Goldman Is Avoiding Charity Cases In ETF Market-Making Return

The Wall Street giant is stepping back in after years on the sidelines—but only for funds it thinks can “reach escape velocity,” says Ashok Varadhan.
Goldman Sachs signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, April 10, 2026.Photographer: Michael Nagle/Bloomberg
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Welcome to ETF IQ, a weekly newsletter dedicated to the $19 trillion global ETF industry. I’m Bloomberg News reporter and anchor Katie Greifeld.

This past week, Bloomberg hosted its Global Markets & Banking Summit at our New York headquarters. I had the chance to sit down with Ashok Varadhan, Goldman Sachs co-head of global banking and markets.