet our clients’ needs and generate superior
returns for our shareholders. In addition, durable long-term
trends, such as regulation, globalization and technology,
will continue to have a profound effect on economies and
markets. And, in these areas, we have protected our
ability to be proactive.
“Our focused business
model, global footprint
and culture of teamwork-
oriented professionals put
us in a strong position to
meet our clients’ needs and
generate superior returns
for our shareholders.”
Lloyd C. Blankfein
Chairman and
Chief Executive Officer
Gary D. Cohn
President and
Chief Operating Officer