Now, in the first quarter where the industry's results have been impacted by the coronavirus pandemic, Goldman Sachs may be more insulated from the turmoil facing its bigger peers. Among the six biggest U.S. banks, Goldman derives the biggest share of its revenue from Wall Street activities including trading and mergers advice.
On Tuesday, JPMorgan Chase and Wells Fargo both posted sharp drops in first-quarter profit as the banks set aside a combined $10 billion for a coming deluge of loan defaults. A lone bright spot for the banks has been surging trading and bond issuance operations, driven in part by the historic jump in market volatility last month.
Still, Goldman is exposed to declines in the value of private and public companies held as investments, which could sting the firm.in January, will still be achievable.
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