Blame the world economy and not regulation for a downturn in Wall Street trading volumes.
So says Goldman Sachs president Gary Cohn, the Financial Times’ reported, citing remarks at a Sanford Bernstein conference Wednesday.
Cohn said the more than anything else economic fundamentals are responsible for the state of play but he did not reveal just how big the falls are.
Goldman stock is faring worse than its US rivals, shedding a squeak under 10 percent so far this year, the newspaper reported.
But fear not. “We’re not just waiting for things to get better,” Cohn was quoted as saying. Staff numbers in fixed income trading have shrunk by 10 per cent since 2010, he said.
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