Goldman Buyback Desk Flooded With Record Orders During Stock Swoon
- BofA’s corporate clients accelerated share repurchases too
- Buying spree coinciding with S&P 500’s bounce from selloff
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Count corporate America as one of the big dip-buyers last week as US stocks fell into their worst correction since October.
As the S&P 500 headed for its fourth straight weekly decline, including a 3% drop on Monday, Goldman Sachs Group Inc.’s unit that executes share buybacks for clients saw record orders, with volume spiking to 2.1 times last year’s daily average.