Traders At Goldman Sachs Didn't Have A Single Losing Day in Q1
According to a SEC filing released earlier today, Goldman Sach Group Inc.'s traders made a total of $9.74 BILLION in net revenues in Q1/2010. This number works out to a total of 76% of the company's first quarter revenues.
An even more incredible number - of the 63 trading days in Q1/2010, the traders at Goldman Sachs did not have even ONE losing day.
That's right - Goldman Sachs hit .1000 in the first quarter. This stunning result doesn't exactly help the firm remove the perception that the markets are rigged by and for Goldman Sachs.
Of the 63 trading days in Q1, Goldman Sachs reported profits of over $100 million in 35 of them. So, the traders at Goldman Sachs managed to rake in over $100 million for the firm in over half of the days in Q1/2010.
Was there maybe a day in which the traders at Goldman Sachs barely eked out a profit for the firm? Not a chance - traders "made no less than $25 million daily" during the first quarter.
Compare these results to those of Morgan Stanley, who reported that their traders had lost "as much as $30 million" on four days during the quarter. In addition, Morgan Stanley also revealed that they had made between $60-$90 million during 16 separate days during the quarter, and between $210-$240 million on one particularly good day.
Both of these results are ridiculous, but the numbers from Goldman Sachs are even more ridiculous when compared to Morgan Stanley's results.
According to Goldman Sachs, this is the first time that they have ever had a perfect trading quarter.
These results are hard to believe - until you remember that this is Goldman Sachs that we are talking about.
Source: BusinessWeek.com - Goldman Sachs Has First Quarter With No Trading Loss
Filed under: General Market News