Goldman (GS) CFO: Banks Outperformance Will Prevent Credit Rating Downgrade, Dropping Bank Holding Status Not Realistic
Presenting at a Credit Suisse investor conference, Goldman Sachs' (NYSE: GS) CFO, David Viniar, has said that the bank's "performance" would deter credit rating companies from downgrading the stock. The exec believes that the value of Goldman Sachs is "performance over time". He also said that getting rid of the bank holding status is not realistic.
Viniar also noted that the BRIC countries have become more compelling since the financial crisis and that Goldman would be expanding further into high-growth markets.
Looking at compensation -- an oft-scrutinized issue for Goldman critics -- the CFO said that the firm does not target a compensation ratio but that the '09 formula would not be applicable in 2010.
Shares of Goldman Sachs have just opened the trading session around $152.30, down 0.1% from yesterday's close.
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