Goldman Tumbles as Bank Strikes Out on Bond-Trading Revival
- CEO Blankfein cites challenged client activity for shortfall
- Firm blames commodities, currencies weakness for trading miss
Goldman Sachs Edges Lower on 1Q Earnings
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Goldman Sachs Group Inc. fell the most since the day after the U.K. voted to leave the European Union, leading the Dow Jones Industrial Average lower after bond-trading revenue fell short of estimates and lagged behind rivals.
Shares of the company slid 4.7 percent to $215.59 at 4 p.m. in New York, the most since June 24. Revenue from fixed-income trading of $1.69 billion suffered from weaker demand in commodities and currencies, the New York-based company said Tuesday in a statement, and missed analysts’ $2.03 billion estimate.