Goldman’s Fixed-Income Traders Help Counter Bleak Quarter
- Fixed income drives trading revenue above analysts’ estimates
- Results include announcement of business-line reorganization
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Goldman Sachs Group Inc.’s traders once again helped rescue results from a sharp slowdown in investment banking just as the firm prepares for a reorganization that will combine the two business units.
The trading operation posted $6.2 billion in third-quarter revenue, an 11% increase that was better than analysts had forecast. Fixed income led the gains, according to a statement Tuesday that showed a 43% profit plunge.