BUSINESS
08/09/2010 10:50 am ET Updated Dec 06, 2017

Goldman Sachs's Derivatives Generated Up To 35 Percent Of Its 2009 Revenue

Goldman Sachs made up to 35 percent of its 2009 revenue from derivatives, according to recent documents disclosed to the Financial Crisis Inquiry Commission and leaked to the Wall Street Journal.

In a memo sent to the FCIC -- a government panel charged with investigating the roots of the financial crisis -- Wall Street's most profitable bank revealed that its derivatives operations generated $11.3-$15.9 billion of its $45.17 billion net revenue in 2009. This amounts to 25-35 percent of the bank's revenue.

"We have asked for the same information from several banks," an FCIC spokesman told the WSJ. "They have all indicated they are working hard to provide that information to us. If we need additional information, we will ask for it."

Concurrently, Goldman Sachs suffered 10 days of losses in the second quarter through trading stocks and bonds. However it still beat its biggest rivals on Wall Street, generating $5.61 billion of trading revenue during the 65-day quarter.

As HuffPost's Shahien Nasiripour pointed out last week, Bank of America recorded losses on 12 of its 63 trading days last quarter and JPMorgan Chase lost money on 8 trading days.