Belfast Telegraph

Profits down at Goldman Sachs amid stock market chaos

By Ben Woods

US banking giant Goldman Sachs has seen profits slip for the fourth consecutive quarter as market volatility dealt a blow to its investment banking and bond trading arms.

The Wall Street Bank said net revenues slumped 40% to $6.3bn (£4.3bn) in the three months to March 31, 2016, down from $10.6bn (£7.3bn) over the same period last year.

Chairman and chief executive of Goldman Sachs, Lloyd Blankfein, said the first quarter had presented a "broad range of challenges" leading to "headwinds across virtually every one of our businesses".

"Looking ahead, we will continue to focus on delivering superior service to our clients and managing our business efficiently, which remain essential to generating shareholder value over the long term," he said.

It said net revenues in its investment banking division hit $1.46bn (£1bn) in the first quarter, down 23% over the same period last year and 5% lower than the fourth quarter of 2015.

Belfast Telegraph