Goldman posts 10 days of trading losses in second quarter
Sluggish markets and the May 6 flash crash pinched even trading highflier Goldman Sachs Group Inc
The New York-based investment bank reported 10 days of trading losses for the period, with three days of more than $100 million in trading losses, according to the filing.
Goldman's trading gains and losses have mirrored those of its Wall Street counterparts, whose surging first-quarter trading results cooled in the spring and early summer, as the S&P 500 Index <.SPX> shrank 12 percent during second quarter.
In the first quarter, Goldman hit trading perfection, reporting zero days of losses, or no trading days below $25 million in revenues.
While the second quarter was still largely profitable for Goldman's trading operations, the positive trading days oscillated between booming returns and sluggish results.
The bank reported 17 days with more than $100 million in trading revenues, followed closely by 12 days with revenues between $0 and $25 million.
Other Wall Street banks' results have largely followed the same trend, but their success has varied.
Morgan Stanley
(Reporting by Joe Rauch; Editing by Lisa Von Ahn)
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