(Bloomberg) -- It was a nice run.
For the first time in over a decade, Goldman Sachs Group Inc. is worth less than its longtime rival, Morgan Stanley, at least in the eyes of equity investors.
After reporting a plunge in bond trading, Goldman's market capitalization fell to $99.4 billion at the close on Wednesday, a fraction less than Morgan Stanley. That snapped a 4,105-day streak, which started on Oct. 23, 2006.
The reversal comes on the heels of an uncharacteristically rough year for Goldman, long-considered the envy of Wall Street.
Fixed-income trading tumbled 50 percent in the fourth quarter, with revenue falling to the lowest level since the financial crisis. The results culminated in Goldman's first quarterly loss in more than six years -- driven by a charge tied to the U.S. tax overhaul. The trading slide, which persisted throughout 2017, has prompted major questions about the firm's strategy.
Morgan Stanley reports its earnings Thursday.
--With assistance from Gilbert Xu
To contact the reporters on this story: Brandon Kochkodin in New York at bkochkodin@bloomberg.net, Dakin Campbell in New York at dcampbell27@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, David Papadopoulos at papadopoulos@bloomberg.net, Michael Tsang
©2018 Bloomberg L.P.
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