But Vanguard says costs in its trading division are rising.

Revenue rose 15 percent, to $21.5 billion, led by strong growth in its fixed-income, investment banking and trading divisions.

Analysts attributed the decline to a lackluster performance in the firm's trading division.

Today it has a number of trading divisions and subsidiaries:

He joined the company in 1992 as a new graduate of Stanford's business school and rose to the top of the wholesale trading division.

He was credited with building Blyth's national trading division into one of its most profitable parts.

Established in the year 1982 as an independent trading division of Nass Group.

Profit in the trading division jumped 43 percent to $10.25 billion in the quarter.

Until 2011, the company was divided into two trading divisions.

Currently, the other members of the office of the chairman come from the firm's strong trading divisions.