Heyday: Goldman Sachs traders reap rewards of volatile global markets
Turbulent markets have forged a heyday for Goldman Sachs, after the Wall Street trader generated revenue of more than $100m on 32 separate days in the first quarter of this year.
Net revenues topped $50m on 45 days out of a total of 62 in the three months to March, within the US investment bank’s trading division, and swallowed just six daily net losses, according to a breakdown by The Times.
While two of the daily losses were each over $100m, the hot streak had been sustained through the pandemic, when markets were particularly volatile.
The economic spillover of China’s Covid-19 lockdowns has continued to send markets up in arms, with the war in Ukraine also ushering in new waves of unpredictability.
Shares climbed 1.6 per cent to $310.42 a share on Monday.
The lender, however, reported a plunge in profits in mid-April, having slashed bankers paypackets in the first quarter of the year as the post-pandemic dealmaking boom finally faltered.
Profits at the lender slumped 43 per cent in the first three months of the year to $3.83bn, or $10.76 per share, as revenues fell 27 per cent to $12.93bn.