While Goldman is the gold standard in the trading business, with its fixed income, currencies and commodities trading division one of the most profitable in the industry, the macro environment has a been difficult one for trading in the last half of the year.
This stock has been one of the most reliable pattern trading stocks in the market for macro core trades, one to three day cash flow trades, and even day trading gap fills.
Lower volumes and liquidity due to volatile macro economic conditions in the short term and increased regulations on proprietary trading in the long run will contribute to this lower yield.