hello,
Today, we met a lot of interesting and very important information. It is impossible to write them all, that why I decided to write a quite interesting news, showing who we are really dealing with, who is the other side of our trades. Namely, the results of the traders from Goldman Sachs.
Goldman Sachs Group Inc., which had the steepest drop in trading revenue among Wall Street’s largest banks, posted losses from that business on 15 days during the third quarter, up from two a year earlier.
Traders made more than $100 million on four days in the three months ended Sept. 30, down from seven days in the year- earlier period. None of the losses were more than $50 million and none topped the bank’s so-called value-at-risk, an estimate of potential trading losses.
Goldman Sachs generated $2.86 billion from its trading division in the third quarter, a 32 percent decrease from the year-earlier period.
Bank of America Corp. posted daily losses twice during the quarter, including a $21 million misstep.
JPMorgan had no loss days YTD; made more than $200m in 3 days YTD. Sept. 30 mortgage repurchase liability $2.18b vs $2.48b q/q.
Morgan Stanley discloses in 10-Q filing it lost money trading on 7 days in 3Q, made $50m-$75m in net trading rev. on 18 days.
The results, as the most impressive. Regarding provision for reserves because of possible legal losses made by the investment banks in more detail in future posts.
regards,
oscarjp
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