Beyond the Fed Hike: The Business of Banking in 2016

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 6 January 2016

⏱️ 22 minutes

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Summary

US banks are at an inflection point after the Federal Reserve's decision to raise its benchmark interest rate for the first time in nearly a decade. Goldman Sachs Research's Richard Ramsden discusses front-burner issues for the industry in the year ahead, including the pace of future hikes, the rise of new entrants and the growing imperative for banks to stay ahead of technological innovation. This podcast was recorded on December 17, 2015. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2016 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm share their insights on developments
0:13.5	currently shaping markets, industries, and the global economy.
0:17.0	I'm Jake Seward, Global Head of Corporate Communications here at the firm.
0:20.4	With the U.S. Federal Reserve raising its benchmark interest rate for the first time in nearly a decade,
0:25.0	2016 is shaping up to be a pivotal year for the financial services industry.
0:29.0	Richard Ramston, who covers banks not named Goldman Sachs for a research division is here to discuss
0:33.7	the state of the industry today and what to watch for in the year ahead.
0:36.8	Richard, welcome to the program.
0:38.8	Thank you for having me.
0:39.8	Richard, there's a lot of talk right now about the future of finance.
0:42.2	The industry is facing increased competition from newcomers in the field,
0:46.3	intense regulatory pressure over the last several years,
0:49.3	and a shift in Fed policy.
0:51.9	In the wake of that shift in policy in these new competitive
0:55.0	pressures, how would you characterize the state of the banking industry today?
0:58.0	The banking industry over the last five or six years has gone through some of the most profound changes that I think we've seen in in more than 50 years.
1:06.5	And I think in the wake of what happened in 2008, there was a lot of regulation that was put in place and the banks have really been adopting to that over the last five
1:14.6	or six years.
1:16.1	If you look at the banking industry today, I think it's fair to say that it's never been
1:21.0	more stable relative to at any point over the last 30 or 40 years and a few
1:25.7	interesting metrics that I think stand out if you look at the amount of capital in the
1:29.2	banking industry it's more than doubled since 2008 this This is in the US. But capital levels across
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