Goldman Sachs’ distressed debt trading team is hurting.
The team has lost between $US50 million and $US60 million so far this year, according to Laura J Keller and Michael J Moore at Bloomberg.
The distressed debt trading team sits inside the bank’s fixed income unit in the securities division.
The U.S. investment bank lost money on a positions in the energy sector and on the bonds of paper producer Verso Corp., according to the Bloomberg report.
Energy bonds have taken a beating this year as plummeting commodity prices put pressure on exploration and production companies as well as oil field services firms.
Goldman Sachs declined to comment.
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