Here is Liz Hoffman, Wall Street Journal:
”Investors don’t value volatile trading operations as highly as they once did, preferring more predictable revenues from lending and asset management. Goldman is pushing into consumer lending and corporate cash management and said in January that more than 60% of its revenue now comes from more-recurring sources, up from 48% five years ago.
Commodities trading, meanwhile, is in decline. In 2017, Goldman’s traders had their worst year on record. They fared somewhat better in 2018, but executives believe the business is unlikely to repeat its heyday of the 2000s, when it contributed as much as 15% of Goldman’s pretax profits.”