Goldman Sachs, which generated 46% of revenue from sales and trading last year, recorded losses from that business on 27 days in 2013, up from 16 the previous year.
Goldman Sachs’s trading revenue fell 15% to $16bn in 2013, excluding accounting charges, as the firm generated less from bond trading and sold a reinsurance unit that reported its results in the firm’s equities segment.
In the meantime, Bloomberg reports that Goldman, which more than doubled the amount it set aside for litigation costs in 2013, said 'reasonably possible' legal losses beyond those reserves were $3.6bn.
The figure dropped from $4bn at the end of the third quarter, while rising from $3.5bn a year earlier, the firm said in an annual regulatory filing. The estimate doesn’t include potential claims from investigations by the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force, the firm said.