Goldman Sachs’ fixed-income traders were wrongfooted when the Iran war upended monetary policy expectations, inflicting substantial losses on the bank from positions about the trajectory of global interest rates.
Goldman’s rates desk was the main driver of the bank’s disappointing performance in fixed income, commodity and currency trading in the first quarter, said people familiar with the matter.
The FICC unit posted a 10 per cent drop in revenues, widely missing the 10 per cent rise analysts forecast and trailing double-digit gains at rivals JPMorgan Chase, Citigroup and Morgan Stanley.
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