Goldman Sachs has posted net earnings applicable to common shareholders of $2.18bn in the first quarter of 2019.
This is a 20% plunge from $2.74bn a year ago.
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The group’s net revenues for the quarter ended 31 March 2019 were $8.81bn, down 13% from $10.08bn in the same quarter of 2018.
Net revenues in Investment Banking were $1.81bn during the first three months of 2019, almost flat compared to a year ago.
In Financial Advisory, net revenues surged 51% year-on-year to $887m. The bank attributed the rise to increase in M&A volumes.
However, net revenues in Underwriting slumped 24% to $923m from $1.21bn.
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By GlobalDataThe fall was said to be driven by lower net revenues in equity underwriting and debt underwriting.
Net revenues in Institutional Client Services were $3.61bn in the three months through to March, a decrease of 18% from the previous year.
Net revenues in Fixed Income, Currency and Commodities (FICC) Client Execution dipped 11% to $1.84bn from $2.07bn.
The fall was said to be due to lower net revenues in interest rate products, currencies and credit products.
Net revenues in Equities decreased 24% to $1.77bn from $2.31bn.
This fall was due to lower net earnings in equities client execution, mainly in derivatives, the bank said.
In Investment Management, net revenues dropped 12% year-on-year to $1.56bn.
The fall was said to be the result of lower incentive fees and transaction revenues.
Goldman Sachs chairman and CEO David Solomon said: “We are pleased with our performance in the first quarter, especially in the context of a muted start to the year.
“Our core businesses generated solid results driven by our strong franchise positions.
“We are focussed on new opportunities to grow and diversify our business mix and serve a broader range of clients globally.”
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