October 15, 2024

Goldman's FICC revenue drops 12% but beats forecasts

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Goldman said net Q3 revenue in fixed income, currencies and commodities (FICC) dropped 12.5% to $2.96 billion, but beat the FactSet consensus of $2.91 billion.

Included in the decline was a 24.2% tumble in FICC intermediation revenue to $2.01 billion, which missed expectations of $2.26 billion, as “significantly lower” revenue in interest rate products and commodities was partially offset by “significantly higher” revenue in currencies and credit products, as well as higher revenue in mortgages.

Meanwhile, FICC financing revenue jumped 30% to $949 million, well above the FactSet consensus of $725 million, driven by mortgages and structured lending.

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