Bloomberg News reports that the loss resulted from failing to properly hedge bets on the direction of gas prices, and was one of several areas in which the business suffered, a person familiar with the matter said, asking not to be identified discussing non-public information.
Goldman Sachs lost more than $100 million on a wager that gas prices in Ohio and Pennsylvania would rise, the Wall Street Journal reported earlier Friday. Instead, prices fell sharply in May and June.
Chief Financial Officer Marty Chavez said last month that the poor performance in commodities resulted from the “market backdrop” and lower client activity. He said the firm “didn’t navigate the market as well as we aspired to or as well as we have in the past.”
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