{"id":3021,"date":"2026-04-19T02:13:57","date_gmt":"2026-04-18T19:13:57","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/goldman-sachs-va-mang-thu-nhap-co-dinh-q1-phan-tich-that-bai-bat-ngo-va-hau-qua\/"},"modified":"2026-04-19T02:13:57","modified_gmt":"2026-04-18T19:13:57","slug":"goldman-sachs-va-mang-thu-nhap-co-dinh-q1-phan-tich-that-bai-bat-ngo-va-hau-qua","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/goldman-sachs-va-mang-thu-nhap-co-dinh-q1-phan-tich-that-bai-bat-ngo-va-hau-qua\/","title":{"rendered":"Goldman Sachs v\u00e0 M\u1ea3ng Thu Nh\u1eadp C\u1ed1 \u0110\u1ecbnh Q1: Ph\u00e2n T\u00edch Th\u1ea5t B\u1ea1i B\u1ea5t Ng\u1edd v\u00e0 H\u1eadu Qu\u1ea3"},"content":{"rendered":"<div>\n<p>Trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m, Goldman Sachs \u0111\u00e3 g\u00e2y s\u1ed1c cho Ph\u1ed1 Wall khi m\u1ea3ng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh, ti\u1ec1n t\u1ec7 v\u00e0 h\u00e0ng h\u00f3a (FICC) t\u1eebng l\u00e0 ni\u1ec1m t\u1ef1 h\u00e0o c\u1ee7a h\u1ecd, b\u1ea5t ng\u1edd ghi nh\u1eadn k\u1ebft qu\u1ea3 \u0111\u00e1ng th\u1ea5t v\u1ecdng. S\u1ef1 s\u1ee5t gi\u1ea3m n\u00e0y c\u00e0ng tr\u1edf n\u00ean n\u1ed5i b\u1eadt khi h\u1ea7u h\u1ebft c\u00e1c \u0111\u1ed1i th\u1ee7 l\u1edbn kh\u00e1c \u0111\u1ec1u c\u00f4ng b\u1ed1 doanh thu b\u00f9ng n\u1ed5 trong c\u00f9ng l\u0129nh v\u1ef1c, \u0111\u1eb7t ra c\u00e2u h\u1ecfi l\u1edbn v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c v\u00e0 v\u1ecb th\u1ebf c\u1ee7a &#8220;ng\u00e2n h\u00e0ng giao d\u1ecbch&#8221; huy\u1ec1n tho\u1ea1i n\u00e0y.<\/p>\n<h2>Th\u1ef1c tr\u1ea1ng s\u1ed1 li\u1ec7u: Goldman Sachs t\u1ee5t l\u1ea1i ph\u00eda sau<\/h2>\n<p>Theo d\u1eef li\u1ec7u t\u1eeb StreetAccount, doanh thu t\u1eeb thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh c\u1ee7a Goldman Sachs trong qu\u00fd 1 \u0111\u00e3 gi\u1ea3m <strong>10%<\/strong>, th\u1ea5p h\u01a1n <strong>910 tri\u1ec7u USD<\/strong> so v\u1edbi k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch. \u0110\u00e2y l\u00e0 m\u1ed9t s\u1ef1 thi\u1ebfu h\u1ee5t l\u1edbn \u0111\u1ed1i v\u1edbi m\u1ed9t trong nh\u1eefng m\u1ea3ng kinh doanh c\u1ed1t l\u00f5i c\u1ee7a Goldman.<\/p>\n<p>Tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n, c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ee7a h\u1ecd l\u1ea1i \u0103n m\u1eebng th\u1eafng l\u1ee3i:<\/p>\n<ul>\n<li><strong>JPMorgan Chase:<\/strong> Doanh thu giao d\u1ecbch thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh t\u0103ng <strong>21%<\/strong>, \u0111\u1ea1t <strong>7,1 t\u1ef7 USD<\/strong> \u2013 m\u1ee9c cao th\u1ee9 hai trong l\u1ecbch s\u1eed ng\u00e2n h\u00e0ng.<\/li>\n<li><strong>Morgan Stanley:<\/strong> M\u1eb7c d\u00f9 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh \u00edt \u0111\u01b0\u1ee3c \u01b0u ti\u00ean h\u01a1n c\u1ed5 phi\u1ebfu, ng\u00e2n h\u00e0ng n\u00e0y v\u1eabn ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng <strong>29%<\/strong> trong m\u1ea3ng kinh doanh tr\u00e1i phi\u1ebfu.<\/li>\n<li><strong>Citigroup:<\/strong> Doanh thu giao d\u1ecbch tr\u00e1i phi\u1ebfu nh\u1ea3y v\u1ecdt <strong>13%<\/strong>, \u0111\u1ea1t <strong>5,2 t\u1ef7 USD<\/strong>.<\/li>\n<\/ul>\n<p>S\u1ef1 ch\u00eanh l\u1ec7ch r\u00f5 r\u1ec7t n\u00e0y \u0111\u00e3 khi\u1ebfn l\u1eddi gi\u1ea3i th\u00edch ban \u0111\u1ea7u c\u1ee7a Gi\u00e1m \u0111\u1ed1c t\u00e0i ch\u00ednh Denis Coleman r\u1eb1ng &#8220;\u0111\u00f3 ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 ch\u1ee9c n\u0103ng c\u1ee7a m\u00f4i tr\u01b0\u1eddng t\u1ed5ng th\u1ec3 t\u1ea1o ra th\u1ecb tr\u01b0\u1eddng&#8221; tr\u1edf n\u00ean thi\u1ebfu thuy\u1ebft ph\u1ee5c. Gi\u1edbi ph\u00e2n t\u00edch v\u00e0 th\u1ecb tr\u01b0\u1eddng nhanh ch\u00f3ng nh\u1eadn ra r\u1eb1ng, c\u00e1c nh\u00e0 giao d\u1ecbch thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh c\u1ee7a Goldman Sachs \u0111\u00e3 th\u1ef1c s\u1ef1 ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1edbi m\u1ee9c k\u1ef3 v\u1ecdng.<\/p>\n<h2>Nguy\u00ean nh\u00e2n v\u00e0 Ph\u00e2n t\u00edch: \u0110\u1eb7t c\u01b0\u1ee3c sai l\u1ea7m v\u00e0o l\u00e3i su\u1ea5t?<\/h2>\n<p>Thuy\u1ebft ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111ang \u0111\u01b0\u1ee3c gi\u1edbi th\u1ecb tr\u01b0\u1eddng b\u00e0n t\u00e1n l\u00e0 Goldman Sachs \u0111\u00e3 &#8220;\u0111\u1eb7t c\u01b0\u1ee3c sai&#8221; v\u00e0o c\u00e1c giao d\u1ecbch li\u00ean quan \u0111\u1ebfn l\u00e3i su\u1ea5t trong qu\u00fd 1. Nhi\u1ec1u c\u00f4ng ty \u1edf Ph\u1ed1 Wall v\u00e0o \u0111\u1ea7u n\u0103m nay \u0111\u00e3 k\u1ef3 v\u1ecdng C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) s\u1ebd c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u00edt nh\u1ea5t hai l\u1ea7n trong n\u0103m 2024.<\/p>\n<p>Tuy nhi\u00ean, t\u00ecnh h\u00ecnh \u0111\u00e3 thay \u0111\u1ed5i \u0111\u1ed9t ng\u1ed9t. Gi\u00e1 d\u1ea7u t\u0103ng v\u1ecdt c\u00f9ng v\u1edbi s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a cu\u1ed9c xung \u0111\u1ed9t Iran, l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 l\u1ea1m ph\u00e1t. Th\u1ecb tr\u01b0\u1eddng nhanh ch\u00f3ng \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng, lo\u1ea1i b\u1ecf kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0 th\u1eadm ch\u00ed m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f2n chu\u1ea9n b\u1ecb cho kh\u1ea3 n\u0103ng Fed t\u0103ng l\u00e3i su\u1ea5t trong n\u0103m nay. Goldman Sachs c\u00f3 v\u1ebb nh\u01b0 \u0111\u00e3 kh\u00f4ng ph\u1ea3n \u1ee9ng k\u1ecbp th\u1eddi ho\u1eb7c duy tr\u00ec v\u1ecb th\u1ebf giao d\u1ecbch d\u1ef1a tr\u00ean k\u1ecbch b\u1ea3n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ban \u0111\u1ea7u, d\u1eabn \u0111\u1ebfn thua l\u1ed7 khi th\u1ecb tr\u01b0\u1eddng \u0111i ng\u01b0\u1ee3c h\u01b0\u1edbng.<\/p>\n<h2>Ph\u1ea3n \u1ee9ng t\u1eeb gi\u1edbi chuy\u00ean gia v\u00e0 Goldman Sachs<\/h2>\n<p>Mike Mayo, nh\u00e0 ph\u00e2n t\u00edch k\u1ef3 c\u1ef1u c\u1ee7a Wells Fargo, \u0111\u00e3 g\u1ecdi k\u1ebft qu\u1ea3 c\u1ee7a Goldman l\u00e0 &#8220;t\u1ec7 nh\u1ea5t trong ng\u00e0nh&#8221; v\u00e0 nh\u1eadn \u0111\u1ecbnh &#8220;c\u00f3 v\u1ebb nh\u01b0 c\u00f3 \u0111i\u1ec1u g\u00ec \u0111\u00f3 kh\u00f4ng \u1ed5n t\u1ea1i Goldman trong m\u1ea3ng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh.&#8221; \u00d4ng Mayo c\u0169ng d\u1ef1 \u0111o\u00e1n r\u1eb1ng &#8220;m\u1ed9t ng\u1ecdn l\u1eeda \u0111ang \u0111\u01b0\u1ee3c th\u1eafp l\u00ean d\u01b0\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch, qu\u1ea3n l\u00fd v\u00e0 gi\u00e1m s\u00e1t r\u1ee7i ro trong FICC c\u1ee7a Goldman sau m\u00e0n tr\u00ecnh di\u1ec5n k\u00e9m c\u1ecfi nh\u01b0 v\u1eady.&#8221;<\/p>\n<p>M\u1eb7c d\u00f9 Goldman Sachs t\u1eeb ch\u1ed1i b\u00ecnh lu\u1eadn th\u00eam, CEO David Solomon trong cu\u1ed9c h\u1ecdp c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 \u0111\u00e3 c\u1ed1 g\u1eafng \u0111\u1eb7t m\u00e0n tr\u00ecnh di\u1ec5n n\u00e0y v\u00e0o ng\u1eef c\u1ea3nh r\u1ed9ng h\u01a1n: &#8220;Khi t\u00f4i nh\u00ecn v\u00e0o quy m\u00f4 v\u00e0 s\u1ef1 \u0111a d\u1ea1ng c\u1ee7a doanh nghi\u1ec7p, n\u00f3 \u0111ang ho\u1ea1t \u0111\u1ed9ng r\u1ea5t, r\u1ea5t t\u1ed1t. M\u1ed9t s\u1ed1 qu\u00fd, n\u00f3 s\u1ebd m\u1ea1nh \u1edf \u0111\u00e2y, m\u1ea1nh \u1edf \u0111\u00f3.&#8221; \u0110i\u1ec1u n\u00e0y \u00e1m ch\u1ec9 r\u1eb1ng m\u1ed9t m\u1ea3ng kinh doanh k\u00e9m hi\u1ec7u qu\u1ea3 kh\u00f4ng \u0111\u1ea1i di\u1ec7n cho to\u00e0n b\u1ed9 ng\u00e2n h\u00e0ng.<\/p>\n<p>Th\u1ef1c t\u1ebf, m\u1ea3ng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh l\u00e0 \u0111i\u1ec3m tr\u1eeb duy nh\u1ea5t trong m\u1ed9t qu\u00fd m\u00e0 Goldman Sachs \u0111\u00e3 v\u01b0\u1ee3t k\u1ef3 v\u1ecdng nh\u1edd c\u00e1c nh\u00e0 giao d\u1ecbch c\u1ed5 phi\u1ebfu v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty v\u1eabn gi\u1ea3m t\u1edbi kho\u1ea3ng 4% sau b\u00e1o c\u00e1o.<\/p>\n<h2>C\u01a1 h\u1ed9i v\u00e0 R\u1ee7i ro cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/h2>\n<p><strong>R\u1ee7i ro:<\/strong><\/p>\n<ul>\n<li><strong>Gi\u1ea3m s\u00fat danh ti\u1ebfng:<\/strong> Goldman Sachs n\u1ed5i ti\u1ebfng l\u00e0 &#8220;ng\u00e2n h\u00e0ng c\u1ee7a nh\u00e0 giao d\u1ecbch,&#8221; m\u1ed9t danh ti\u1ebfng \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng trong c\u00e1c th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng. S\u1ef1 th\u1ea5t b\u1ea1i n\u00e0y c\u00f3 th\u1ec3 l\u00e0m lung lay v\u1ecb th\u1ebf \u0111\u00f3.<\/li>\n<li><strong>\u00c1p l\u1ef1c n\u1ed9i b\u1ed9:<\/strong> Kh\u1ea3 n\u0103ng cao s\u1ebd c\u00f3 s\u1ef1 xem x\u00e9t l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c v\u00e0 nh\u00e2n s\u1ef1 trong m\u1ea3ng FICC, c\u00f3 th\u1ec3 g\u00e2y ra b\u1ea5t \u1ed5n ng\u1eafn h\u1ea1n.<\/li>\n<li><strong>Qu\u1ea3n l\u00fd r\u1ee7i ro:<\/strong> N\u1ebfu vi\u1ec7c &#8220;\u0111\u1eb7t c\u01b0\u1ee3c sai&#8221; l\u00e0 \u0111\u00fang, \u0111i\u1ec1u n\u00e0y \u0111\u1eb7t ra c\u00e2u h\u1ecfi v\u1ec1 quy tr\u00ecnh qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 kh\u1ea3 n\u0103ng ph\u1ea3n \u1ee9ng c\u1ee7a ng\u00e2n h\u00e0ng tr\u01b0\u1edbc c\u00e1c thay \u0111\u1ed5i v\u0129 m\u00f4.<\/li>\n<\/ul>\n<p><strong>C\u01a1 h\u1ed9i:<\/strong><\/p>\n<ul>\n<li><strong>\u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn h\u01a1n:<\/strong> Vi\u1ec7c c\u1ed5 phi\u1ebfu gi\u1ea3m c\u00f3 th\u1ec3 t\u1ea1o c\u01a1 h\u1ed9i mua v\u00e0o cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 tin t\u01b0\u1edfng v\u00e0o kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i v\u00e0 s\u1ee9c m\u1ea1nh t\u1ed5ng th\u1ec3 c\u1ee7a Goldman Sachs.<\/li>\n<li><strong>T\u00e1i c\u1ea5u tr\u00fac v\u00e0 c\u1ea3i thi\u1ec7n:<\/strong> \u00c1p l\u1ef1c t\u1eeb hi\u1ec7u su\u1ea5t k\u00e9m c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y Goldman Sachs xem x\u00e9t l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro, t\u1eeb \u0111\u00f3 c\u1ee7ng c\u1ed1 ho\u1ea1t \u0111\u1ed9ng trong t\u01b0\u01a1ng lai.<\/li>\n<li><strong>\u0110a d\u1ea1ng h\u00f3a doanh thu:<\/strong> S\u1ef1 b\u00f9 \u0111\u1eafp t\u1eeb m\u1ea3ng c\u1ed5 phi\u1ebfu v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 cho th\u1ea5y s\u1ef1 \u0111a d\u1ea1ng h\u00f3a c\u1ee7a Goldman v\u1eabn gi\u00fap h\u1ecd v\u01b0\u1ee3t qua nh\u1eefng kh\u00f3 kh\u0103n c\u1ee5c b\u1ed9.<\/li>\n<\/ul>\n<p>S\u1ef1 v\u1ea5p ng\u00e3 c\u1ee7a Goldman Sachs trong m\u1ea3ng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh qu\u00fd 1 l\u00e0 m\u1ed9t l\u1eddi nh\u1eafc nh\u1edf r\u1eb1ng ngay c\u1ea3 nh\u1eefng &#8220;g\u00e3 kh\u1ed5ng l\u1ed3&#8221; Ph\u1ed1 Wall c\u0169ng kh\u00f4ng th\u1ec3 mi\u1ec5n nhi\u1ec5m v\u1edbi nh\u1eefng thay \u0111\u1ed5i nhanh ch\u00f3ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c hi\u1ec3u r\u00f5 c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 v\u00e0 c\u00e1ch ch\u00fang \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn.<\/p>\n<p><i>\u0110\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, b\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o th\u00eam b\u00e0i vi\u1ebft: <a href=\"\/phan-tich-tac-dong-cua-lai-suat-fed-den-thi-truong-tai-chinh-2024\" title=\"Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t Fed \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh\">Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t Fed \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh<\/a>.<\/i><\/p>\n<p style=\"text-align: right; margin-top: 20px;\"><i>Ngu\u1ed3n tin: cnbc.com<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m, Goldman Sachs \u0111\u00e3 g\u00e2y s\u1ed1c cho Ph\u1ed1 Wall khi m\u1ea3ng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh, ti\u1ec1n t\u1ec7 v\u00e0 h\u00e0ng h\u00f3a (FICC) t\u1eebng l\u00e0 ni\u1ec1m t\u1ef1 h\u00e0o c\u1ee7a h\u1ecd, b\u1ea5t ng\u1edd ghi nh\u1eadn k\u1ebft qu\u1ea3 \u0111\u00e1ng th\u1ea5t v\u1ecdng. S\u1ef1 s\u1ee5t gi\u1ea3m n\u00e0y c\u00e0ng tr\u1edf n\u00ean n\u1ed5i b\u1eadt khi h\u1ea7u h\u1ebft c\u00e1c [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-3021","post","type-post","status-publish","format-standard","hentry","category-nhip-dap-pho-wall"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=3021"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3021\/revisions"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=3021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=3021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=3021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}