Goldman Sachs CEO says trading revenue on track to fall 10% in Q3 By Reuters

By Saeed Azhar

TORONTO (Reuters) – Goldman Sachs’ trading revenue will likely fall 10 percent in the third quarter due to weak conditions last month, its CEO David Solomon said on Monday.

Given “a more challenging macro environment, particularly in August, this business is trending down almost 10%,” Solomon told investors at a financial conference in New York.

The Wall Street giant’s profit more than doubled in the second quarter as dealmaking rebounded, with debt underwriting and fixed income trading performing particularly well.