Goldman Sachs "beats the street" with a turnover down 13% and revenue down 21%



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A flawless stay

Quiet neighborhood harms Goldman's results

The Wall Street Journal Reports That A Quiet Neighborhood On Wall Street Strikes Goldman's Results

Goldman Sachs Group Inc.'s -3.82% GS gain in the first quarter fell sharply as subscriptions and subscriptions slowed, reflecting the urgency of the company's focus on these unpredictable Wall Street businesses .

Bank profit of $ 2.25 billion, or $ 5.71 per share, was 21% lower than the same period last year. Revenue from three of Goldman's businesses is down and its fourth in stagnation. Cost reductions and lower taxes helped earnings to exceed expectations, but stocks fell more than 3% in afternoon trading.

Goldman is in the midst of a multi-year effort to diversify away from trade, where profits have declined since the financial crisis. It is developing a consumer bank, developing a treasury management product for corporate treasurers, partnering with Apple Inc. for its first credit card and creating data services, hoping to attract new customers. types of commercial customers.

But the pivot is slow. The bank's first-quarter results show that, for the moment, Goldman is stuck in limbo, spending more than $ 1 billion on new initiatives while remaining committed to old struggling methods.

Goldman Sachs Cuts Pot Bonus

The Guardian reports that Goldman Sachs reduces the bonus pot of bankers by 20%.

G $ WTIColdman Sachs reduced its cash by 20% to pay bankers' bonuses after announcing a decline in profits in the first three months of the year.

The Wall Street firm announced a $ 798 million (£ 609 million) cut in salaries and benefits to $ 3.3 billion, a move that will affect executives, executives and junior staff.

The bank is also facing the fallout from the 1MDB scandal, which has involved multiple investigations into the corruption of the Malaysian sovereign wealth fund. Goldman said it had reserved $ 37 million to cover the legal and regulatory costs of the period.

Welcome to the results season.

Mike "Mish" Shedlock

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