NEW YORK: Goldman Sachs Group Inc President David Solomon said on Thursday that second-quarter market activity had decreased from the first quarter, when heightened volatility helped Wall Street banks record huge profits.
The comment comes two days after JPMorgan Chase said second-quarter markets revenue looked like it will be flat compared with a year earlier. Investors have questioned the viability of Wall Street banks´ trading business, which saw big declines last year as volatility mired near historically low levels.
The backlash from the investing community has forced Goldman and others to rethink their strategy, and explore businesses such as investment banking and consumer lending, which are not heavily reliant on market activity.
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