The end of 2018 proved to be a rough one for Wall Street. Goldman Sachs just showed how bad it got.
The bank’s traders posted losses on at least 19 days in the last quarter of the year, including a day where losses approached almost $100 million, according to its annual regulatory disclosure. It was the worst showing for the bank by that measure since 2011, according to filing data reviewed by Bloomberg.
Goldman Sachs’s fixed-income traders posted the lowest revenue since the financial crisis in the fourth quarter and new CEO David Solomon is carrying out a review of the trading business. The bank’s executives have proposed plans to trim the fixed-income trading unit, people with knowledge of the matter have said. That would likely include personnel cuts as well as a reduction in the capital dedicated to its core trading business within the fixed-income group, the people said.
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