Goldman’s investment portfolio adds to 46% drop in first quarter profit
The company's credit-loss provision more than quadruples to $937m
15 April 2020 - 16:55
New York — Goldman Sachs Group has Wall Street’s biggest investment portfolio, a boast that became a liability in the first quarter as fallout from the coronavirus weighed on the firm’s holdings.
The business took an almost $900m hit that contributed to a 46% decline in profit, even as it included gains from pending private-equity sales. A strong showing in the trading operations, the firm’s biggest division, helped counter the damage as market volatility boosted demand for trading services...
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