Goldman Sachs Group Inc., the U.S. bank most reliant on trading, lost market share in equities revenue relative to the world’s top firms last year, according to Tricumen Ltd., a financial research company.
Goldman Sachs’s share of total operating revenue from equities in 2013 dropped 4.1 percent from the previous year, while sales by the bank’s peer group rose a combined 15 percent, Tricumen said in a report published today. UBS AG, Switzerland’s biggest bank, expanded its share by 1.4 percent, the largest gain in the group, the data show.
Goldman Sachs lost ground in equity derivatives due to its limited range of services and products compared with No. 1 competitor JPMorgan Chase & Co., said Darko Kapor, a partner at London-based Tricumen. Goldman Sachs fell to sixth from the second rank by revenue in equity derivatives last year, and to third from second in servicing hedge funds, according to Tricumen.
Goldman Sachs, based in New York, reported $15.7 billion in revenue from equity and fixed-income trading in 2013, down 13 percent from a year earlier, hurt mostly by interest-rate and currency trading. In stocks, it remained the leader for cash equities last year and is also the No. 1 in proprietary trading by revenue, Tricumen data show.
Tricumen uses corporate filings and its own industry data to compile the rankings.