Investing

Goldman Sachs’ Trading Bloodbath Looks to be Coming from JPMorgan and Citi

Goldman Sachs’ Trading Bloodbath Looks to be Coming from JPMorgan and Citi

By Pam Martens and Russ Martens: March 20, 2019 ~ Last Thursday, Kevin Dugan at the New York Post reported that Goldman Sachs was laying off employees, “focusing on traders and salespeople in the equities and credit divisions, according to two people familiar with the layoffs.” Buried deep in the bowels of the Office of the Comptroller of the Currency (OCC), the federal regulator of national banks, is a report that helps to explain the trading pain being felt at Goldman Sachs. According to the OCC report for the third quarter of 2018, JPMorgan Chase Bank N.A. reported $2.7 billion in trading revenues from cash instruments and derivatives; Citibank N.A. reported $2 billion; Bank of America N.A reported $957 million while Goldman Sachs Bank USA reported a minuscule $266 million. Equally noteworthy, Goldman Sachs Bank USA was the only one of the four banks to report trading losses on its … Continue reading

Source: wallstreetonparade.com

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