Goldman reports dismal second-quarter earnings

US Credit magazine
01 Jul 2005

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Second-quarter earnings results from Goldman Sachs fell considerably short of expectations in June as volatile markets drove investors away and depleted trading revenues, particularly in the bank’s fixed-income, currency and commodities (FICC) division.

Second-quarter earnings for the bank as a whole were down 43% on the first quarter and 27% lower year-over-year. Trading revenues in FICC slid a massive 39% from the first quarter’s strong performance.

In a call with investors, David Viniar

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