Goldman Sachs first-quarter revenue drops across most businesses
US bank sees declines across trading, underwriting, investment management and investing and lending
Bengaluru — Goldman Sachs Group reported lower quarterly revenue in nearly all of its main businesses on Monday, but still beat subdued Wall Street expectations through cost cuts, while offering more details on its sweeping operational revamp. Goldman's first-quarter profit dropped 20%, with declines across trading, underwriting, investment management and investing and lending. One bright spot was its financial advisory business, where revenue soared 51% on higher deal volumes. Goldman shares fell nearly 2% in premarket trading. Goldman, the fifth-largest US bank by assets, has been working since 2017 to reduce its reliance on volatile businesses like trading and push further into consumer lending. Goldman plans to increase retail deposits by at least $10bn a year over the next few years, according to a presentation it released alongside earnings on Monday. That will help the bank reduce its cost of funding by about one percentage point. Goldman is also trying to become more efficie...
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