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Market sentiment hasn't turned yet
SAN FRANCISCO (MarketWatch) -- Goldman Sachs Group (NYSE:GS) Chief Financial Officer David Viniar said Tuesday that market sentiment hasn't turned yet, after a tough second quarter in which the firm's clients were a lot less active. "Sentiment can change very, very quickly, but it has not turned yet," Viniar said during a conference call with analysts after Goldman released quarterly results. Lower equity trading revenue was partly driven by some of Goldman's most important clients asking the firm to help them hedge against increased stock market volatilty. That left Goldman short equity volatility going into the second quarter, just before markets dropped sharply. "We didn't hedge it fast enough, let's put it that way," Viniar said. "Things spiked really dramatically really fast." |
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