ML-Implode News - Goldman Sachs's Profit and Revenue Tumble in Quarter

Goldman Sachs had its worst quarter in more than four years as volatile markets hit nearly all of the firm's business lines... The firm earned $1.1 billion, or $2.68 a share, down 55 percent from the same period a year earlier. Analysts polled by Thomson Reuters had been expecting earnings of $2.45 a share. Some analysts said that including certain one-time items, Goldman did worse than they expected.
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Goldman is the last of the large Wall Street banks to announce its first-quarter financial results. The other banks were also buffeted by tumultuous financial markets, but because Goldman is so focused on trading, it had particularly weak results.
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As has frequently been the case over the last few years, Goldman's trading desks were hit hard by the global economic uncertainty, which has whipsawed financial markets. At the fixed-income trading desks, which used to provide a large chunk of the bank's earnings, revenue dropped 47 percent from a year ago.

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Goldman Sachs's Profit and Revenue Tumble in Quarter