Goldman and MS advisory jewel glitters amid street-wide fixed income slump
The stonking performance of advisory business in Goldman Sachs and Morgan Stanley’s first quarter results cushioned the blow of an industry-wide slump in fixed income trading revenues. Even within fixed income, both institutions survived the downturn better than their peers, with Morgan Stanley actually seeing an improvement, while Goldman saw an 11% decline in FICC revenues to $2.85bn.
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