Goldman Sachs has posted a net income of $1.13bn for the first quarter of 2016, down 60% from $2.84bn in the year-ago quarter.
Net revenues dropped 40.3% year-on-year to $6.34bn from $10.61bn. For the quarter ended 31 March 2016, net provisions for litigation and regulatory proceedings were $77m, compared to $190m in the prior year.
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The bank’s investment management unit posted net revenues of$1.34bn for the first quarter, a fall of 15% from $1.58bn in the first quarter of 2015.
Management and other fees in the unit remained slightly lower, driven by shifts in the mix of client assets and strategies, partially offset by the impact of higher average assets under supervision.
The unit’s total assets under supervision rose $35bn to $1.29 trillion, the bank said in its earnings statement.
Long-term assets under supervision at the unit were up by $19bn, driven by net inflows of $10bn, mainly in fixed income and equity assets, and net market appreciation of $9bn, reflecting appreciation in fixed income assets, the bank said. Also, liquidity products increased $16bn.
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By GlobalDataGoldman Sachs chairman and CEO Lloyd Blankfein said: "The operating environment this quarter presented a broad range of challenges, resulting in headwinds across virtually every one of our businesses.
"Looking ahead, we will continue to focus on delivering superior service to our clients and managing our business efficiently, which remain essential to generating shareholder value over the long term."
