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Goldman Sachs Earnings Miss Expectations on Bond Trading
Equities trading hit a record, but fixed-income revenue fell short of estimates
Apr. 13, 2026 at 4:58pm
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Goldman Sachs' mixed earnings report, with a surprise drop in bond trading revenue, reflects the uneven recovery across financial markets.NYC TodayGoldman Sachs Group Inc. (GS) reported a surprise drop in bond-trading revenue for the first quarter, despite another record quarter from the firm's equities team. Fixed-income, currency and commodities revenue was $4.01 billion, more than $800 million below analyst estimates and 10% less than the same period last year. The bank also warned investors that its backlog of fees decreased slightly compared to the previous quarter. Shares of Goldman Sachs fell 4.2% in early trading.
Why it matters
Goldman Sachs' bond trading performance is a closely watched metric as it is a key driver of the bank's overall profitability. The miss on bond trading revenue overshadowed the firm's strong equities performance, highlighting the uneven recovery in different parts of the financial markets.
The details
Goldman Sachs reported fixed-income, currency and commodities (FICC) revenue of $4.01 billion for the first quarter, which was more than $800 million below the consensus of analyst estimates. This represented a 10% decline compared to the same period last year. However, the bank's equities trading revenue hit a new record, helping to offset the FICC weakness.
- Goldman Sachs reported earnings before the market opened on Monday, April 13, 2026.
The players
Goldman Sachs Group Inc.
A leading global investment bank and securities firm.
Neil Sipes
A Bloomberg Intelligence Financials Analyst who discussed Goldman Sachs' earnings.
What they’re saying
“Goldman Sachs Group Inc. (GS) shares fell after the bank reported a surprise drop in bond-trading revenue, casting a shadow over what was another record quarter from the firm's equities team.”
— Bloomberg Intelligence Financials Analyst, Neil Sipes
The takeaway
Goldman Sachs' mixed earnings results highlight the uneven recovery in financial markets, with strength in equities trading offset by weakness in fixed-income. This underscores the challenges facing major investment banks as they navigate the post-pandemic economic landscape.
