Goldman Sucks ?

Red Faced Blankfein

Even Goldman Sachs ?

As Wall Street firms warn publicly about this quarter’s plunging revenue from trading and deals, Goldman Sachs, the bank most reliant on those operations, has provided no guidance. The mystery isn’t whether it is getting hit too - it’s how hard.

Bloomberg News reports that Goldman Sachs’s income from investment banking - advising takeovers and underwriting securities - is projected to tumble 32% this quarter from a year earlier, Credit Suisse analysts wrote in a note on Tuesday.

Internally, some senior executives are anticipating a drop of roughly 25% in that business, according to two people with knowledge of the matter, though the estimate may not be formal. Revenue from the bank’s larger trading business will probably fall 17%, the Credit Suisse analysts said.

Firms including JPMorgan and Citigroup have been warning that turbulent markets are battering their earnings, as stock swings, a slump in commodity prices and low interest rates prompt companies to delay share offerings and customers to pull back from trading. The first quarter is usually Wall Street’s strongest, as corporations and investors adjust strategies at the start of the year.

To access the complete Bloomberg News article hit the link below:

Wall Street's Awful Quarter Is Hitting Goldman Sachs, Too

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