Goldman Sachs and Morgan Stanley each suffered at least ten days of trading losses in the second quarter, underlining how turbulent markets have cast a pall on Wall Street since April.
The banks' trading results deteriorated sharply from the first three months of the year, before uncertainty about the US economy, European sovereign debt and the fate of new financial industry regulation sapped investors' confidence.
Goldman's traders had lost money on 10 separate days during the second quarter, the bank disclosed yesterday in a filing with the US Securities & Exchange Commission.
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