二季度高盛固定收益營收重挫40%

Goldman Sachs has suffered its worst ever quarter in commodities, leaving the bank’s overall fixed-income division with a 40 per cent collapse in revenue and putting it on course to dramatically underperform its Wall Street rivals for the second quarter in a row.

高盛(Goldman Sachs)遭遇了大宗商品業務最糟糕的一個季度，令該行固定收益部門的總營收下滑40%，這讓該行很可能連續第二個季度業績大大落後於其華爾街競爭對手。

The bank still managed to beat analysts’ overall expectations in the three months to June — with a business-wide $4 earnings per share, against the $3.505 expected by analysts polled by Bloomberg.

在截至6月份的三個月裏，該行仍然成功超出分析師總體預期：在整個企業範圍實現每股4美元的盈利，超過了彭博(Bloomberg)調查的分析師給出的每股3.505美元盈利的預期。

But those profits were driven by huge gains relative to a year earlier in its private equity business, a division where investors value earnings less because they are more volatile. Shares were down just over 2 per cent, at $223.78, by lunchtime in New York.

但這些盈利是由該行私募股權業務相對於去年的巨大增長驅動的。投資者對私募股權業務部門的盈利不那麼看重，因爲其波動性較高。在紐約午盤時間，高盛股價跌幅略高於2%，至每股223.78美元。

“We know we need to do better,” chief financial officer Martin Chavez said on a briefing call, admitting that while the commodities markets had been challenging, Goldman’s problems were partly of the bank’s own making.

高盛首席財務官馬丁?查維斯(Martin Chavez)在介紹情況的電話會議中表示：“我們知道我們需要做得更好一些。”他還承認，儘管大宗商品市場具有挑戰性，但高盛的問題在一定程度上是該行自己釀成的。

“We didn’t navigate the market as well as we aspired to or as well as we have in the past,” he said. “Nevertheless the firm remains committed in every way to help our clients manage their commodity risk.”

他說：“我們並未像我們渴望的那樣、或像我們過去做到的那樣，很好地駕馭市場。不過，本公司依然從各方面致力於幫助客戶管理其大宗商品風險。”

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In the fixed income business, Goldman blamed the result on a “challenging” environment which was “characterised by low levels of volatility, low client activity and generally difficult market-making conditions".

在固定收益業務領域，高盛將上述業績歸咎於“挑戰性”的環境，其“特點是波動水平偏低、客戶活動偏低和總體上困難的做市條件”。

Other banks have suffered similar issues, but with less dramatic consequences — JPMorgan's fixed-income revenue fell 19 per cent in the second quarter, Bank of America's was down 14 per cent, and Citi's was down just 6 per cent.

其他銀行遭遇了類似問題，但後果沒有這麼戲劇性——摩根大通(JPMorgan)固定收益營收在第二季度下滑了19%，美銀(Bank of America)下滑了14%，花旗(Citi)只下滑了6%。