Goldman Sachs Trading Revenue Makes Wall Street History Again, Tariff-Induced Turmoil Drives Record Quarterly Performance

The stock trading division of Goldman Sachs Group set a new record for Wall Street's revenue, as market volatility caused by the trade war initiated by the Trump administration led to the department achieving record revenue for the second consecutive quarter. According to an announcement released on Wednesday, Goldman's stock trading revenue for the second quarter reached $4.3 billion, surpassing analysts' expectations by about $600 million and exceeding total revenue for the first quarter by $1 billion. This also drove profits for the quarter beyond expectations. Trading departments of major Wall Street institutions have benefited from the market turmoil caused by tariffs. However, while Goldman's stock trading revenue has increased compared to three months ago, related revenue for Morgan Stanley, Bank of America, and JPMorgan Chase has declined. Goldman is actively expanding its trading business one of the most profitable businesses on Wall Street to compete with Morgan Stanley and increasingly fierce competition from market makers such as Jane Street and Citadel Securities.