Goldman Sachs Fixed Income Traders Get Blindsided. Everyone Else Crushes It.

Goldman Sachs' bond traders—once the envy of Wall Street since the days of Lloyd Blankfein—face an embarrassing Q1 2026. Fixed income revenue cratered 10%, missing analyst expectations by $910 million. The excuse? They got caught offside on interest rate positions. Positioned for Fed rate cuts at the start of 2026, the Iran war and oil surge killed their thesis overnight. Rates repriced in the opposite direction. Meanwhile, JPMorgan saw FICC revenue jump 21% to $7.1B, Morgan Stanley posted a 29% jump, and Citigroup rose 13% to $5.2B. For traders who built a brand on outperforming in dislocations, getting run over when the market actually dislocated is the kind of irony that doesn't age well. As one analyst put it: "It seems that something went wrong at Goldman in fixed income."