Bumper equities trading helps Goldman overcome Wall Street’s fixed income woes
Goldman Sachs reported third-quarter net income that was 30% higher, helped by a stronger period for stock trading, while its fixed-income results were weaker. JPMorgan Chase missed on both profit and revenue in the same earnings round, as bank results arrived with bond yields near a 24-year high and about a month after the Federal Reserve’s latest rate increase.
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Goldman’s third-quarter results matter for people watching large US banks because the company reported a 30% rise in net income and a stronger stock-trading business in the period. Traders, shareholders, and competitors can all see that the quarter looked different across business lines, with fixed income weaker even as equities trading improved.
In practice, the latest earnings season still leaves a split picture for bank business lines: Goldman had a strong stock-trading period, while its fixed-income results were weaker, and JPMorgan posted a miss on both profit and revenue. That means the same reporting round shows one part of trading activity standing out while another part remained under pressure, and the basic reporting framework for bank earnings stayed the same.
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