Goldman Sachs traders turned in their worst first-half performance since Lloyd Blankfein rose from that business to become chief executive officer in 2006 as second-quarter revenue from the fixed-income unit plunged 40 percent.
Bloomberg News reports that revenue from trading stocks and bonds in the first six months of 2017 tumbled 10 percent, dropping to the lowest level since before Blankfein took over from Hank Paulson 11 years ago.
“A mixed operating environment persisted into the second quarter as conditions continued to support underwriting and M&A, while constraining certain market-making activity,” Blankfein said Tuesday in a statement.
Apart from the trading slip, every other major business beat analyst estimates compiled by Bloomberg. Investment-banking revenue fell 3 percent to $1.73 billion from a year earlier, better than the $1.59 billion prediction. Investment management as well as the Investing and Lending business also surpassed expectations.
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