Goldman Sach Group Inc rattled investors with salary that fell far short of analysts' estimates because of sharp declines in trading revenue.Goldman, one time Wall Street's largest bond trading house, reported its sixth consecutive quarterly turn down in that business, making bond trading less important than its traditionally low-margin equities trading business.
Its fixed income, currency and commodities trade revenue fell 53 percent beginning a year earlier to $1.6 billion, far worse than analysts had estimated. Compared to the initial quarter, FICC revenue was down 63 percent.
"What it makes me wonder is, what happened? Did they drop market share? It seems like Goldman and Morgan Stanley cannot compete with the large commercial banks," said Chris Whalen, an analyst who covers bank stocks intended for Institutional Risk Metrics, based in Los Angeles.
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