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Economic news

Goldman Sachs CEO says trading revenue is heading for a 10% slide in 3Q

09/09/2024

Less than a minute

2024.09.09 17:03

By Saeed Azhar

TORONTO (Reuters) – Goldman Sachs’ trading revenue will probably slip 10% in the third quarter because of sluggish conditions last month, its CEO David Solomon said on Monday.

© Reuters. FILE PHOTO: Goldman Sachs chairman and CEO David Solomon speaks during Goldman Sachs analyst impact fund competition at Goldman Sachs Headquarters in New York City, U.S., November 14, 2023. REUTERS/Brendan McDermid/File Photo

Given “a more challenging macro environment, particularly in the month of August, that business is trending down close to 10%,” Solomon told investors at a financial conference in New York.

The Wall Street giant’s profit more than doubled in the second quarter as dealmaking rebounded, with debt underwriting and fixed-income trading performing particularly well.

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09/09/2024

Less than a minute