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At Goldman, fixed income thrives while equities dives

Near-record quarter in debt underwriting contrasts with the sharpest falls yet seen on Wall Street in equity underwriting and trading

Fixed income trading and underwriting revenues at Goldman Sachs surged in the second quarter, in contrast to its equity operations
Fixed income trading and underwriting revenues at Goldman Sachs surged in the second quarter, in contrast to its equity operations Photo: FN montage

Goldman Sachs's fixed income bankers and traders were the toast of the second quarter as revenues in both underwriting and trading surged by a fifth from a year earlier – but for their equities colleagues, the bank's latest quarterly numbers showed how tumultuous the past few months have been for the stock markets.

Lloyd Blankfein, chairman and chief executive of Goldman Sachs, said in a statement alongside the bank's results on July 19: "Despite the uncertainty created by Brexit, we achieved solid results by continuing to serve our clients across our diversified franchise and by managing our business efficiently."

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