Goldman Sachs has suffered its worst ever quarter in commodities, leaving the bank’s overall fixed-income division with a 40 per cent collapse in revenue and putting it on course to dramatically underperform its Wall Street rivals for the second quarter in a row.
The bank still managed to beat analysts’ overall expectations in the three months to June — with a business-wide $4 earnings per share, against the $3.505 expected by analysts polled by Bloomberg.
But those profits were driven by huge gains relative to a year earlier in its private equity business, a division where investors value earnings less because they are more volatile. Shares were down just over 2 per cent, at $223.78, by lunchtime in New York.
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