By Dakin Campbell
Lloyd Blankfein’s roots are letting him down.
Goldman Sachs Group Inc. traders turned in their worst first-half performance since Lloyd Blankfein rose from that business to become chief executive officer in 2006.
Revenue from trading stocks and bonds in the first six months of 2017 tumbled 10 percent, dropping to the lowest level since before Blankfein took over from Hank Paulson 11 years ago. Second-quarter revenue from the fixed-income unit plunged 40 percent.
“A mixed operating environment persisted into the second quarter as conditions continued to support underwriting and M&A, while constraining certain market-making activity,” Blankfein said Tuesday in a statement.
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Source: Bloomberg Markets (via The Empire Report)