You May Not Be Able To See How Great Goldman Is Doing, But It Can

Author:
Publish date:
Updated on

Wall Street’s elect has it on pretty good authority that its lack of revenue growth, re: debt, forex and commodities trading is nothing to be worried about at all.

Goldman Sachs Group President Gary Cohn insisted at a conference last week that his firm was expanding market share in fixed-income, currency and commodities trading. This is even though, as a portion of the aggregate trading revenue reported by big banks, Goldman's revenue has barely budged. Judged by revenue, Citigroup has increased its market share the most since 2011, according to a recent report from Credit Suisse Group. And the biggest gainers last quarter were Deutsche Bank and Morgan Stanley.

Mr. Cohn argued that since the current low-volatility environment depresses trading revenue, the normal way of gauging market share no longer works. Goldman's traders are winning more trades, he said, but "it's tough to see."

Goldman Touts Invisible Victories Over Wall Street Rivals [WSJ]

Related