Goldman Sachs - Perfect

You have to hand it to those folks over at Goldman Sachs.

A recent regulatory filing has revealed that, for the first time in its 140-year history, the firm went through a quarter without sustaining a trading loss.

On each of the 63 days in the last quarter, Goldman's traders made at least $25m and, on no less than 35 days, trading profits exceeded $100m.

JPMorgan also enjoyed a flawless trading quarter for the 3 months to the end of March, making a average trading profit of some $118m a day. Bank of America also went through the quarter without sustaining a daily trading loss, making over $100m on no less than 26. Even Citi enjoyed a loss-free quarter. In contrast, Morgan Stanley lost $30m on four trading days.

It's still not all good news over at Goldman, though, as the firm is facing several reviews and investigations relating to the period of the financial crisis, and this continues to weigh on its stock. Despite an up day for bank stocks Monday, prompted by that announcement of the EU financial package, Goldman's shares rose just 0.59% (compared to a 4% rise at Morgan Stanley, a 6.92% uptick for Bank of America, and 2.92% rise for JPMorgan Chase).

Finally, there are obviously a few Partner Managing Directors feeling nervous over at Goldman these days. A story in The FT Monday indicated that some Partner MDs fear a 'brutal cull' this year end, when new blood is admitted to the ranks, and some of the current 'exalted ones' will have to make way for them. Apparently there's not been much turnover in the senior ranks at Goldman in the last 18 months - probably because the US government hasn't been in hiring mood!

Sources - Bloomberg, Reuters, The Financial Times, The New York Post, The Wall Street Journal

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