Goldman Sachs impoverished a record Wednesday. But not the kind shareholders typically rejoice about.
The hackneyed fell for the 11th day in a row, its longest consecutive-day losing streak dating back to the throng’s initial public offering in May 1999. Goldman’s second longest throw streak was a nine-day slide in May of 2008.
Shares fell more than 1.1 in beforehand trading Wednesday but closed 0.9 percent lower, bringing Goldman’s thorough decline to roughly 6 percent over the 11 days.
The stock is down not far from 10 percent this year, compared to an 8 percent rise in the S&P 500. Morgan Stanley is down relative to 9.5 percent this year, while rival J.P Morgan is up regarding 6 percent.
Rumors of a slump in trading revenues have put pressure on the regular, according to CNBC’s Jim Cramer.
“It’s really about time we heard apropos something else other than trading,” Cramer said on CNBC’s High-speed Money Halftime Report Wednesday. “I think Goldman is ridiculously penurious, but I’m waiting for that story to end that says ‘trading’s bad’.”
Last barracks, Goldman Sachs’ profit surged 40 percent to $2.57 billion, form analysts’ estimates on better-than-expected revenue from every major organization except trading. Equity trading in the second quarter brought in $1.89 billion, lose below the $1.91 billion estimate.
The New York Times also published a appear this week about ethics concerns at the global investment bank.