| Goldman Sachs Group Inc. Chief Executive Officer David Solomon cautioned that the bank's fixed-income trading business is softer than in past quarters and that expenses are running higher across the firm. Fixed income has been softer during the third quarter than equity trading, which has remained "very strong," Solomon said Wednesday at a Barclays Plc conference. "The activity levels have been very high and the firm's been very active," Solomon said. Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay Costs are expected to be higher given how busy the bank was in the period, he said, and Goldman has accelerated some technology investments as well. The company also pulled forward, in a tax-efficient way, a "significant" number of years of charitable giving, he said. Goldman shares dropped 4% to $937.81 at 3:21 p.m. in New York trading Wednesday. Wall Street banks have been enjoying a banner year for trading as volatile markets keep clients busy. But some of the biggest firms have started to diverge in their expectations for the third quarter. ALSO READ: Infosys, TCS, HCLTech, Wipro Share Price Falls In Trade: Three Reasons IT Stocks Are Under Pressure On Tuesday, JPMorgan Chase & Co. Co-President Doug Petno said that trading revenue for the three months through September is poised to climb by a percentage in the mid-to-high teens. On Monday, Bank of America Corp.'s Brian Moynihan warned that trading revenue at his bank is likely to be "relatively flat" given a drop in fixed-income trading, comments that sent some bank shares down. |
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