Goldman Sachs records ‘perfect’ trading performance in first quarter

12 May 2010

Traders working for Goldman Sachs recorded a profit on every day of the first quarter of 2010, the first time ever in the financial institution’s history, a regulatory filing has revealed.

According to the document sent to the Securities and Exchange Commission (SEC), the investment bank generated $9.74 billion over the period.

Figures showed that bankers working for the financial services provider made over $25 million on each day of the three-month period.

On 35 days of the quarter, traders generated more than $100 million, the filing revealed.

Samuel Robinson, a Goldman Sachs spokesman, told Bloomberg in an email: “This is the first time we have reported zero trading loss days in a quarter.

“We believe it shows the strength of our customer franchise and risk management.”

Rival investment bank Morgan Stanley recorded a loss of $30 million during four days over the quarter.

Meanwhile, Goldman Sachs has forecast that a number of law suits will be filed against it by shareholders.

The SEC has accused the bank and vice-president Fabrice Tourre of deliberately misleading investors over the details of an investment product from 2007.

In the statement, the bank said: “We anticipate that additional putative shareholder derivative actions and other litigation may be filed.”

By Jim Ottewill

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