Monday, December 01, 2003

Found an interesting article online

Epitome of the new Wall Street: Will Goldman Sachs end research?

More than any of its peers, Goldman Sachs represents the triumph of technology over tradition on Wall Street. The key player: Lloyd Blankfein, the former commodities trader who heads the fixed-income, currency and commodities division. His minions have consolidated power at the white-shoe firm in part by embracing electronic platforms. Goldman has invested in several platforms -- Primex, Optimark, and Archipelago -- that compete directly with the New York Stock Exchange, highlighting (to many) just how antiquated the auction approach has become. The rise of these tech-crats has radically changed the thinking internally. Some have suggested getting rid of traditional research, which would be a mind-boggling move.

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