Mark Elwa
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Goldman Sachs profit tumbles

Goldman Sachs Group Inc. said its quarterly earnings tumbled as rocky markets weighed on many of the firm's main businesses.

The New York-based bank's first-quarter net income fell to $1.14 billion, or $2.68 a share, from $2.84 billion, or $5.94 a share, a year earlier.

Revenue dropped to $6.34 billion from $10.62 billion.

The Wall Street firm was expected to earn $2.45 a share on revenue of $6.73 billion, the average estimates of analysts polled by Thomson Reuters.

Trading revenue fell 37% to $3.44 billion from $5.46 billion in the same quarter a year earlier. In the past week, other large U.S. banks reported trading results that ranged from a decline of 11% at J.P. Morgan Chase & Co. to a drop of 34% at Morgan Stanley.

Investment banking revenue dropped 23% to $1.46 billion from $1.91 billion in the first quarter of 2015.

Goldman's results cap a first-quarter earnings season for banks that was dominated by capital-markets activity but offered few indications that a global recession was imminent, as many bank investors had feared in February.