Harvey Schwartz found himself in a familiar position Thursday on Goldman Sachs Group Inc.’s earnings conference call with analysts: preaching patience on fixed-income.
'You won’t really see the outcome of all the steps we’ve taken until you see a pickup in client activity and the competitive environment continue to shift', said Schwartz, the firm’s 51-year-old chief financial officer. 'That may take a while'.
Bloomberg News reports that a 34% drop in third-quarter bond-trading revenue left New York-based Goldman Sachs short of analysts’ earnings estimates for the first time in four years and was the second straight quarter results from that business were worse than its biggest competitors.
Among the four Wall Street banks that have reported results, Goldman Sachs’s share of fixed-income revenue in the past six months is the lowest since CEO Lloyd Blankfein took over in 2006.
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