(New York)

Goldman Sachs has stuck to its guns with its trading division despite numerous changes to the industry and its competitors revamping. However, the bank finally appears to be changing its strategy. Since 2009, Goldman’s fixed income trading revenue has shrunk from over $23 bn in 2009, to just over $5 bn in 2017. Now the bank is changing its focus away from serving hedge fund clients, whom it has become overly reliant on, and towards big corporate clients, who offer a different sort of “flow” business based on interest swaps and other corporate needs.

FINSUM: We think it is smart for Goldman to diversify the focus on its fixed income unit. Especially since the $20bn plus revenue days don’t look like they are coming back.