In the first quarter, Goldman's traders cracked the $100 million mark at least once every other day, offering another glimpse into an extraordinary run through markets disrupted by war and unpredictable central bank actions.
In a regulatory filing Monday, the bank said that the firm's trading division had revenue of more than 100 million dollars on 32 separate days in the first three months of the year. The run was the best since the first quarter of 2011.
The first quarter was a good one for Wall Street.
The source is Bloomberg.
The past two years have seen a change in fortunes for trading desks that had previously faced the risk of being culled. Regulatory curbs and efforts to automate trading were making it hard for executives to make outsized gains.
The start of the Pandemic gave rise to record money-making avenues. War, central bank actions to tame inflation and Covid-19's effects are weighing on investors. The bank desks have been able to make money. Goldman was the leader of the pack of big banks. Its traders pounced on dislocations across commodities, currencies and other markets that became more acute with Russia's invasion of Ukraine.
It took Goldman three months to score as many $100 million days as it did in the three years before the outbreak.
In the first quarter, Goldman reported $7.9 billion of revenue from trading. The slack from other parts of the business, such as asset management, was picked up by traders at the New York-based firm. The bank makes most of the money in asset management from its own capital, with fees making up a small portion of the business line.
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