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In its statement, Goldman said fixed income, currency and commodity units generated quarterly revenue of $5.99 billion, a significant increase from the third quarter of 2008, reflecting "strong performances in credit products and mortgages".
While the Swiss bank is still suffering from tightening credit spreads and customer outflows, JPMorgan said steady improvements are expected from its fixed-income, currency and commodity units over the first half of this year, and at its equity trading unit later in 2010.
As in [6], supposing that each generator g∈G sets its own price p g $ per kWh (or other energy commodity units).
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Mike Mayo at Crédit Agricole Securities lowered fourth-quarter earnings estimates for the firms, citing lower-than-expected trading in their fixed-income, currencies and commodities units.
BLOOMBERG NEWS Senate Panel Examines Banks' Involvement in Commodities | Several witnesses warned of significant risks to the nation's financial system and to taxpayers if big banks continued to own commodities units that store and ship vast quantities of metals and oil, Edward Wyatt reports in The New York Times.
Several witnesses at Tuesday's hearings warned that letting the country's largest financial institutions own commodities units that store and ship vast quantities of metals, oil and the other basic building blocks of the economy could pose grave risks to the financial system.
David Sobotka, head of the commodities unit, succeeded Mr. Semerci as fixed-income chief.
At JPMorgan, for instance, energy traders were having a gangbuster year, earning several hundred million dollars for its burgeoning commodities unit.
In March Mercuria, a Swiss firm, agreed to buy JPMorgan Chase's physical-commodities unit for $3.5 billion.
Mr. Blankfein, 57, joined a unit of Goldman Sachs, J. Aron, selling gold commodities in 1981 and rose through the bank's fixed income, currency and commodities unit.
Goldman's profit was propelled by record revenue of $6.56 billion in its fixed-income, currency and commodities unit, where mortgage and other credit instruments are traded.
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