{"id":119022,"date":"2019-04-17T09:45:12","date_gmt":"2019-04-17T09:45:12","guid":{"rendered":"https:\/\/www.bnreport.com\/goldman-sachs-profits-fall-20-per-cent-as-bank-cuts-staff-pay\/"},"modified":"2019-04-17T09:45:12","modified_gmt":"2019-04-17T09:45:12","slug":"goldman-sachs-profits-fall-20-per-cent-as-bank-cuts-staff-pay","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/goldman-sachs-profits-fall-20-per-cent-as-bank-cuts-staff-pay\/","title":{"rendered":"Goldman Sachs profits fall 20 per cent as bank cuts staff pay"},"content":{"rendered":"

<\/p>\n

Profits at Goldman Sachs<\/a> fell 20 per cent in the first quarter with revenues dropping in its trading and equities arms as lower market volatility limited opportunities for gain.<\/p>\n

Read more<\/strong>: Goldman Sachs fined \u00a334m over transaction reporting failures<\/a><\/p>\n

The Wall Street giant said the US government shutdown, US-China trade tensions, and Brexit had all impacted its \u201cmuted\u201d first quarter results.<\/p>\n

Goldman employees felt the weaker results in their pockets in the first quarter which saw the investment bank reduce pay by 20 per cent.<\/p>\n

Shares in Goldman Sachs had fallen three per cent shortly after opening on the New York Stock Exchange to $201.30 (\u00a3153.7).<\/p>\n

The figures<\/h2>\n

The Wall Street giants pre-tax earnings<\/strong> for the first three months of the year fell <\/strong>to $2.7bn (\u00a32.1bn)<\/strong>, a 20 per cent drop compared to the same period a year earlier.<\/p>\n

Its net revenues fell<\/strong> 13 per cent to $8.8bn<\/strong>, led by a drop of 24 per cent in its revenues from equities.<\/p>\n

The cash and cash equivalents<\/strong> on its balance sheet fell <\/strong>to $88bn<\/strong> from $131bn in the previous quarter.<\/p>\n

Goldman Sachss basic earnings per common share fell<\/strong> 18 per cent to $5.73<\/strong> from $7.02 a year earlier.<\/p>\n

Goldman increased<\/strong> its quarterly dividend<\/strong> to $0.85 per common share<\/strong>, it said.<\/p>\n

Goldmans operating expenses fell 11 per cent to $5.9 billion, mostly due to the fall in compensation.<\/p>\n

Why it's interesting<\/h2>\n

A fall in revenues in most sections of the investment bank was put down to weaker market volatility \u2013 meaning low rates of fluctuation in the values of the assets Goldman deal with, which limited the money that could be made from them.<\/p>\n

However, despite missing market expectations on revenues, Goldmans earnings were better than predicted by gloomy analysts despite also falling. Yahoo<\/a> Finance shows that on average analysts predicted diluted earnings per share of $4.89 in the first quarter, whereas the bank achieved $5.71.<\/p>\n

It said the US government shutdown at the start of the year \u201ckept issuers and investors on the sidelines\u201d, limiting initial public offerings (IPOs) of shares and holding down profit opportunities in that sector.<\/p>\n

Meanwhile, the continuation of Brexit and US-China trade negotiations added uncertainty, Goldman said.<\/p>\n

In a trend on Wall Street and among big US companies, Goldman Sachs spent $1.5bn buying back its own shares, meaning shareholders received $1.56bn of capital when combined with dividends. It said it would continue to \u201cmaximise shareholder returns\u201dRead More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Profits at Goldman Sachs fell 20 per cent in the first quart..<\/p>\n","protected":false},"author":1,"featured_media":119023,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-119022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nGoldman Sachs profits fall 20 per cent as bank cuts staff pay - Business News Report<\/title>\n<meta name=\"description\" content=\"Profits at Goldman Sachs fell 20 per cent in the first quart..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/goldman-sachs-profits-fall-20-per-cent-as-bank-cuts-staff-pay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs profits fall 20 per cent as bank cuts staff pay - 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