Goldman Reports Losses on Only Two Trading Days
The Wall Street firm Goldman Sachs reported in its regulatory filing that despite the industry-wide slide, it only lost money on two separate trading days during the third quarter and had actually made between $75 and $100 million on other days. Its net trading revenue still hit more than $100 million in less than five days for the same filing period.
On the other hand, its competitor, Bank of America, reported that it has earned profit on every trading day and made around $25 to $50 million dollars on, at least, 25 days of the quarter. It also reported a $100 million revenue in net trading on less than five days of the quarter.
Likewise, JPMorgan Chase reported a loss-free quarter and said that it only had a total of eight days of losses within the second quarter. Its trading profits racked up more than $200 million in just twelve days.
The report is a positive indication that Goldman could survive severe industry stresses arising from trading slumps and stricter regulations.
Goldman began to veer away from engaging in its proprietary trading business in response to Volcker rule, a financial reform law that prohibits banks from trading on their own capital.
It also said that it is complying with state regulators in reviewing the practices of its loan servicing unit following the investigations being conducted into the alleged foreclosure malpractices of banks and mortgage firms.
The company reiterated that it has already suspended foreclosure proceedings and evictions in several states, including those which require judicial procedures.
But it stressed that it has not found any sufficient proof that the company had wrongfully foreclosed on certain properties. It also did not see any substantial growth in mortgage services as a result of its foreclosure moratorium.
The New York Stock Exchange showed that Goldman's share was down 1.6 percent at closing while Bank of America shares also dropped 2.6 percent. JPMorgan followed this trend with a slump of 1.5 percent at $39.90.
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