US banking giant Goldman Sachs has posted a drop in first-quarter profits and revenues as tough market conditions hit the firm’s two main divisions. US banking giant Goldman Sachs has posted a drop in first-quarter profits and revenues as tough market conditions hit the firm’s two main divisions. Staff were hit in the pocket by the drop as Goldman Sachs reduced pay by 20%. The firm’s largest area, institutional client services, posted revenues of 3.6 billion US dollars (£2.7 billion), an 18% decline on the previous year. “With improving momentum across our businesses, we are confident that Goldman Sachs will generate attractive returns for our shareholders.”Last week, Wall Street competitor JP Morgan beat analyst forecasts as profits and revenues both rose 5%.

Source: Irish Independent April 15, 2019 14:03 UTC