Goldman CEO Solomon Warns of Higher Costs, Softer Fixed Income Trading

MacroAnalyst
โดย Bloomberg·US·Read original
Summary · why it matters

Goldman Sachs Group Inc. Chief Executive Officer David Solomon warned that the bank's fixed-income trading business is softer than in past quarters and that expenses are running higher across the firm. Speaking Wednesday at a Barclays Plc conference, Solomon said fixed income has been softer during the third quarter than equity trading, which has remained "very strong." He said costs are expected to be higher given how busy the bank has been with client activity in the period, and that Goldman has accelerated some technology investments as well. Goldman shares fell as much as 1.6% after Solomon's comments. The caution comes as Wall Street banks diverge on third-quarter expectations: on Tuesday, JPMorgan Chase & Co. Co-President Doug Petno said trading revenue for the three months through September is poised to climb by a percentage in the mid-to-high teens, while on Monday Bank of America Corp.'s Brian Moynihan warned that trading revenue at his bank is likely to be "relatively flat" given a drop in fixed-income trading.

Impact on stocks 3

Financials▼ · 2 stocks
Goldman Sachs Group Inc
GS
▼ NegativeCapitalrelevance

CEO Solomon warned fixed-income trading is softer and expenses are running higher, pressuring Q3 results.

Bank of America Corp
BAC
▼ NegativeCapitalrelevance

BofA's Moynihan warned trading revenue will be relatively flat due to a drop in fixed-income trading.

Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan's Petno said Q3 trading revenue is poised to climb by a mid-to-high-teens percentage.

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