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October 11, 2007

GS Announces Up And Down Trading Over Q3

by Stewart Douglas

Story link: GS Announces Up And Down Trading Over Q3

Goldman Sachs has today announced its own experience of currently market volatility in relation to the US sub-prime sector fallout and credit crunch, in its third quarter figures disclosed today.

In the figures published today, investment giant Goldman Sachs announced with particular interest that it had lost a staggering $100 million in just six days as a result of a significant downturn in investment propositions and a rapid decrease in asset value.

It did however later clarify that it managed to recoup the $100 million over the next 23 days of trading, reflecting the extent to which global markets have been swinging in light of the tightening credit environment.

For the entire third quarter Goldman Sachs reported it was down on eighteen days trading compared to just ten in the previous quarter, a figure it puts down to more unpredictable market trading conditions in light of the recent market turmoil across the world.

The bank did report however that it made of $100 million on 23 occasions throughout the third quarter, showing an increase from just 16 previously. The results sound even more impressive when compared to figures last year which show zero days trading beyond $100 million in the third quarter.

Goldman Sachs has bucked the general trend of investment banks and private equity firms over the third quarter, which have generally reported strong losses in the wake of the credit crunch and an investor chill resulting from widespread over exposure to the sub-prime lending market in the US.

With finance less readily available, and many groups losing out on financial industry equity holdings, figures were well down over the period. However, Goldman Sachs appeared to counteract the losses elsewhere with well placed short term investments to leverage the fall in share prices across the market.

 

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