Goldman Issues First Warning On Q3 Results

Tuesday, August 1, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Aug 1, 2017

Remember what Goldman said when it reported atrocous earnings two weeks ago, when it revealed that FICC revenues plunged by 40%? Here is a reminder:

“During the quarter, Fixed Income, Currency and Commodities Client Execution operated in a challenging environment characterized by low levels of volatility, low client activity and generally difficult market-making conditions… During the quarter, Equities operated in an environment characterized by generally higher global equity prices, while volatility levels remained low.”

Spot the common theme? Yup: lack of volatility.

Fast forward to today when Goldman became the first bank to warn that Q3 is shaping up to be a continuation of Q2. This is what its CFO Chavez said moments ago, via Reuters:

GS CFO CHAVEZ: FICC TRADING MARKET BACKDROP, LOW VOLATILITY WE SAW IN SECOND QUARTER HAS CONTINUED INTO THIRD QUARTER

Some other highlights from the ongoing Fixed Income presentation currently taking place, according to which Goldman is increasingly hoping to become a commercial bank. Maybe it can be the next Wells Fargo? It certainly shares the ethics…

The Rest…HERE

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