Goldman Sachs (GS) Post "Zero" Losing Trading Days in Q1
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Goldman Sachs Group Inc. (NYSE: GS) said Monday in a filing with the Securities and Exchange Commission that its traders made money on every day of the first quarter, which is a first for the Wall Street giant.
The firm's daily trading revenue during the first-quarter’s 63 trading days was $25 million. On more than half of those days, Goldman pulled in more than $100 million in net revenue.
The results for the first quarter reemphasized the trading power of the firm, even amid the civil fraud charges that it is facing from the SEC linked to the trading of mortgage-backed securities in 2007 that contained toxic debt.
The fraud charges are being disputed by Goldman, which reported record earnings levels last year following the recession. The firm is also facing a criminal investigation from the U.S. Justice Department linked to its dealings prior to the economic meltdown.
The firm also warned on Monday that it may face additional litigation and investigations tied to its offerings of collateralized debt obligations.
Goldman said in a SEC filing that the case "could result in collateral consequences to us that may materially adversely affect the manner in which we conduct our businesses."
The firm recently reported the second-highest first-quarter earnings in its history, but Goldman’s stock value has dropped 22 percent since before the SEC filed its complaints on April 16.
Shares of Goldman are up 1.52 percent on Monday in premarket trade to $145.16, as global stock surge following the announcement of the European loan program to end the sovereign debt crisis in the Euro zone.
The firm's daily trading revenue during the first-quarter’s 63 trading days was $25 million. On more than half of those days, Goldman pulled in more than $100 million in net revenue.
The results for the first quarter reemphasized the trading power of the firm, even amid the civil fraud charges that it is facing from the SEC linked to the trading of mortgage-backed securities in 2007 that contained toxic debt.
The fraud charges are being disputed by Goldman, which reported record earnings levels last year following the recession. The firm is also facing a criminal investigation from the U.S. Justice Department linked to its dealings prior to the economic meltdown.
The firm also warned on Monday that it may face additional litigation and investigations tied to its offerings of collateralized debt obligations.
Goldman said in a SEC filing that the case "could result in collateral consequences to us that may materially adversely affect the manner in which we conduct our businesses."
The firm recently reported the second-highest first-quarter earnings in its history, but Goldman’s stock value has dropped 22 percent since before the SEC filed its complaints on April 16.
Shares of Goldman are up 1.52 percent on Monday in premarket trade to $145.16, as global stock surge following the announcement of the European loan program to end the sovereign debt crisis in the Euro zone.
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