Goldman Sachs reports Q2 FICC revenues down 40% to $1.16B
Net revenues in Institutional Client Services were $3.05B for the second quarter, 17% lower than the second quarter of 2016 and 9% lower than the first quarter of 2017. Net revenues in Fixed Income, Currency and Commodities Client Execution were $1.16B for the second quarter, 40% lower than the second quarter of 2016, due to significantly lower net revenues in interest rate products, commodities, credit products and currencies, partially offset by higher net revenues in mortgages. During the quarter, Fixed Income, Currency and Commodities Client Execution operated in a challenging environment characterized by low levels of volatility, low client activity and generally difficult market-making conditions. Net revenues in Equities were $1.89B for the second quarter, 8% higher than the second quarter of 2016, primarily due to higher net revenues in equities client execution, reflecting higher results in both cash products and derivatives.