Goldman Sachs securities services falls 21 January 2014New York Reporter: Georgina Lavers
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Securities services net revenues at Goldman Sachs for 2013 were significantly lower compared with the fourth quarter of 2012. In a statement, the firm attribute the fall to the sale of its hedge fund administration business in 2012, for $494 million.
During the quarter, equities operated in an environment generally characterised by an increase in global equity prices, while volatility levels remained low.
Securities services revenue was $1.37 billion in 2013, a drop from the $1.99 billion seen in 2012, and a fall of 31 percent.
For just the final quarter of 2013, revenue for the division was $337 million. This was a slight drop of $3 million from the previous quarter, but a steeper fall of $481 million, or 58.8 percent, year-on-year.
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