After tripling in size in the eight years through 2007, Goldman Sachs's money management business stumbled during the financial crisis. One hedge fund, Global Alpha, lost 40 percent in 2007, and another had to be rescued by the bank. Some pension funds pulled their money out. The bank's mutual funds underperformed the average of similar funds for a three-year period ended in 2010. Five different men ran the division in the span of 12 months.
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