Reuters: Regulatory News: CORRECTED-Goldman Sachs trims commodity risk

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CORRECTED-Goldman Sachs trims commodity risk Oct 17th 2013, 12:12 Tweet Share this Email Print Reprints Related Topics Stocks » Regulatory News » Markets » Mutual Fund Center » ETFs News » Earnings » Financials » Thu Oct 17, 2013 8:12am EDT (Deletes "FICC net revenues up" from headline; FICC net revenues fell from a year earlier) Oct 17 (Reuters) - Goldman Sachs trimmed its commodity trading risk in the third quarter from the previous three months, the bank reported on Thursday, though revenues improved from a year earlier. Value-at-Risk (VaR) in commodities stood at $17 million in the third quarter, down from $19 million in the second quarter and $22 million in the third quarter of 2012. The bank said that while net revenues in its Fixed Income, Currencies and Commodities (FICC) business were down 44 percent compared with the same period last year at $1.25 billion, commodities were one of the few bright spots. "Fixed Income, Currency and Commodities operated in a challenging environment, which was characterized by economic uncertainty, difficult market-making conditions in certain businesses, and lower levels of activity," the bank said. "Net revenues in commodities were higher compared with the third quarter of 2012." Goldman, typical of Wall Street banks, groups its commodities revenue under the fixed income category in its quarterly earnings and does not break down the sector individually, often leaving VaR as one of its key risk-reward indicators for commodities. The bank as a whole reported a slight fall in quarterly profit as weak bond-trading volumes hit revenue in the Wall Street bank's biggest business. ------2013------ ------2012------- --2011-- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 * JPMorgan 13 13 15 14 13 13 21 20 15 * Goldman Sachs 17 19 21 20 22 20 26 26 25 * Morgan Stanley n/a 24 20 22 22 27 27 28 32 (Reporting by David Sheppard in London; Editing by John Wallace) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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