Goldman Sachs

Advisory on critical, nonrecurring transactions commands premium fees, and Goldman’s stature supports pricing on complex mandates. In underwriting and trading, competition and transparency limit take‑rates, but the firm retains leverage through balance‑sheet support, distribution, and after‑market stabilization.

Prime financing has shown notable pricing power in 2024–2025 with record equities financing revenues as clients value stability, balance‑sheet strength, and integrated services. Mix‑shift toward recurring management fees also improves average pricing quality. Overall, latent pricing power is good but not monopolistic.