Forbes once called Goldman Sachs “a giant hedge fund with some consulting services attached.”
The bank’s recent trading performance would indeed be the envy of any hedge fund. As the FT points out, Goldman’s traders recorded only one daily loss in the third quarter, versus 36 days of US$100m-plus profits. (The trading record can be found on page 123 in this regulatory filing, published yesterday.)
Digging into earlier filings, it turns out that the third-quarter’s stellar performance was worse than the previous quarter, when the bank closed 46 days with at least a nine-digit profit. In the past six months—130 days of trading—the group has ended the day with a loss only three times.