Today: 24.11.2017
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Goldman Sachs unveils plan to reverse trading slump.

Goldman Sachs, scrambling to reassure Wall Street about its tanking trading business, unveiled a plan to boost its revenue by as much as $5 billion over the next three years. The banking goliath — which has seen two straight quarters of weak trading in bonds, currencies and commodities, or FICC — will achieve the $5...
Time: 14:27     Date: 12.09.2017
Last US Business News: Goldman Sachs unveils plan to reverse trading slump. NY Post 24 - US News

The banking goliath — which has seen two straight quarters of weak trading in bonds, currencies and commodities, or FICC — will achieve the $5 billion boost by 2020 as it hires more traders and woos more clients, Harvey Schwartz, the bank’s co-chief operating officer, said at an investor conference on Tuesday.

“We are not satisfied with our recent performance,” Schwartz said.

Wall Street watchers were focused on the company’s FICC trading business, which suffered a 40-percent drop in the second quarter, and how the bank can turn it around after half a year of losing out to competitors including Morgan Stanley, JPMorgan and Citigroup.

The bank hopes to add $1 billion in revenue just from that trading business by growing the number of traders and more aggressively pursuing new customers, Schwartz said.

The other $4 billion in revenue will come from lending to companies and consumers, asset management, investment banking, and stock trading, Schwarz said.

The bank already doubled its level of hiring, and sales and trading now makes up 43 percent of its FICC business, according to a presentation from the bank.

This isn’t the first time that a Goldman exec has laid blame on its poor performance on its clients.

The bank was “disproportionately involved in trading kind of clients,” CEO Lloyd Blankfein said on a Bloomberg TV interview last month.

Schwartz warned investors off getting their hopes too high before the end of the three-year period, saying that trading during from July to now “felt a lot like the first and second quarters.”

Business

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Opinion

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Business

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Metro

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Sport

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