Goldman Sachs Struggles to Navigate the Markets
While others warned that the period would not be as good as a year earlier — basically because fewer freaky things happened in the market — JPMorgan
and Citigroup reported revenue shrinkage in their equivalent divisions less than half as severe as Goldman’s.
Mr. Blankfein’s push into retail banking is still in its infancy, but the 20 percent-plus returns on equity
that other consumer lenders manage — more than twice what Goldman reported last quarter — suggest that is a promising new direction
The answer is Lloyd C. Blankfein at the rival Wall Street firm Goldman Sachs, which on Tuesday reported
a 40 percent year-on-year slump in revenue from trading bonds, currencies and commodities.
Last quarter, the firm’s dire fixed-income performance was offset by strong equities trading
and a $1.2 billion slug of revenue from equity investments that Goldman holds on its own book.