Goldman Sachs Losing Edge in Fixed-Income Trading as Risk Falls
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Goldman Sachs Group Inc. is losing its edge in fixed-income trading, the firm’s biggest business and the one that led to record earnings last year.
The company’s share of fixed-income trading revenue at eight of the largest U.S. and European banks slipped to 19 percent in the third quarter from a peak of 29 percent in the last three months of 2009, according to data compiled by Bloomberg. The gap between industry leader Goldman Sachs and its nearest rival narrowed to $239 million in the quarter, the smallest amount since confidence in credit markets collapsed.