Goldman Sachs trying to improve fixed-income trading -media report

Reuters

NEW YORK, Oct 23 (Reuters) - Goldman Sachs Group Inc is working to bolster performance in fixed-income trading aftera weak third quarter, and is looking for experienced salespeopleand traders to improve the business, President and ChiefOperating Officer Gary Cohn said in a Bloomberg Televisioninterview on Wednesday.

"We don't know precisely why we had a tough quarter, but theresults are in, and I can tell you we had a tough quarter infixed-income," Cohn said. "We're very committed. We're going toredouble or triple our efforts in fixed-income."

Goldman said last week that revenue from fixed-income,currency and commodities trading dropped 47 percent to $1.29billion, the lowest quarterly figure since the financial crisis.Its revenue fell more than revenue of Wall Street rivals MorganStanley, JPMorgan Chase & Co, Bank of AmericaCorp and Citigroup Inc.

While Cohn said Goldman is open to hiring "seasoned"professionals with strong client relationships, he added thatbonuses may be down across Wall Street this year if revenue doesnot improve in the fourth quarter.

"If we don't have a good fourth quarter, bonuses will bedown."

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