REUTERS: Goldman Sachs Group Inc on Tuesday became the first Wall Street bank this earnings season to report lower equities trading revenue, signaling it was unlikely to reclaim the top market share ranking from Morgan Stanley any time soon.
People familiar with the business said a combination of outdated trading technology, a late effort to court quantitative funds and overall fee pressure on the bank‘s key clients has blunted Goldman‘s edge. It now ranks No. 2 behind its biggest rival.