Trading slump behind Goldman downgrade

"If you’re wrong, you have to admit you’re wrong," says Bernstein's Brad Hintz, throwing in the towel on his Outperform rating for Goldman Sachs (GS -0.4%). "It certainly doesn't look like trading is going to generate effective returns."

And if trading does bounce back? "Yeah, they're a winner," says Hintz. "But over the next two years, it’s tough to make an argument that we’re going to see that winning occur.”

Previously: Goldman downgraded at Bernstein

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