# Goldman Sachs' rates business suffered losses on some positions towards the end of the last quarter.

*business · news · 2026-04-16 · The Manila Times*

## Key points

- Goldman Sachs' rates business suffered end-of-quarter losses due to Iran-related fixed-income volatility.
- The specific cause of Goldman's FICC weakness was not public before, only now attributed to maker positions.
- Goldman's FICC revenue dropped 10%, while JPMorgan, Citigroup, and Morgan Stanley saw significant fixed-income gains.
- Analysts suggest repeated similar quarters for Goldman could raise deeper concerns about their FICC strategy.

**Companies:** Goldman Sachs, JPMorgan Chase, Citigroup, Morgan Stanley, Bank of America
**Countries:** United States, Iran

[Read the full story on The Manila Times](https://www.manilatimes.net/2026/04/17/business/foreign-business/goldman-sachs-rates-business-hit-by-iran-war-volatility/2322020)

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