Goldman Sachs Plummets 1.66% as $1.48B Volume Ranks 58th in U.S. Equities Amid Restructuring and Regulatory Scrutiny

On October 8, 2025, Goldman Sachs (GS) closed with a 1.66% decline, trading at a volume of $1.48 billion, ranking 58th among U.S. equities by trading activity. The drop came amid mixed market sentiment and regulatory scrutiny over recent business practices.

Analysts noted increased short-term volatility linked to the firm's ongoing restructuring efforts in its investment banking division. Recent internal memos revealed a strategic pivot toward cost optimization, including workforce reductions in underperforming asset classes. While these measures aim to boost long-term profitability, near-term execution risks remain a concern for investors.

Regulatory developments also contributed to the downward pressure. A federal probe into compliance protocols for ESG fund disclosures intensified this week, prompting internal reviews of product labeling standards. Though no formal charges have been filed, the uncertainty has dampened investor confidence in the firm's risk management framework.

To run this back-test accurately I need to pin down a few practical details: 1. Market universe • Which exchange(s) should we scan each day (e.g., all U.S. listed stocks, only S&P 500 constituents, China A-shares, etc.)? 2. Volume metric • “Daily trading volume” by shares traded or by dollar value? 3. Trade execution assumptions • Buy at the next day’s open and sell at that day’s close (1-day holding period), or buy at the same day’s close and sell at the next day’s close? • Any transaction cost or slippage to include? 4. Benchmark (optional) • Would you like the strategy compared against a benchmark such as SPY or equal-weight universe? Once I have these details I can retrieve the necessary volume data, build the daily top-500 portfolio, and run the back-test from 2022-01-03 through today.