Goldman Sachs Beats Profit Estimates, Weak Fixed Income Trading Drags Down Shares
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Goldman Sachs has reported a quarterly profit that exceeded expectations, driven by strong dealmaking and equities trading. However, the bank's shares fell due to weakness in its fixed income, currencies, and commodities division, with revenue from the division falling 10% to $4.01 billion.
Goldman Sachs has beaten quarterly profit estimates, driven by strength in dealmaking and equities trading. The bank's equities trading business had a record quarter, with revenue rising 27% to $5.33 billion. The bank's fixed income, currencies, and commodities division saw revenue fall 10% to $4.01 billion. Goldman Sachs worked on several large deals in the first quarter, including advising Unilever on its planned merger with McCormick. The bank's fees from investment banking rose 48% to $2.84 billion. Goldman Sachs has secured a spot as one of the lead banks managing SpaceX's blockbuster IPO expected in June.
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