The decline was pushed by a sharp downturn at the company's fixed income division.

FORBES: Fixed Income Bowls Over Bear

The fixed income division was also slammed by roiled credit markets.

FORBES: Fixed Income Bowls Over Bear

Even employees in the fixed-income division of the institutional securities group are positive, he said.

FORBES

Morgan Stanley also confirmed Wednesday that Thomas Juterbock Thomas Juterbock , a managing director in its fixed-income division, had left.

FORBES: Deutsche Bank Bulks Up

Morgan Stanley also confirmed Wednesday that Thomas Juterbock , a managing director in its fixed-income division, had left.

FORBES: Deutsche Bank Bulks Up

Goldman is known for its trading prowess which shows in the results of its fixed-income, currencies and commodities division.

FORBES: Goldman Sachs Needed Boost, Gets One With Double Beat

While Goldman is the gold standard in the trading business, with its fixed income, currencies and commodities trading division one of the most profitable in the industry, the macro environment has a been difficult one for trading in the last half of the year.

FORBES: Goldman's Golden Trading Goose Lays An Egg, Stock Looks Fairly-Valued At Best

The division underwrites, trades, and distributes fixed income securities and derivates like bonds.

FORBES: Fixed Income Bowls Over Bear