Wall Street’s Awful Quarter Is Hitting Goldman Sachs, Too
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Its trading revenue may slide 17%, Credit Suisse analysts say
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Executives said to brace for 25% drop in investment banking
As Wall Street leaders warn publicly about this quarter’s plunging revenue from trading and deals, Goldman Sachs Group Inc., 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.
Goldman Sachs’s income from investment banking — advising takeovers and underwriting securities — is projected to tumble 32 percent this quarter from a year earlier, Credit Suisse Group AG analysts wrote in a note on Tuesday. Internally, some senior executives are anticipating a drop of roughly 25 percent 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 percent, the Credit Suisse analysts said…
Wall Street’s Awful Quarter Is Hitting Goldman Sachs, Too
