Goldman’s Currency-Trading Revenue Fell on Options Bet, WSJ Says
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Goldman Sachs Group Inc.’s revenue from its currency-trading unit slumped during the third quarter after a wrong-way bet in the foreign-exchange market, the Wall Street Journal reported.
A structured options trade tied to the U.S. dollar and Japanese yen exacerbated the drop in the three-month period from the second quarter, the Journal said today, citing people it didn’t identify. The bank’s foreign exchange options desk posted a net loss, the newspaper said. It isn’t clear how large the trade was or how long it was in place, according to the report.