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Goldman Sachs has suffered its worst ever quarter in commodities, leaving the bank’s overall fixed-income division with a 40 per cent collapse in revenue and putting it on course to dramatically underperform its Wall Street rivals for the second quarter in a row.
高盛(Goldman Sachs)遭遇了大宗商品业务最糟糕的一个季度，令该行固定收益部门的总营收下滑40%，这让该行很可能连续第二个季度业绩大大落后于其华尔街竞争对手。
The bank still managed to beat analysts’ overall expectations in the three months to June — with a business-wide $4 earnings per share, against the $3.505 expected by analysts polled by Bloomberg.
在截至6月份的三个月里，该行仍然成功超出分析师总体预期：在整个企业范围实现每股4美元的盈利，超过了彭博(Bloomberg)调查的分析师给出的每股3.505美元盈利的预期。
But those profits were driven by huge gains relative to a year earlier in its private equity business, a division where investors value earnings less because they are more volatile. Shares were down just over 2 per cent, at $223.78, by lunchtime in New York.
但这些盈利是由该行私募股权业务相对于去年的巨大增长驱动的。投资者对私募股权业务部门的盈利不那么看重，因为其波动性较高。在纽约午盘时间，高盛股价跌幅略高于2%，至每股223.78美元。
“We know we need to do better,” chief financial officer Martin Chavez said on a briefing call, admitting that while the commodities markets had been challenging, Goldman’s problems were partly of the bank’s own making.
高盛首席财务官马丁?查维斯(Martin Chavez)在介绍情况的电话会议中表示：“我们知道我们需要做得更好一些。”他还承认，尽管大宗商品市场具有挑战性，但高盛的问题在一定程度上是该行自己酿成的。
“We didn’t navigate the market as well as we aspired to or as well as we have in the past,” he said. “Nevertheless the firm remains committed in every way to help our clients manage their commodity risk.”
他说：“我们并未像我们渴望的那样、或像我们过去做到的那样，很好地驾驭市场。不过，本公司依然从各方面致力于帮助客户管理其大宗商品风险。”
In the fixed income business, Goldman blamed the result on a “challenging” environment which was “characterised by low levels of volatility, low client activity and generally difficult market-making conditions".
在固定收益业务领域，高盛将上述业绩归咎于“挑战性”的环境，其“特点是波动水平偏低、客户活动偏低和总体上困难的做市条件”。
Other banks have suffered similar issues, but with less dramatic consequences — JPMorgan's fixed-income revenue fell 19 per cent in the second quarter, Bank of America's was down 14 per cent, and Citi's was down just 6 per cent.
其他银行遭遇了类似问题，但后果没有这么戏剧性——摩根大通(JPMorgan)固定收益营收在第二季度下滑了19%，美银(Bank of America)下滑了14%，花旗(Citi)只下滑了6%。
