Sorpasso on the Street

摘要

FOR more than a decade, equity investors have reckoned that Goldman Sachs was worth more than its Wall Street rival, Morgan Stanley. But on January 17th their opinion was turned on its head. According to Bloomberg, the last time Morgan Stanley led Goldman was back in 2006. Back then, a heedless industry-wide race to win market share and raise returns was about to end in disaster. This time the industry is transformed, and the two investment banks are on strikingly different paths.