Goldman Sachs profits down 21%

| April 19, 2011 | 0 Comments
Goldman Sachs profits down 21%

Goldman Sachs, which is the fifth largest US bank, today reported first quarter profits were 21% lower compared with a year ago.

The banking giant said net income dropped to $2.74 billion (£1.7 billion) from $3.46 billion a year earlier.

However, the results were better than analysts expected.

In other news today, Bank of New York Mellon said net profits came in at $625 million – a rise of 12% on a year earlier. However, the results were lower than analysts expected.

Yesterday, US banking giant Citigroup announced first quarter net earnings fell to $3 billion (£1.8 billion), down 32% compared with the same period a year ago.

According to the bank, the drop was attributed to a fall in revenues – which were 22% lower, at $19.7 billion, with the firm’s investment bank hardest hit.

Meanwhile, Bank of America posted a 38% decline in profits for the first quarter, while JP Morgan revealed better than expected results last week after its first quarter profits were boosted by a strong performance in its credit card operation.

Morgan Stanley and Wells Fargo & Co. are scheduled to report their first quarter earnings this week.

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