Commodity revenues at leading Wall Street firms crashed last year to their lowest on record, as tighter regulation and limited price swings squeezed the once dominant traders of Goldman Sachs, JPMorgan and Morgan Stanley.
Reuters reports that all three firms reported double-digit percentage declines in revenues for oil, grains and copper trading in 2012, illustrating how the one-time 'Wall Street Refiners' have withered in the face of subdued markets and restrictions on proprietary trading.
The decline is most stark at Goldman, where commodity revenues collapsed by more than 60 percent year-on-year in 2012 to just $575m, according to the firm's annual report.
Long considered the top commodity bank on Wall Street for its expertise in both physical and financial markets, Goldman's revenues have now fallen by almost 90% since 2009 when they totaled more than $4.5bn.
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