Total institutional client services, the unit that houses the bank's trading business, recorded the biggest drop
A Goldman Sachs sign above the New York Stock Exchange floor. Picture: REUTERS/LUCAS JACKSON
The bank’s total revenue, however, fell 13% in the first quarter and missed analysts’ estimates, with three of its four main businesses recording a drop in revenue. Trading slowed considerably in the quarter as concerns over the US-China trade war eased, and markets rebounded from steep losses in December 2018.
JPMorgan Chase on Friday reported a 10% decline in adjusted markets revenue. Its equities revenue, on an adjusted basis fell 13%, while fixed income revenue fell 8%.
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