Rumors of a slump in trading revenues have put pressure on the stock, according to CNBC’s Jim Cramer.
“It’s really about time we heard about something else other than trading,” Cramer said on CNBC’s Fast Money Halftime Report Wednesday. “I think Goldman is ridiculously cheap, but I’m waiting for that story to end that says ‘trading’s bad’.”
Last quarter, Goldman Sachs’ profit surged 40 percent to $2.57 billion, beating analysts’ estimates on better-than-expected revenue from every major business except trading. Equity trading in the second quarter brought in $1.89 billion, slightly below the $1.91 billion estimate.
The New York Times also published a report this week about ethics concerns at the global investment bank.