Because a little marketing goes a long way

October 16, 2009 in Finance

From the WSJ's back page:

Why bother? Despite posting a strong third quarter, Goldman Sachs Group went to extra lengths to put gloss on the results. The first bullet point in its earnings release says the firm ranked No. 1 in global mergers and acquisitions announced in the year through Sept. 25. That's according to numbers from Dealogic, which ranked rival Morgan Stanley a close No. 2.

For at least three years, Goldman has used Thomson Reuters as a league-table source in its earnings releases. Why the switch? Well, Thomson Reuters ranked Morgan Stanley as No. 1 for the same period. The difference between the tables is partly because Dealogic gives Morgan Stanley fewer dollars of credit for advising General Motors.

But things change quickly in the deal world. Also Thursday, Xstrata dropped its bid for Anglo American. As a result, Goldman, which had been advising Anglo, was dropped to No. 2 on Dealogic's table. But who's counting?

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