Goldman Sachs offers rare glimpse

New York

GOLDMAN Sachs Group Inc's storied commodities business has made on average US$1.4 billion in annual net revenue over the past five years, the bank said, offering a rare glimpse into one of the industry's biggest players.

Slides from a presentation by chief executive Lloyd Blankfein last Tuesday, who started his career in the bank's J Aron & Co commodities business, showed commodities on average accounted for 8 per cent of annual institutional client services (ICS) revenues between 2010 and 2014. In those five years, the contribution ranged between 5 per cent and 11 per cent of ICS revenues, which includes fixed income securities, currency and commodities (FICC) and equities, it said.