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Bloomberg
Goldman Sachs Group Inc. offered a glimpse into the March madness that propelled Wall Street trading desks to their best quarterly performance in almost a decade.
The firm’s traders pulled in more than $100 million on 14 separate days during the first quarter, Goldman Sachs said in a regulatory filing. Volatile markets were a boon for the business, which posted gains on more than 85% of the trading days as the spread of Covid-19 generated a surge in volume and wide bid-ask spreads through much of March.
It was a rare surge for Wall Street trading desks that have been bleeding talent, curbed by regulations and facing constant threats from efforts to automate trading.
Meanwhile, Goldman Sachs Group Inc. and the real estate investment arm of Koch Industries Inc. are close to agreements to provide Ladder Capital Corp. with new debt financing, enabling the mortgage real estate investment trust to further bolster its balance sheet, according to reports.