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Why Goldman stands out as a Trump-era winner on Wall Street

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Goldman Sachs, the leading global bank, has seen its stock rise by almost 15% in November, outperforming other banks in the S&P 500. This surge has been attributed to the market's optimism surrounding the election of Donald Trump, who is expected to support dealmaking, regulatory easing, and private credit growth. Goldman Sachs could benefit from increased merger and acquisition activity, regulatory rollbacks, and growth in private credit and alternative assets. The bank has been strategically shifting its asset-management arm towards investing for clients through funds, which is less capital-intensive and generates steady management fees. Private credit could flourish under the Trump administration due to potential political motivations and rising Treasury yields. Goldman Sachs could see relatively greater benefits in the private-credit business compared to its competitors, and it has other measures in place to further grow its asset and wealth-management unit. However, market uncertainties and unforeseen challenges could still impact the positive outlook for Wall Street.