Goldman's imperfect quarter

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- After making money on every single trading day during the first three months of the year, Goldman Sachs lost money trading stocks and bonds on 10 days in the second quarter, regulatory filings showed Monday.

Goldman, one of the most profitable on Wall Street, lost more than $100 million on three separate days during the April to June quarter, according to documents filed with the Securities and Exchange Commission.

But that was more than offset by the 17 days in which Goldman's trading activities brought in over $100 million. Overall, the firm made money trading on 55 days during the quarter, or 85% of the time.

Despite the rocky second-quarter performance, Goldman has generally done well in the financial markets. Goldman president Gary Cohn disclosed in May that the bank had only recorded 11 loss days in the prior 12 months.

Meanwhile, rival investment bank Morgan Stanley (MS, Fortune 500) lost money on 11 days during the second quarter, according to a separate filing. That included two days where losses ranged between $50 million and $75 million.

By contrast, Morgan reported six days where it made at least $100 million from trading. On one day, it brought in $175 million.

The less-than-perfect quarter for both banks comes after Goldman and four other financial firms ended the first quarter without losing money on a single day from trading. The first quarter is traditionally the most profitable for Goldman (GS, Fortune 500) and its rivals JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500).

In the second-quarter, however, the financial markets were more volatile. After hitting a high for the year in late April, stocks slumped in May following the so-called "Flash Crash" and have been bouncing in a wide range since then. To top of page

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