NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N) is working to bolster performance in fixed-income trading after a weak third quarter, and is looking for experienced salespeople and traders to improve the business, President and Chief Operating Officer Gary Cohn said in a Bloomberg Television interview on Wednesday.
“We don’t know precisely why we had a tough quarter, but the results are in, and I can tell you we had a tough quarter in fixed-income,” Cohn said. “We’re very committed. We’re going to redouble or triple our efforts in fixed-income.”
Goldman said last week that revenue from fixed-income, currency and commodities trading dropped 47 percent to $1.29 billion, the lowest quarterly figure since the financial crisis. Its revenue fell more than revenue of Wall Street rivals Morgan Stanley (MS.N), JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N) and Citigroup Inc (C.N).
While Cohn said Goldman is open to hiring “seasoned” professionals with strong client relationships, he added that bonuses may be down across Wall Street this year if revenue does not improve in the fourth quarter.
“If we don’t have a good fourth quarter, bonuses will be down.”
Reporting by Lauren Tara LaCapra; editing by Matthew Lewis