Goldman Sachs in particular has determinedly kept ploughing the investment banking furrow. In 2013 trading accounted for 33% of revenues at Goldman, says Davidoff – almost three times what it was at Morgan Stanley. And Goldman’s advisory revenues of $8bn are more than 33% higher than JPMorgan’s and Morgan Stanley’s. The downside is that this leaves Goldman highly vulnerable to market movements and to the economic cycle. The firm is like an accordion: “When the markets are down, Goldman slims down. Goldman has cut 10 percent of staff since 2010 and moved many employees to lower-cost locations like Salt Lake City. But when the markets heat up, Goldman’s plan is to expand,” says Davidoff.