Goldman Sachs just let slip how badly a key business is performing (GS)

Goldman Sachs reported third-quarter earnings on Tuesday, crushing Wall Street estimates. The fixed income, currencies, and commodities business, which has been struggling, jumped 25% from a terrible second quarter. Still, FICC revenue for the first nine months of the year, at $4.3 billion, was down 23% from the same period last year. CFO Marty Chavez said on an earnings call that half of that decline was because of "commodities inventory," or the bank's positions in the commodities...