Goldman president John Waldron said the bank’s trading business is trending down more than 25 per cent this quarter compared with a year ago.
Goldman Sachs Group is warning investors of a sharp slowdown in its investment bank from the bumper gains a year ago, as the bank hunkers down in the face of an “extraordinarily challenging” economic backdrop.
Waldron said the bank’s trading business is trending down more than 25 per cent this quarter compared with a year ago. He also described capital-markets activity as “sluggish”, although there are some signs of strength in equity capital markets. In February, Goldman Sachs outlined plans for about $US1 billion in expense reductions. Waldron said the bank is on target to achieve that goal.
Saperstein also said investment banking is “very challenged. As an industry we have been in a sustained trough since last year”.
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