Goldman Sachs cut pay 20% in the first quarter as its business came under pressure from tough conditions for its trading business, lower private equity gains and lower transaction revenues in its investment and lending divisions. The Wall Street bank reported net revenues of $8.8bn for the first quarter, in line with analysts’ expectations but down 13% from a year earlier, as almost all of its key divisions posted lower levels of activity. Net income fell 21% year on year, to $2.25bn. But the bank still managed to beat earnings per share forecasts, delivering $5.71 against the $4.89 expected, after cutting operating expenses by 11% including the 20% in compensation and benefits. “We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally,” said CEO David Solomon, who is in the later stages of a “front to back” review of all of Goldman’s businesses. “With improving momentum across our businesses, we are confident that Gold...

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