(Deletes "FICC net revenues up" from headline; FICC net revenues fell from a year earlier) Oct 17 Goldman Sachs trimmed its commodity trading risk in the third quarter from the previous three months, the bank reported on Thursday, though revenues improved from a year earlier. Value-at-Risk (VaR) in commodities stood at $17 million in the third quarter, down from $19 million in the second quarter and $22 million in the third quarter of 2012. The bank said that while net revenues in its Fixed Income, Currencies and Commodities (FICC) business were down 44 percent compared with the same period last year at $1.25 billion, commodities were one of the few bright spots. "Fixed Income, Currency and Commodities operated in a challenging environment, which was characterized by economic uncertainty, difficult market-making conditions in certain businesses, and lower levels of activity," the bank said. "Net revenues in commodities were higher compared with the third quarter of 2012." Goldman, typical of Wall Street banks, groups its commodities revenue under the fixed income category in its quarterly earnings and does not break down the sector individually, often leaving VaR as one of its key risk-reward indicators for commodities. The bank as a whole reported a slight fall in quarterly profit as weak bond-trading volumes hit revenue in the Wall Street bank's biggest business. ------2013------ ------2012------- --2011-- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 * JPMorgan 13 13 15 14 13 13 21 20 15 * Goldman Sachs 17 19 21 20 22 20 26 26 25 * Morgan Stanley n/a 24 20 22 22 27 27 28 32 (Reporting by David Sheppard in London; Editing by John Wallace)
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