Newspaper article International New York Times

Goldman's Earnings Hurt by Tumultuous Markets

Newspaper article International New York Times

Goldman's Earnings Hurt by Tumultuous Markets

Article excerpt

Wall Street banks have been buffeted by tumultuous financial markets, but Goldman Sachs had particularly weak results because of its focus on trading.

Goldman Sachs had its worst quarter in more than four years as volatile markets hit nearly all of its business lines.

In results announced on Tuesday, Goldman said that its revenue in the first three months of the year had declined 40 percent from the same period a year earlier. Its profit was down even more sharply.

The firm earned $1.1 billion, or $2.68 a share, down 55 percent from the same period a year earlier. Analysts polled by Thomson Reuters had been expecting earnings of $2.45 a share.

Goldman is the last of the large Wall Street banks to announce first-quarter financial results. The other banks were also buffeted by tumultuous financial markets, but because Goldman is so focused on trading, it had particularly weak results. …

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