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Goldman's Buyback Desk Was Deluged With Orders as Stocks Plunged

  • Repurchases surged to 4.5 times last year’s average amid rout
  • Demand is poised to pick up as earnings-related blackout ends
A monitor displays General Motors Co. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, Feb. 6, 2018. U.S. equity indexes climbed higher after a rocky start, and the benchmark gauge for U.S. share volatility reversed course after hitting a two-year high.
Photographer: Michael Nagle/Bloomberg

The Goldman Sachs Group Inc. unit that executes share buybacks for clients just had its busiest week ever, but even that couldn’t keep stocks from flopping into a correction.

Last week, the firm’s corporate-trading desk saw 4.5 times its average daily volume from 2017, according to data seen by Bloomberg. Even as companies scooped up their own shares, the S&P 500 Index fell 5.2 percent, its worst weekly slide in two years.