Goldman Sachs Group Inc. reported Monday that it had 10 days of trading losses during the second quarter because of difficult market conditions and the May 6 “flash crash.”
According to a filing with the Securities and Exchange Commission, the New York-based company had 10 days of trading losses, including three days of more than $100 million in trading losses.
The losses came in a quarter during which the S&P 500 sank 12%. Morgan Stanley reported that it had 11 days of trading losses in the second quarter and Bank of America reported one day with trading losses of more than $100 million.
By contrast, Goldman Sachs reported zero days of losses during the first quarter.
During the second quarter, Goldman Sachs had 17 days that it generated more than $100 million in trading revenue and 12 days where it generated between $0 and $25 million.
Separately, Goldman Sachs said it expected litigation costs to remain high, "given the range of litigation and investigations presently under way." Last month, it agreed to pay $550 million to settle an SEC lawsuit related to the marketing of a complex mortgage-related product.
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