Goldman Sachs fourth-quarter profit hit by lower bond trading revenue

The Goldman Sachs logo is displayed on a post above the floor of the New York Stock ExchangeBy Anil D'Silva and Lauren Tara LaCapra (Reuters) – Goldman Sachs Group Inc reported a 21 percent drop in quarterly profit on Thursday as revenue from fixed-income trading fell in what Chief Executive Lloyd C. Blankfein described as "a somewhat challenging environment." The bank's bond trading revenue slid 11 percent, adjusted for an accounting charge, and was greater than those of competitors that have already posted fourth-quarter results. It is also a blow to a bank that counts bond trading, including fixed income, currency, and commodities, as one of its biggest businesses. While Goldman is still a big player in bond markets, fixed-income trading revenue fell to 25.3 percent of total revenue in 2013 from 48 percent at its peak in 2009, including accounting charges.

Business News Headlines – Yahoo! News

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