Goldman Sachs bond traders stumbled as Wall Street rivals thrived: ‘A fire is being lit under’ them

Key Points

Goldman Sachs’s fixed income division disappointed investors this week, with revenue down 10% and about $910 million below expectations — a rare stumble for a flagship business.
“I’d imagine that at Goldman, a fire is being lit under the traders, managers and risk overseers in FICC after such an underperformance,” veteran analyst Mike Mayo said.
The prevailing theory is that Goldman was caught offsides on trades tied to interest rates in the first quarter, according to several market participants who asked for anonymity to speak candidly.

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