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UPDATE 1-Goldman fixed-income trading to stay challenged in third quarter -Schwartz
September 12, 2017 / 12:38 PM / 11 days ago

UPDATE 1-Goldman fixed-income trading to stay challenged in third quarter -Schwartz

(Adds Citi CFO comments)

By Olivia Oran

Sept 12 (Reuters) - Goldman Sachs Group Inc President Harvey Schwartz said on Tuesday conditions for fixed-income trading have not improved much since the beginning of the year.

“The market environment in the third quarter feels like the first and second quarter,” Schwartz said at a Barclays Group PLC financial conference in New York. “For FICC, it’s still a pretty challenging environment.”

Schwartz’s comments are similar to remarks made by Goldman Chief Financial Officer Marty Chavez in August.

In the second quarter, Goldman reported a 40 percent drop in bond trading revenue and the weakest commodities results in its history as a public company.

Other banks also expect a trading slump during the third quarter.

Citigroup Inc may see revenue in stock and bond trading drop as much as 15 percent in the quarter, the bank’s CFO John Gerspach said earlier this week. (Reporting by Olivia Oran in New York; Editing by Bernadette Baum)

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