Goldman CEO Solomon warns that its trading revenue will decline

Goldman Sachs Chief Executive David Solomon warned investors on Monday that the investment bank’s trading business was on track to see revenue fall by about 10 percent in the third quarter.

“In terms of trading. . . we had an extremely strong third quarter in 2023,” Solomon told an industry conference organized by Barclays.

Solomon said business “is trending down almost 10 percent,” largely due to trading in fixed income, currencies and commodities.

He added that Goldman’s third-quarter earnings would also take a $400 million hit due to the continued pullback in consumer banking.

Its shares fell nearly 1 percent in after-hours trading following the remarks.