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When Goldman Sachs
executives were asked about disappointing results in the firm’s fixed income division this week, they made it sound as though the trading environment was simply not in their favor.
Fixed income revenue fell 10% in the first quarter, coming in $910 million below analysts’ expectations, according to StreetAccount data. It was an unusually large miss for one of Goldman’s flagship Wall Street businesses.
“It was basically just a function of the overall environment making markets,” CFO Denis Coleman told an analyst on Monday after the bank’s earning report. “We remain actively engaged with clients, but our performance in rates and mortgages was relatively lower.”
