赌场太黑，没人玩儿了# Stock
B*n
1 楼
Goldman sees drop in trading revenue
April 17, 2012, 4:35 PM MarketWatch
Goldman Sachs’s revenue from trading bonds, currencies and commodities in
the first quarter was, in the words of its chief financial officer, “good
but not great.”
Net revenue in FICC (which stands for fixed income, currency and commodities
) dropped 20% to $3.46 billion from the same period a year ago. Still, that
was sharply higher than the $1.36 billion posted in the fourth quarter of
2011.
David Viniar, Goldman’s CFO, fielded several analyst questions about the
performance of this business segment on a conference call Tuesday.
“You’re correct about our caution,” Viniar told one analyst. “And the
way I would describe the quarter is I would say flow in FICC was good but
not great, and our quarter in FICC was good but not great, reflecting that.
[…] We have been cautious on risk and we remain cautious on risk given the
environment and I think that’s also reflective of the fact that our clients
have been cautious on risk and remain cautious on risk.”
While Goldman doesn’t give a detailed breakdown of the numbers, Viniar
noted that the bank’s rates, credit and mortgage businesses benefited from
higher client activity levels given the European Central Bank’s liquidity
operations, improved outlook for the U.S. economy and the orderly
restructuring of Greece’s debt.
Goldman’s GS -0.14% currencies business was buoyed by a stronger
performance in emerging markets, while the commodities segment was hurt as
lower volatility provided fewer opportunities.
Meredith Whitney, a well-known bank analyst who runs her own advisory firm,
asked Viniar about Goldman’s appetite for risk.
“The biggest thing that drives our risk appetite is our client flow,”
Viniar said. “And what our clients are doing and how much they want to do
and obviously when they do more, we’re likely to end up with more risk.
They’re not necessarily doing that much more, because they’re cautious as
well.”
–Polya Lesova
April 17, 2012, 4:35 PM MarketWatch
Goldman Sachs’s revenue from trading bonds, currencies and commodities in
the first quarter was, in the words of its chief financial officer, “good
but not great.”
Net revenue in FICC (which stands for fixed income, currency and commodities
) dropped 20% to $3.46 billion from the same period a year ago. Still, that
was sharply higher than the $1.36 billion posted in the fourth quarter of
2011.
David Viniar, Goldman’s CFO, fielded several analyst questions about the
performance of this business segment on a conference call Tuesday.
“You’re correct about our caution,” Viniar told one analyst. “And the
way I would describe the quarter is I would say flow in FICC was good but
not great, and our quarter in FICC was good but not great, reflecting that.
[…] We have been cautious on risk and we remain cautious on risk given the
environment and I think that’s also reflective of the fact that our clients
have been cautious on risk and remain cautious on risk.”
While Goldman doesn’t give a detailed breakdown of the numbers, Viniar
noted that the bank’s rates, credit and mortgage businesses benefited from
higher client activity levels given the European Central Bank’s liquidity
operations, improved outlook for the U.S. economy and the orderly
restructuring of Greece’s debt.
Goldman’s GS -0.14% currencies business was buoyed by a stronger
performance in emerging markets, while the commodities segment was hurt as
lower volatility provided fewer opportunities.
Meredith Whitney, a well-known bank analyst who runs her own advisory firm,
asked Viniar about Goldman’s appetite for risk.
“The biggest thing that drives our risk appetite is our client flow,”
Viniar said. “And what our clients are doing and how much they want to do
and obviously when they do more, we’re likely to end up with more risk.
They’re not necessarily doing that much more, because they’re cautious as
well.”
–Polya Lesova
