The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Cautious Goldman clashes with upbeat Morgan Stanley tone

Goldman Sachs cut out trading completely in the first quarter – at least that’s what the language of its earnings filing indicates.

The bank managed to avoid using the t-word at any point in its earnings announcement, although it mentioned clients 29 times and made 46 references to investment.

Goldman actually put in a very respectable trading performance in the first quarter, with strong results across fixed-income and equities markets. It continues to take a much more cautious approach to capital deployment than its peers in advance of the implementation of pending regulatory changes, however.

This suggests that Goldman has either been spooked by the public relations battering it endured last year or that its less-disciplined competitors are underestimating the effects of coming changes to key sales and trading markets.

History suggests that the latter is more likely to be the case.

While Goldman Sachs CFO David Viniar was guarded to the point of gloominess in his conference call with analysts to discuss first-quarter results, Morgan Stanley CFO Ruth Porat was much more upbeat.

Porat and Morgan Stanley chief executive James Gorman were attempting to convince analysts that Morgan Stanley had finally turned the corner in reviving a sales and trading franchise that has been underperforming for four years.

Equity results backed their premise. Sales and trading revenues of $1.7

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree