Skip to content
Subscriber Only

Goldman's Solomon Blames Market, Not Bad Bets, for Trading Miss

  • Firm’s co-president says risk-management isn’t a problem
  • FICC revenue fell short of estimate by about $340 million
Video player cover image

David Solomon, co-president and co-chief operating officer at Goldman Sachs & Co., discusses the company’s earnings and outlook, and why they feel good about their relative position. He comes to us from the Milken Institute Global Conference and speaks with Bloomberg's Erik Schatzker on 'Bloomberg Markets.' (Source: Bloomberg)

Goldman Sachs Group Inc.’s disappointing fixed-income trading results in the first quarter were caused by clients’ lack of conviction, not bad wagers by the firm, co-President David M. Solomon said.

“This was not a quarter defined by positions losing money,” Solomon, 55, said Monday in a Bloomberg Television interview on the sidelines of the Milken Institute Global Conference in Beverly Hills, California. “This was a quarter defined by lower client activity and the firm not maximizing the revenue opportunity.”