Everyone’s trading revenue was down in Q2, but Goldman (GS) really took it on the chin, with trading revenue falling 39%, the company said yesterday.
That, not the slight top-line miss, was the real highlight from the company’s report yesterday.
Well Goldman’s closest analogue Morgan Stanley is out with earnings today, and they beat on both the top and bottom lines, AND their trading revenue only fell by about 10%. Morgan Stanley hasn’t been as aggressive as Goldman on this front, so its swings are going to be narrower.
But overall this was a solid report.
Shares are up 2.3% in pre-market trading.
If you are interested in Goldman’s trading advice, see the firm’s guide to commodities here >