Goldman’s bond desk posts embarrassing drop as Wall Street rivals soar: ‘A fire is being lit under the traders’
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Goldman Sachs' bond trading revenue fell 10% in Q1, missing expectations by $910 million, as rivals JPMorgan and Morgan Stanley reported significant gains. The underperformance is likely to face scrutiny from CEO David Solomon.
Goldman Sachs reported a 10% decline in its bond trading revenue for the first quarter, missing analyst expectations by $910 million. The firm's fixed income, currencies, and commodities business revenue came in at $4 billion, compared to JPMorgan's $7.1 billion and Morgan Stanley's significant jump. Goldman CFO Denis Coleman attributed the decline to the overall market environment. Analysts speculate that Goldman was heavily exposed to directional trading risk in rates and credit. CEO David Solomon is likely to face pressure to improve performance. Goldman's overall net income was $5.63 billion, beating analyst estimates.
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