Banks Suffer Worst Start to a Year in Commodities in Decade
- Income at Goldman, JPMorgan, others fell 40% in first quarter
- Banks have scaled down exposure to commodity-related clients
What Does an Over Supply in Commodities Signal?
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Commodities revenue at the largest banks had the worst start to a year in more than a decade amid a pullback in raw-materials financing.
Income at Goldman Sachs Group Inc., JPMorgan Chase & Co. and 10 other top banks slid by a combined 40 percent year-on-year in the three months though March to $1.1 billion, according to analytics firm Coalition Ltd. That was the least since the third quarter and the worst start to a year since 2005.