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Goldman Loses Muscle in Corporate Finance as Bond Share Shrinks

Goldman Sachs Group Inc., the bank with the biggest trading profits on Wall Street, is losing market share underwriting corporate bonds as it seeks to boost its image as a company adviser rather than a $900 billion hedge fund.

The most profitable firm in Wall Street history has slipped to 10th in helping the world’s companies raise debt, down from ninth last year and as high as third place in 2003, according to data compiled by Bloomberg. Its share of this year’s $1.9 trillion in global offerings dipped to 3.7 percent, from an average 4.8 percent in the previous 10 years.