Goldman’s Fixed-Income Traders Help Counter Bleak Quarter

Goldman Sachs Group Inc.’s traders once again helped rescue results from a sharp slowdown in investment banking just as the firm prepares for a reorganization that will combine the two business units.

The trading operation posted $6.2 billion in third-quarter revenue, an 11% increase that was better than analysts had forecast. Fixed income led the gains, according to a statement Tuesday that showed a 43% profit plunge.

Goldman was the last major US bank to post results in a quarter that has highlighted the resilience of the US consumer. The continued health of the industry’s Main Street operations has helped spur revenue growth, and shelved concern for now about the risks of a sputtering economy.

In conjunction with Tuesday’s earnings report, Chief Executive Officer David Solomon is preparing to pitch investors on a new vision for the company. The firm plans to stitch its banking and trading business into one unit, fuse the wealth operation with its expanded asset-management business and have a smaller stand-alone business that focuses on embedded finance -- effectively offering up Goldman’s banking services on corporate partners’ platforms.