New York — Goldman Sachs Group’s comeback quarter for trading was marred by a $1.09bn legal charge as the firm gets closer to a settlement of the 1Malaysia Development by the most in four years. That offset a strong showing by Goldman Sachs’s fixed-income traders, who posted a 63% jump in revenue, according to a statement on Wednesday that debuted the firm’s new reporting structure.
The trading division, Goldman’s biggest, beat some analysts’ estimates on the strength of gains in fixed income. The figures included derivatives related to advisory and underwriting businesses that used to be recorded in the investment banking unit. Goldman Sachs’s new presentation breaks fixed-income trading into its revenue from market-making efforts and from financing clients. The former provided the biggest boost, as the $1.38bn from those activities was 83% higher than a year earlier, when markets were in turmoil.
The changes outlined earlier this month will spread the interest income Goldman receives from its lending efforts across all four of the new segments and make the firm’s divisions more comparable to its competitors. Equity investments made with the firm’s own capital will be housed in a renamed asset management unit. The bank has said it’s looking to move away from taking stakes with its own money and is trying to raise more client funds.
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