CashNews.co
Goldman Sachs chief executive David Solomon warned investors on Monday that the investment bank’s trading business was on track to see revenues fall about 10 per cent in the third quarter.
“With respect to trading . . . we had an extremely strong third quarter in 2023,” Solomon said at an industry conference organised by Barclays.
Solomon said business “is trending down close to 10 per cent”, largely due to fixed income, currencies and commodities trading.
He added that Goldman’s earnings in the third quarter would also take a $400mn hit from its continued pullback from consumer banking.
Its stock was down almost 1 per cent in after-hours trading following the remarks.