Logo of The Goldman Sachs Group, Inc. Category:Goldman Sachs (Photo credit: Wikipedia)Goldman Sachs (NYSE:GS) Tuesday posted a 23 percent decline in first-quarter profit, beating estimates on better-than-expected revenue from investment banking. For the three months ended March 31, net income fell to $2.11 billion from $2.74 billion a year earlier with earnings per share of $3.92 beating the $3.55 average estimate of analysts surveyed by Bloomberg.Net revenue fell 16 percent to $9.95 billion. Analysts had expected $9.48 billion in revenue. "We are plased with the firm's solid performance for the quarter," said Goldman Sachs' chairman and chief executive officer Lloyd C. Blankfein.
"Stronger global markets, together with the firm's deep and broad client franchise, drove improved results across most of our
businesses. Because client activity remains relatively low in certain areas, especially in parts of Investment Banking, we believe that our mix of businesses gives the firm significant room for revenue growth as economic and market conditions continue to improve."
Goldman's Blankfein, who started cutting costs in 2011 as revenue declined, is banking on international expansion and a market rebound to restore profit growth. Gains in stock and corporate debt markets during the first quarter boosted trading, which generated 60 percent of revenue last year, compared with the fourth quarter... Continue To read.
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