Goldman Sachs provides an extensive range of financial services across investment banking, securities underwriting, consumer banking, asset management, and securities investment management to a large and variegated client base, including individuals, governments, corporations, and financial institutions.
Goldman Sachs is a public company, with David M. Solomon as CEO.
Founded 153 years ago, Goldman Sachs has had many competitors on its way. In this ruthless competitive business, Goldman Sachs managed to stay on the top of the list among other competitors.
Financial service providers like Edmond de Rothschild, Edward Jones, Bank of New York Mellon Corporation, Raymond James, Charles Schwab, Merrill Lynch, JP Morgan Chase, Morgan Stanley, and UBS are the main competitors of Goldman Sachs.
Who are the Competitors?
JPMorgan Chase & Co – JPMorgan Chase is one of the largest banks by market capitalization and the largest bank in America, with total assets worth 3. 31 trillion USD. In the year 2020, their capitalization was 387. 5 billion USD.
The total revenue earned by JPMorgan Chase was 119.54 billion USD. Located in more than 100 countries, JPMorgan Chase is a worldwide leader in financial services. By 2023, JPMorgan Chase will station 1.75 billion USD in philanthropic capital across the world.
Morgan Stanley – Morgan Stanley is a public company started in 1935. It provides financial services to financial institutions, governments, corporations, and individuals.
This corporation functions in three portions: Institutional Securities, Wealth Management, and Investment Management. Morgan Stanley has acquired 59.8 billion USD in the year 2021.
Their obtained Net income is about 15.1 billion USD. The increase in total assets is around 1.1 trillion USD. Morgan Stanley recruits more than 75,000 people.
Edward D. Jones & Co. – Headquartered in St Louis, Missouri is a partnership company that has expertise in commission-based and fee-based financial products.
Edward Jones Investments has earned 10. 165 billion USD revenue in 2020. Their Net Income was about 1.285 billion USD. Assets Under Management were around 1.714 trillion USD as of 2021. Penny Pattingson is the key person.
Bank of America – BofA is an American Public company that expertise in financial and investment services. It is headquartered in North Carolina. BOA has yielded a sizable market since 1954.
The substantial growth in Revenue is 89.11 billion USD, and Net Income was 30.56 billion USD in 2021. BOA employs more than 200,000 people. BofA is owned by Berkshire Hathaway.
Merrill Lynch – Merill is a division of Bank of America. It supplies Wealth Management and Investment Management services. The total Assets Under Management were over 2. 75 trillion USD.
Net Income was 6.03 billion USD. The total number of financial advisors is more than 30,000. It was merged into Bank of America in 2013.
Charles Schwab – The Charles Schwab Corporation is an American multinational public company. It offers an electronic trading platform for financial assets, and financial services including investment portfolios, exchange-traded funds, forex, and many more.
The Revenue earned in 2021 was 18.52 billion USD. The estimated Net Income was 5.36 billion USD. AUM was approximately 8.14 trillion USD. Estimated Total Assets were 667.27 billion USD.
Raymond James – Raymond James Financial, Inc. was established 60 years ago, in 1962. Raymond James was incorporated by Robert James.
They mainly focus on retail banking, commercial banking, and insurance investment services to municipalities, individuals, and corporations. The estimated revenue was 2.78 billion USD in 2021.
The net income was 446 million USD in 2021.
Lazard Ltd – Lazard Ltd is the world’s largest independent investment bank. It engages in asset management, investment banking, and other financial services.
Founded in 1848, the total revenue earned was 3.19 billion USD. The net income estimated in 2021 was 528.06 billion USD. Total assets and equity have decreased to 985.08 million USD and 975.22 million USD respectively.
Blackstone Inc. – It is an alternative investment company from New York. Founded 37 years ago in 1985, Blackstone Inc. also provides financial services in leveraged buyouts.
The company’s total revenue was approximately 22.577 billion USD. In 2021, the AUM was estimated at 880.9 billion USD. The total assets evaluated were around 41.196 billion USD.
Conclusion
According to the official website of Goldman Sachs, they are the new official sponsor of the McLaren Formula 1 team from 2022 onwards.
Goldman Sachs can start investing in the cryptocurrency market. This will help them diversify their product range and stand in the ambitious market. Goldman Sachs invests in only a few selected companies. That’s why it’s the largest bank in the world.
They have their investment funds. With many opportunities in the financial markets, the number of Goldman Sachs competitors will grow in the coming years.
Who are the biggest competitors of Goldman Sachs?
Morgan Stanley with 52 billion USD revenue. Merrill with 11 billion USD revenue. Lazard with 2 billion USD. They are the top three competitors of Goldman Sachs.
What are the weaknesses of Goldman Sachs?
Goldman Sachs has two weaknesses. Their Employees Turnover Ratio is quite high. They spend more of their sources on training and development of employees. But as a result, their employees leave their jobs which eventually hurts the brand image.
Goldman Sachs has always been in the mainstream media due to its legal aspects. They get caught up in lawsuits that cost more money and are time-consuming.
