INTERNATIONAL – Goldman Sachs topped analysts’ revenue estimates on Wednesday as stronger equities trading revenue cushioned bond trading losses, making it the only Wall Street bank so far to show growth in fourth-quarter trading revenue.
By contrast, the trading units at JPMorgan Chase and Citigroup took a beating in the fourth quarter, as sharp losses in bond trading outweighed any gains from stocks trading.
At Goldman, which is more sensitive to market fluctuations than its peers, overall trading revenue rose 2 percent in the three months ended December.
Equities trading revenue jumped 17 percent to $1.60 billion, while bond trading revenue slid 18 percent to $822 million, far from its peak of more than $6 billion.
Citi’s bond trading revenue fell 21 percent, while JPMorgan saw a 16 percent fall. Equities trading at both banks climbed.