dimanche 19 avril 2015
Goldman Sachs Utters the Deplorable Word
Posted on 20:52 by nice news
“Trade” is a loaded word, at least if you’re Goldman Sachs .
The investment house appears to have banished the word from its earnings reports sometime around 2011. In prior years, Goldman regularly reported revenues from “trading.” It had an entire division it called Trading and Principal Investments. In 2010, “trading” was mentioned in the firm’s quarterly reports nine times.
Then “trading” vanished. Goldman broke up the Trading and Principal Investments division into two parts, one called Institutional Client Services and another called Investing and Lending. Instead of trading revenues, Goldman reported revenues from “client execution.”
Sometimes, though, it’s impossible to avoid the word. It showed up last week in a footnote to Goldman’s first-quarter earnings report. This was in a reference to the sale of Goldman’s metals warehouse business, Metro International Trade Services.
This has happened before. In April 2013, Goldman was forced to briefly readmit the exiled word because an amendment to a warrant agreement with Berkshire Hathaway included a pricing mechanic based on an average closing price over “10 trading days.”
Presumably, Goldman still calls the folks trading on its clients behalf “traders.” The phrase “client executioners” might sound a bit off.
The investment house appears to have banished the word from its earnings reports sometime around 2011. In prior years, Goldman regularly reported revenues from “trading.” It had an entire division it called Trading and Principal Investments. In 2010, “trading” was mentioned in the firm’s quarterly reports nine times.
Then “trading” vanished. Goldman broke up the Trading and Principal Investments division into two parts, one called Institutional Client Services and another called Investing and Lending. Instead of trading revenues, Goldman reported revenues from “client execution.”
Sometimes, though, it’s impossible to avoid the word. It showed up last week in a footnote to Goldman’s first-quarter earnings report. This was in a reference to the sale of Goldman’s metals warehouse business, Metro International Trade Services.
This has happened before. In April 2013, Goldman was forced to briefly readmit the exiled word because an amendment to a warrant agreement with Berkshire Hathaway included a pricing mechanic based on an average closing price over “10 trading days.”
Presumably, Goldman still calls the folks trading on its clients behalf “traders.” The phrase “client executioners” might sound a bit off.
Goldman Sachs Utters the Deplorable Word
Categories: Goldman Sachs Utters the Deplorable Word
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