The Wall Street firm with the biggest revenue decline last quarter, said its currency trading business didn’t incur a loss in the period as the bank sought to clarify a figure in a regulatory filing.
'Goldman Sachs did not suffer a loss in our currencies business in the third quarter', Michael DuVally, a spokesman for the New York-based bank, said in an e-mailed statement. 'Gains or losses in one product type frequently offset gains or losses in other product types'.
Bloomberg reports that Reuters reported Thursday that the bank posted more than $1bn in market-making losses on currency products in the third quarter, citing U.S. Securities and Exchange Commission and Federal Reserve filings. Goldman Sachs said in its quarterly SEC filing on 7th November that the figure isn’t representative of how it manages the business.
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