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Goldman Sachs shares slide as trading business takes a hit

Earnings per share (EPS) rose in the three months to $5.15 from $2.68. Analysts had expected $5.31 per share.
Goldman Sachs shares slide as trading business takes a hit
Goldman Sachs first quarter earnings were a disappointment..

US mega bank Goldman Sachs Group Inc (NYSE: GS) saw shares tumble up to 3% on Tuesday as it suffered a rare miss for its quarterly results, as its trading business took a hit.

Earnings per share (EPS) rose in the three months to end March to $5.15 from $2.68 but analysts had expected $5.31 per share.

Meanwhile, on the top line for its trading business, overall revenue fell 2.4% to $3.36bnn, which was the lowest for five quarters.

The trading revenue was hit by declines in commissions and fees, reflecting lower volumes in the U, the bank said.

"The operating environment was mixed, with client activity challenged in certain market-making businesses...," said chief executive of the investent bank Lloyd Blankfein.

Goldman has traditionally been heavily engaged in its trading arm, but has been trying in recent years to move to less risky businesses.

The last time Goldman reported a miss on earnings per share (EPS) was the fourth quarter of 2015.

Goldman shares up are up over 30% since the election of Donald Trump as most financial stocks have rallied since he arrived but dropped 2.55% to $220.50 in pre-market.

Rival Morgan Stanley (NYSE: MS) reports earnings tomorrow (Wednesday).

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Newswire
October 18 2016

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